August 31, 2022
Labor Day weekend is coming up, football returns next week, and the PSL is back. Goodbye summer, hello fall.
Hot off the SMB press this week:
THICKER THAN WATER
AKA, the ones who will support you through thick and thin. They’ve got your back no matter what, and you trust them — which sounds like they’d make great employees for your small business.
But not so fast. Hiring family can be a bit more complicated than you might think. There are some considerations you’ll need to take into account before you start onboarding your family members:
Pro: A truncated hiring process.
Your typical hiring process can get long. You’re going through multiple applications, interviews, and background checks. Plus, you’re figuring out whether your candidate has the experience and personality to handle their new role and mesh well with your team.
On the other hand, if you have a family member you’re considering for one of your team’s roles, you already have a good idea of their strengths and weaknesses in the industry.
Con: Is it nepotism?
We get it: Family is family. But are you hiring them because they’re the best person for the position or because they need a job? And what will the rest of your team think? Even if your family member is a good candidate for the position, there could be perceived nepotism amongst the rest of your staff.
👉 Find more pros vs. cons — plus, tax considerations.
Did you hear the news? We’ve added none other than Drybar co-founder Alli Webb to our power-packed speaker roster. She’ll be dropping some knowledge on how your SMB can win big by bringing the franchise mindset to your processes.
But wait, there’s more…
Throughout the two-day event, you’ll have exclusive access to:
This event is FREE, totally digital, and completely candid. And it’s all going down September 21-22.
👉 Register now.
MY WAY OR THE HIGHWAY
What do you mean by “creative”?
A creative environment is where leadership trusts their team and gives them enough autonomy to express themselves and try new things.
Not sure how much creativity I want (I like some things done a certain way).
Nothing wrong with knowing what works! If you’ve already gone through trial and error to understand the best practices for some of your processes, be sure to document them in a business playbook, so your whole team has access.
But let’s play devil’s advocate. When your employees feel trusted and have the freedom to experiment with new ideas, they’re more likely to try new approaches to master their role — like finding innovative ways to solve problems, discovering efficiencies, and learning how to adapt to the evolution of your industry and customer base.
Makes sense. How do I start encouraging creativity?
Here are some ways to get started:
👉 See more ways to foster creativity.
Give me the numbers.
As inflation rises faster than incomes, most wealthy people’s spending remains unchanged. But lower to middle-class households — AKA those making less than $100K a year — are buying (or should we say not buying) accordingly.
What does this mean for my business?
Assuming your customer is part of the lower to middle-class, their purchasing power (or, the money they have available to spend on your business) is dwindling. Meaning, they have a choice to make. They can:
Woof. Those aren’t great options. But it gives you a new goal: to help potential customers understand that your product or service isn’t just another spend — it’s something that will fulfill their needs.
How do I do that?
Your customers are driven to spend based on their strongest motivations and pain points now more than ever. So, focus on what positions your product or service as a necessity instead of just a nice-to-have.
A great way to do this is by using Maslow's hierarchy for marketing. That’s when you promote your business as the solution to one or more universal needs — like safety, self-fulfillment, or even survival. This gives you limitless options to position your product or services as uncuttable and irreplaceable.
👉 Find out more about customer spending trends.