Introducing The Manual Weekly

Welcome to The Manual Weekly, the can’t-miss-newsletter for small business leaders. You’ll find snackable bits of news highlighting emerging trends, actionable resources, and proven best practices that can help take your business to the next level.

Now, as an SMB owner or employee, your time is tight. We get that (after all, we’re an SMB, too). So don’t worry about having your inbox flooded with anything that isn’t useful or relevant to your purpose. Actually, we promise not to flood your inbox — period. We’ll see you here every Wednesday. And in the meantime, you can get your SMB fix on The Manual’s home site.

Now, on to the news.?In this week’s edition:

• It’s time to talk about the “s” word. (Hint: it rhymes with “stagflation.” Oops.)
• Is your SMB unknowingly breaking the law? Let’s find out.
• Winter is coming. Start prepping your business… now.
• When it comes to performance reviews, the limit does exist.

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LIFE’S A STAG

The ‘70s are back in the form of… stagflation

Great. Another “flation” to worry about.

Give your stress ball a couple of squeezes and then breathe. Cool? Good, because another relic of the ‘70s is looking to make a comeback, and it’s not as sexy as roller disco. We’re talking “stagflation,” a delightful combination of “stagnant” and “inflation,” where the economy falls into recession while prices increase. The last time the economy saw stagflation was in the late 1970s and early ‘80s, when the Bee Gees topped the charts, inflation reached over 14%, and the U.S. GDP declined.

We’re not used to these kinds of inflationary pressures, it’s been a lifetime since we’ve experienced that. — Ana Corrales

I’m going to need more than a stress ball.

Well, we’re not quite there yet, but some experts have serious concerns. A recent report showed an increase in the Consumer Price Index of 8.6% year-over-year — rates we haven’t seen since MTV played actual music videos.

“Most of our adult lives, we’ve been at 2% or less,” says Ana Corrales, an economics professor at Miami-Dade College. “We’re not used to these kinds of inflationary pressures, it’s been a lifetime since we’ve experienced that.” Currently, production hasn’t fallen enough to say the economy is in a recession, though many predict it.

So, how can I pull my business through this?

On a micro level, Corrales says small businesses can look at a period of stagflation much like they did the pandemic — as a chance to innovate. “You can shift from buying new things to fixing things before buying a replacement. Look to expand buying in the secondhand market, too — buy used computers [and] printers instead of buying a new one.” She also suggests looking into longer-term contracts with suppliers to lock in prices and ease concern over fluctuations.

Stagflation isn’t here — at least not yet. Still, understanding its causes and having a plan in place are wise strategies for helping your SMB ride out the storm.

?? Find out other ways your SMB can weather stagflation.

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RULE BREAKER

Don’t let your SMB stumble on overlooked business laws

What? What laws?!

It’s okay, there’s no need to panic. You’ve probably already researched what applicable laws and regulations could affect your small business.

It’s just that sometimes, SMB owners can overlook laws that are generally (and erroneously) attributed to larger businesses. Ones that can catch you off guard if you’re not careful.

Thankfully, Claire Fountain, business analyst and Trainual partner, compiled a list of some of the most commonly overlooked business laws that small business leaders should be aware of:

1. ADA compliance. The Americans with Disabilities Act (ADA) prohibits businesses from discriminating against people with disabilities. And while most people automatically associate ADA regulations with accommodations like wheelchair accessibility, some don’t realize that ADA compliance also extends to online spaces — AKA, your website. You’ll want to invest in online accessibility options. Additions like high-contrast text and backgrounds, magnifying features, options for keyboard-only access, and screen reading features are all great ways to make your small online business accessible to all.
2. Email marketing. No matter how small your business is, if you're using email marketing, you're required by law to comply with the CAN-SPAM Act. Among several guidelines, it prohibits businesses from using deceptive subject lines and requires them to give recipients the choice of opting out of future communications. Small businesses need to pay close attention to how they conduct email marketing campaigns, as every single email that violates this code is subject to a fine (up to $46,517 per email).

?? Find more overlooked business laws.

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Sharing time: This is our lite version of The Manual Weekly. A nibble, if you will. Want the whole dish? There’s more where that came from. Sign up here to unlock our full weekly content. (Written while anxiously awaiting our Grubhub delivery.)

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TL; DR

This week’s highlight reel

• Bing it on, Google. Bing Maps is apparently alive and well, giving the leading search engine a run for their money. With new features like in-app distance calculations, gas price comparisons, and a parking spot finder, Bing is predicted to drive more out-of-town visitors to small businesses by dissolving their travel woes, so they can make worry-free stops along their way.?
• What a (financial) relief. Right now, there are open applications for small business grants, nonprofit grants, tax credit programs, and rotating loan programs totaling millions. Better get cracking now — some like the #BlackVisionaries Grant Program are closing in just a few weeks.
• Smells fishy. Penguins at a Japanese aquarium are being stripped of the fancy, expensive fish they’re used to, and they’re not having it. The picky eaters are squawking penguin profanities at the sight of cheaper fish and waddling away. If our feathered friends can’t run from inflation, who can? (But for real, give the penguins what they fishing want.)