Vaccine Mandate on Hold...Is Your Price Right?...Zero Waste Business Opportunities

Welcome back to Small Business Straight Talk. I am the editor of CO— by the U.S. Chamber of Commerce and each week I bring you the latest news and resources impacting small businesses.?

Vaccine mandates are on hold for now, but many businesses are preparing anyway. At the same time, small businesses are focused on finding ways to beat their bigger competitors at the supply chain game, partly by focusing on trends like zero waste and buy now, pay later. Here’s what you need to know.

Things to know now:

Vaccine mandates on hold: Though a federal judge has halted implementation of the administration’s vaccine mandate for businesses with 100 or more employees, many businesses are still proceeding as if the ban will eventually take effect. Here is everything you need to know on where things stand and how to prepare your business. It includes my interview with two of the U.S. Chamber’s leading experts on employment policy offering their take on what the mandate means for businesses.

Supply chain hits small business: Small businesses are taking a disproportionate hit when it comes to supply chain problems for a variety of reasons. If your business is one of them, it’s time to think about the advantages you do have over your competitors, including personal relationships with customers, local pickup and delivery, and the ability to pivot quickly. Most importantly, you have to be at the top of your communication game to ensure your customers know what to expect and when. Here is the best advice of five small business owners on how they are managing their supply chain challenges.?

Social giveaways: If you’re thinking of hosting a giveaway on social media to drive engagement and awareness this holiday season, it’s important to know how to do it right (and legally). Different platforms have different rules and the devil is in the details. Here’s a guide on how to hold a social media giveaway the right way.?

?Trends to watch:?

Hybrid work: Finding ways to blend in-person and remote work is proving to be challenging in all sorts of ways and businesses are being forced to find creative ways to deal with them. For small businesses without? a dedicated HR person, this can be especially challenging. The first step to managing hybrid work is to create a strong hybrid office policy. Here’s how to get started.??

Pricing models: Inflation is driving prices up for some businesses but others are finding ways to create pricing models that go beyond purchasing an item. Membership and subscription pricing models are becoming more common and create ways for businesses to have a more predictable and steady income. Here are seven smart pricing strategies for your business.?

Connecting with customers: Two researchers reveal the psychology behind what gets customers excited about Black Friday and the good news is that you can put it to work for your business, no matter what size. In their Harvard Business Review article, they recommend how to leverage browsing, doorbusters, and scarcity management to attract customers online and in-store.?

Opportunities:

Zero waste: Consumers’ increasing interest in zero waste is creating opportunities for businesses who can find a way to cater to it. No matter what business you’re in, there may be ways to leverage an increased demand for sustainable and low-to-no-waste products. You can read more on that trend here and learn how some businesses are making the most of it.??

Small Business Saturday: Don’t miss your chance to cash in on Small Business Saturday, which takes place the Saturday after Thanksgiving. Whether you’re a brick-and-mortar store or an online retailer, there are ways to make sure customers are thinking of you this holiday season. Here are some tips on how big retailers attract customers that you can leverage for your small business this year.?

BNPL: Remember when they used to call it “layaway”? Well, now it’s called “buy now, pay later.” And it’s not something only big businesses can offer. In fact, several BNPL companies are increasing their push in the small business space, allowing small businesses to offer their customers the same options. Here’s how two companies, Afterpay and Klarna, are offering their services to small businesses.

Jeanette Mulvey is a passionate advocate for small business and the Editor in Chief of CO— by the U.S. Chamber of Commerce. Follow CO— on Instagram!