Five Things To Know This Week:
1) IRS Raises Mileage Deduction
2) Why Small Businesses Should Pay Attention to TikTok
3) Gmail Productivity Boosters
4) Are You Emotionally Intelligent?
5) Resource of the Week: Juneteenth and Small Business
Brian Moran, CEO
Small Business Edge
Brian Moran & Associates
IRS Raises Mileage Deduction
As you’re all aware, gasoline prices have skyrocketed this year.
In an unusual mid-year move, the Internal Revenue Service (IRS) has increased the standard mileage rate businesses used to deduct business mileage.
The standard mileage rate for 2022, set last December, was originally 58.5 cents a mile. Starting July 1 and applying to business mileage driven in the second half of the year, it will increase to 62.5 cents a mile.
Learn more about the rare mid-year increase in the standard mileage rate.
Why Small Businesses Should Pay Attention to TikTok
TikTok continues its upward trajectory. It was the number-one downloaded app in 2021, according to Apptopia. And, importantly for small business owners, TikTok users spend a lot of money.
But there’s a perception that TikTok is a social platform for teenagers. That’s not true. My friend Rieva Lesonsky just interviewed Maggie Lower, the CMO of Hootsuite, which just announced it was teaming up with TikTok’s Marketing Partner Program, on the SCORE blog.
Learn more about why entrepreneurs should consider adding TikTok to their marketing plans.
Gmail Productivity Boosters
Do you use Gmail? About 1.8 billion people in the world do. Yes, 1.8 billion!
So while you likely use Gmail, do you use it effectively? If you want to up your email productivity, you should check out the tips Fast Company shared. As an entrepreneur, I sometimes keep crazy hours (sound familiar?), so I appreciate the feature that lets me schedule emails to be sent later. And did you know you can send confidential, self-destructing emails? Well, you can.
Read more about Gmail tips that will make you more productive.
Are You Emotionally Intelligent?
Do you even know what that means? (Frankly, I didn’t.) According to this article from Chief Executive, “The term emotional intelligence (EQ) was conceived by Rutgers psychologist Daniel Goleman, who wrote in a 1998 Harvard Business Review article:
“The most effective leaders are all alike in one crucial way: they all have a high degree of what has come to be known as emotional intelligence. It’s not that IQ and technical skills are irrelevant…[But without emotional intelligence] a person can have the best training in the world, an incisive, analytical mind, and an endless supply of smart ideas, but [they] still won’t make a great leader.”
Having a boss with EQ matters to your staff. According to a study by The Adecco Group, 74% of employees want their managers to demonstrate a leadership style focused on empathy and a supportive attitude.
Learn more about the five key components of emotional intelligence.
Small Business Resource: Juneteenth and Small Business
Juneteenth is celebrated on June 19 every year to commemorate the anniversary of the emancipation of slaves in the United States on June 19, 1865. It is also known as Freedom Day, Jubilee Day, Liberation Day, and Emancipation Day. Bringing more awareness to Juneteenth and talking about it will ultimately highlight its importance and the significance of this holiday.
Read more about 100+ Black-owned businesses to support in 2022 and beyond.
Listen to my podcast with Kelly here.