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SAM Alert August 2022

August 3, 2022 By Jan Triplett

SAM, BSC small and mighty watchdog
SAM, the small and mighty, alerts small business owners

SAM, BSC’s Small and Mighty LEGISLATIVE WATCHDOG points to:

Pass-through businesses should pay attention to the BIG bill going through the Senate!

BUILD BACK BETTER bill is not just about climate change. It also includes the potential of a new higher tax rate coming your way if you are a sole proprietor, Partnership, S Corp, or LLC, i.e. a pass-through business.

Read about both sides of the issue, then decide your POV and take action (including making sure your tax advisor is following this):

• Benefits to business: https://www.legalzoom.com/articles/what-are-the-benefits-of-pass-through-taxation
• WSJ commentary on Shumer-Manchin Bill and the IRS: https://www.wsj.com/articles/the-irs-is-about-to-go-beast-mode-chuck-schumer-joe-manchin-audit-taxes-middle-class-joe-biden-11659477320?mod=hp_opin_pos_1
• Disadvantages: https://taxfoundation.org/house-democrats-pass-through-business-tax/
• Implications of the change to your pass-through business: https://www.cbpp.org/research/federal-tax/repealing-flawed-pass-through-deduction-should-be-part-of-recovery-legislation

Pass-through income is only subject to a single layer of income tax and is generally taxed as ordinary income up to the maximum 37 percent rate. However, certain pass-through income is eligible for a 20 percent deduction, which reduces the top tax rate to a maximum of 29.6 percent. The 2017 Tax Cuts and Jobs Act (TCJA) created a new 20 percent deduction for certain pass-through income through 2025, after which the measure is scheduled to expire.
https://www.taxpolicycenter.org/briefing-book/how-are-pass-through-businesses-taxed

Filed Under: Business Trends, Financial Management, Legal, Small Business Advocacy, Small Business Taxes, Taxes, Uncategorized Tagged With: Pass-through business, SAM ALERT, Small Business Legislative Watchdog, Tax hike for small business

22+ Reasons Your Small Business Is Keeping You Up at Night

May 30, 2022 By Jan Triplett

Owners are often insomniac. Photo by Olivia Townsend.

Owners are often insomniac. Photo by Olivia Townsend.

News 8 reporter Harlan Schmidt interviewed me about why Austin is a good place to start a business in 2010. I told him it was Austin’s “can do & it’s ok to fail” culture. And it is also about the fact that we have a highly educated population which means we can learn from our mistakes. I would still say that.

Then he asked me what needs to be done to improve our ability to sustain businesses. After all, it is not about starting — anyone can start one. It is about keeping it going — although not necessarily growing as large as, say Dell. [Read more…]

Filed Under: Business Improvement, Business Management, Growth Readiness Tagged With: administration, Austin, bookkeeping, business bloopers, business challenges, Dunkin Donuts baker commercial, environmental issues, financial management, fiscal management, government, healthcare, marketing, News 8, operations, owner responsibilities, planning, records management, regulatory compliance, Sales, small business, small business mistakes, startup business, sustainable business, vision

Upgrading Your Providers for your benefit and theirs — BSC Wisdom Webinar recording

February 18, 2022 By Jan Triplett

The February BSC Wisdom Webinar and Work Session focused on Providers — how to choose, evaluate, and manage them better for both of you. Attendees added some great ideas from their own experiences. Check it out here: https://bit.ly/WisdomWebinar-UpgradeProviders-2-17-22.

Filed Under: Business Building, Business Growth, Business Ideas, Business Improvement, Business Management, Business Tools, Growth Readiness, Planning & Vision, Resources, Small Business/Entrepreneur History Tagged With: Benefits of Upgrading Providers, BSC Wisdom Webinar and Work Session, Challenges of Upgrading Providers, How to Manage Providers, Jan Triplett

Networking 2022: Trends and Tips

January 27, 2022 By Jan Triplett

If you weren’t able to attend this BSC Wisdom webinar, you missed a great discussion and work session led by Jan Triplett, Austin’s Mother of Networking and author of The Networker’s Guide to Success and co-author Thinking Big, Staying Small with input and examples from attendees.

Here’s what this webinar/work session was all about:
• What’s the difference between Networking, Mentoring, and Prospecting?
• Your three types of networks and how to improve them in 2022
• Making better quality choices of how, where and with whom to network
• New networking roles and responsibilities
• When and how to say “No” plus “red flag” warnings
• Why your networking efforts don’t pay off

Here’s a link to the recording and transcript. https://bit.ly/WisdomWebinar-Networking-1-20-22

Filed Under: Business Growth, Business Improvement, Business Process, Business Trends, Customer Relations, Mentoring, Networking, Planning & Vision, Sales Strategy, Social Media Tagged With: Prospecting

101+ Ways to “fund” your business

October 27, 2021 By Jan Triplett

PPP and EIDL are options to get things done in your business but there are plenty more if you look further than those related to debt or equity. These slides from a presentation to a local chamber of commerce will give you some ideas of what is out there. If you find more, let me know!

http://ownersview.com/wp-content/uploads/101-Ways-to-Fund-Texas-HUB-Expo-2019.pdf

Filed Under: Business Growth, Business Ideas, Financials, Funding Tagged With: Dr. Jan Triplett, funding options

10 ways to give employees what they want

July 15, 2021 By Jan Triplett and Daniel Diener

Even the biggest “carrot” can’t necessarily motivate staff. You need to find out what will.  This picture is of the historical site of the Carrot Campaign, Port Hardy, British Colombia. Canada. It’s a symbol of government road building promises dangled in front of islanders since 1897 according to Wikipedia. (Photo by Diesel Demon http://www.flickr.com/photos/28096801@N05/3933107980/sizes/m/)

Do you know what motivates your employees?

Your employees should be grateful for their jobs, right? Satisfied? Motivated? But, they seem hesitant. It’s as if they’ve just put their heads down and are trying to bull their way through each day. How can you lead them if they aren’t motivated? You can’t.

What’s your Employee Leadership IQ? IQ as used here stands for Information Quotient. How’s yours when it comes to understanding and working with your staff? Leaders lead people; managers manage things. If you’re going to have a successful business, you have to lead successfully. To lead successfully, you want to hear and understand their priorities and motivators.

There are plenty of studies about understanding motivation. One of the most basic is the Ohio State University scholarly study (https://archives.joe.org/joe/1998june/rb3.php), a version of which I have used for years with everyone from police departments, to government employees, to small businesses. This 2020 blog from Smarp, the Top 15 employee motivation tips, has an excellent infographic that is worth studying. Jeff Miller’s 2017 article in Inc., 3 Important things you need to know about motivation, is more manager-focused than employee-focused but can be useful. The most useful research is to do your own. Keep reading for my recommendation.

However, it really comes down to really hearing what your employees have to say and responding to their needs and desires. One motivator doesn’t usually cover everyone because everyone is unique. There is one truth about motivated people, they motivate others. They motivate people to stay with you and new people to work for you.

Doubt this uniqueness? Want to measure your Leadership IQ? Here’s a simple and quick little experiment using the Employee Priority Motivator Tool™.

EMPLOYEE PRIORITY MOTIVATOR TOOL™

This list originally came from an informal class, Understanding and Working with People, offered at the The University of Texas at Austin but its origins go back even further to a study by James R. Lindner (https://archives.joe.org/joe/1998june/rb3.php). You may want to add to the list based on ideas from your employees, team leaders, or managers. I recommend you at least keep these 10.

Instructions.

  1. Using the tool above, rank each item from 1— 10  in terms of what you think are the motivating priorities of each employee.
  2. Then ask supervisors or managers to do the same thing.
  3. Finally ask each employee to rank the list for themselves. You can also ask them to rank the list for teammates.
  4. Now, compare what you thought, what supervisors thought, and what employees said about themselves and others.

There’s almost always a huge disconnect. When we have asked clients to do this, the owners, managers, and team leaders seem sure they know beforehand what motivates their employees. They are almost always surprised with what people say. Even in tough economic times, the employee motivator is not what they or you might expect.

If there isn’t a big difference in your results, congratulations! You’re on course to understanding and motivating your people. This will make leadership a lot easier. We are motivated by what will get us what we want (or value) within our unique timeline.

To get or keep employees motivated, keep checking. You also want to make sure they get what they need or show them that there’s real progress being made in that direction.

My final thought is: no matter what, take some action to find out what you need to do to motivate people. Don’t just jump in and hope you’ve got your employee motivation right. That’s a great way to waste a lot of money and effort.

Filed Under: Administration, Business Growth, Business Management, Business Process, Business Tools, Employee Productivity, Leadership, Planning & Vision

6 Ways to Improve Your Sales Projections

June 16, 2021 By Jan Triplett Leave a Comment

Measure sales carefully to be profitable.

Measure sales carefully to be profitable.

Your sales projection formula is key to more accurate financial projections and to the success of your business.

Sales projection formulas are always wrong. Here are six ways to improve them.

Sales projections are wrong because…

  1. Sales projections are not supposed to be right. They need to be relevant.
    They’re a snapshot. They are a specific point in time, based on relevant data and criteria and are defensible within limits. They give you an idea of what to expect each week or month or year. Improve your sales projections by making sure you don’t accept the projected sales numbers without question — including your own numbers. The answers you get from salespeople in terms of what they think will close have to be reasonable and with some sort of basis not just hype and hope. [Read more…]

Filed Under: Business Building, Business Development, Business Growth, Business Management, Business Process, Financial Management, Financials, Marketing, Marketing Strategy, Sales, Sales Strategy Tagged With: Financial Projections, Platinum Profile™ Customer, Sales Projection Formula, Sales Projections, SBU, Strategic Business Units, Suggestive Selling

The Right Stuff: Success Traits That Encourage Funding & Sales

October 1, 2020 By Jan Triplett Leave a Comment

Do you have the right stuff to attract money, customers, and employees? It’s more than just having a good product or service. It’s about who you are and how you think.

Take this little 50 question self assessment and see.

Business Owner’s Success Traits Assessment

Don’t second guess yourself. Choose the answer that you most agree with.

The questions are based on the traits we have found are invaluable to building a successful business along with thoughts of experts E.M. Prince, author of 3 Financial Styles of Highly Successful Leaders, and Bernstein and Rozen, authors of Neanderthals at Work.

This is not meant to be statistically significant, just to get you thinking about your style of small business management from the 40,000 foot view.

Filed Under: Business Building, Business Improvement, Uncategorized

Prospects will buy if they complete the 7-Step Buy- In Continuum™

July 23, 2020 By Jan Triplett

The hard road to success

The buy-in continuum™ is a hard road for any prospect — especially business prospects who have a lot to think about besides what you sell.

Before anyone buys anything, they have to complete their own buying or Buy-In Continuum™, process. This is true whether they are from the government, a non-profit, a consumer, or another business. From your point of view, you want them to accomplish this process and in a specific order. If they do, your sales cycle will shorten. It will result in a win-win for you both or you will be able to cull them as a prospect with a clear conscience that this was NOT the sale for you. [Read more…]

Filed Under: Business Improvement, Sales Strategy Tagged With: buyer's remorse, Buying Continuum™, Customer's Journey, Ghost Competitors, Platinum Profile Customers, Platinum Profile Prospects™

Stakeholders Gone Wild

July 22, 2020 By Jan Triplett 1 Comment

Stakeholders can be useful to you but can go wild as well. Photo by cone_dnm

Stakeholders can be useful to you but can go wild as well. Photo by cone_dnm

Stakeholders: can’t live without them and sometimes can’t live with them.

They are customers, providers, allies, employees, colleagues, the government, the media, competitors, influencers and many, many others. After reviewing a stakeholder map example that had 105 entries, I came up with at least 50 more. [Read more…]

Filed Under: Business Improvement, Business Management, Business Process, Customer Loyalty, Sales Tagged With: Crossing the Chasm, Platinum Profile Stakeholder™, Stakeholder, Stakeholder Map, The Long Tail

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Meet BSC Satisfied Clients

  • Ana's Unlimited Foods

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  • Brytan & Associates, Inc.

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  • Dr. Angelique Millette, Child Sleep Expert

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  • Better Baseball Texas — Rope Bat™

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  • TeamFX Racing

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  • No Time for Social

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  • Happy Vegan

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  • Howie Richey, Author

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  • Trout Green Technologies, Inc.

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  • Tweed Scott, Author

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  • Patricia's Lunchbox

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  • Andrew Eisenberg, Michael Best, IP Attorneys

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  • Paula Pierce, PPierce Law

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  • Sri & Usha Boddapu, Esolvit

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  • Dawn Weathersby, Marketing Consultant

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  • 360 Signs

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  • Austin Pro Photo

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  • Cosmo City Media

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  • Stage Alliance

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  • Deborah Main Designs

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  • Saffire Events

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  • Team NFP Software & Solutions

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  • Journyx

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  • Mane Street Bakery

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  • Innox Digital

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  • Hayes SW Systems

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  • Business Tutor, LLC

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  • INTUVI

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  • Gilfus Racing Enterprises

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  • Art + Artisans

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  • GEO+

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  • The Herb Bar

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  • Exploring New Media

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  • Busivid

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  • Gold Scaffold

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  • Sumpter and Gonzalez, Attorneys

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  • SOAP

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  • TTM Enterprises, Inc

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  • Sledge Engineering

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  • Brite Ideas

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  • Gryphon Graphics

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  • PRE Management

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  • DrakeLight Photography

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  • FalconDay Consulting

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  • INSolve, Inc.

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  • Mane Street Bakery

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  • Natalie Howe Designs

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  • 6th Street Smiles

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  • PC Doctors

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  • StageSpot

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  • Morningside Research

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  • Paradise Bay

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  • Allscapes Lawncare

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  • Mark Word Design

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  • OMS Global

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  • Leverage Communications

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  • J B Goodwin

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  • Independent Brewing Company

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  • GlobalTrain

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  • Forklift.com

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  • FireFly LED Lighting

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  • PC+

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  • Stone Technologies

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  • Stellar Systems

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  • Savor the Success

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  • RSK International

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  • Dr Suzi Du Toit

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  • StockRoller, Inc

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  • Innovative Healthcare Solutions

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  • Webber - Studio

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  • Wildly Natural

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  • CSI-Texas, Inc

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  • CowBob Productions

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  • CIS Inventory Solutions

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  • SamePageResults

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  • Caudillo Studios / Get the Picture

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  • Barebac

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  • Austin Yoga Arts

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  • Austin EnviroSolutions

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  • Art of Jamie Rood

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  • TexFX

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  • PRE Management

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  • Ace on Hold

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  • Go Local Austin

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  • CIS Asset Solutions

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Upcoming Events

EVENTS

BSC's Global Success Forum™ RSVP & Info
Direct Link or dial in: United States: +1 (312) 757-3121
Access Code: 685-053-101

(Forums are held on the 1st Thursday of the month, 11am Central with a focus session led by a mentor expert in that issue and lots of time for other attendees to talk about their business, comment, and share their expertise.)

• Nov. 3 BSC Success Forum, 11am Central. Mentor Bill Combes, owner of No Time for Social, shares his most favorite and least favorite business tech solutions BY NAME. We've been waiting for this!
• Dec. 1 BSC's Annual Blow Your Own Horn event, 11am Central. Great Attendee PR opportunity. Tell us about your business, your expertise, your successes!
• Jan. 5, 2023: BSC Quarterly Lean™ Success Forum, 11am Central:
You suggest and choose the business topics. Dave Nave, Dave Nave & Associates, and Jan Triplett, CEO, BSC lead the open discussion with ideas, feedback, and examples from all attendees and make connections.
Bring your topics or send them to Dave in advance to dave@davenave.com.
............
BSC Wisdom Webinar & Work Sessions Coming up

3rd Thursday monthly except November and December, 11-Noon Central.

This is always a mentoring and work session with input from attendees. RSVP to get the recording and transcript even if you don't attend.

Webinar and Work session leader: Jan Triplett, Ph.D., CBTAC, and CEO of BSC, author, entrepreneur, advocate, speaker, and inventor.

The purpose of each BSC Wisdom webinar and practical work session is to focus on shared experiences and expertise. Walk away with ideas and connections.

• Nov. 10, What to do after the close 11am Central. The close is not the end of the deal; it's the beginning. What can you do to ensure that everyone starts out and stays excited about your product or service? How can you get your next client before you start with this one? Just a few of the ideas we'll toss around.
RSVP

No December Wisdom Webinar. In January we begin our special great business operations series, Success Management Guide.

Be sure to check out our five blogs with posts to help you grow!
• Business Improvement
• Business Tools
• Growth Readiness
• Networking
• Small Business Advocacy

And our free resources and business owner success assessments.

 

ALERT!

SAM (Small and Mighty), OUR BSC LEGISLATIVE WATCHDOG, SUGGESTS:

VOTE! Early or on Nov. 8!

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