If you’re feeling “tariff-ied”, try these three ideas
Tariffs pose an obstacle for businesses of all sizes, but we’ve got tips to help you navigate the additional costs and protect your business.
Business owners often face challenges as they grow, but this year has started with an extra obstacle – tariffs. Understanding tariffs and the potential impacts has left owners feeling uneasy. Those running small businesses may be even more rattled with smaller margins making it more difficult to absorb additional costs.
“Tariffs have undoubtably added a layer of complexity and confusion this year,” says Chaun Powell, president of Elevate by Principal. “But instead of thinking about tariffs as a roadblock, owners can start to adjust course and turn policy shifts into a competitive advantage.”
...instead of thinking about tariffs as a roadblock, owners can start to adjust course and turn policy shifts into a competitive advantage.
These three tips can help owners take control to protect the future of their business.
- Understand the impact. Take a close look at your business model and review your list of suppliers and products, and their country of origin.
- Consider your supply chain. If you’re relying on one supplier or one country to provide materials, think about how you can diversify with alternative suppliers from low tariff regions.
- Seek price protection. By leveraging the collective buying power of thousands of businesses, you can access contracts with built-in price protections that often include significant savings.