14 May Is Your Supply Chain Safe After Trump Tariffs?
Do This to Prepare your Business for Potential Impact of Tariffs
Trump tariffs are now in effect, and global stock markets are plunging, causing ripples in most industries. American Inflation-weary investors are now uncertain, and supply chain disruptions are glaring. The clock is ticking, and some business owners are uncertain about the future of their investments.
But what if I told you there are ways you can strategize your business, even if it relies heavily on imports? Yes, you read that right!
You know most smart investors make smart moves where others do not see the opportunity. So, if your business is affected by tariffs, here are strategies to stay competitive.
Supply Chain Evaluation
Re-evaluate your supply chain and identify the products affected by the tariffs. Start sourcing for new suppliers who will offer the products at affordable prices. Try to pay attention to countries that are not hit with high tariffs.
Also, if the raw materials or products can be sourced locally, approach different suppliers and strike a deal.
Order in Bulk
Do your yearly supply projections and order in bulk. Most suppliers offer discounts on bulk orders. Take advantage of the discounts to maximize your profits.
Stay Updated
Government policies on tariffs keep on changing. Keep an eye on government tariffs and make smart moves.
Shift your Target
If your business’s target market comes from exports, avoid exporting goods to countries with hefty tariffs. If your largest consumer market is affected and the profit margins are slim, consider relocating your business to your largest consumers.
Make Necessary Adjustments
When tariffs hit importers, consumers are expected to pay more at the checkout. Review your pricing models to ensure your products are priced right while being mindful of your customers.
If tariffs have impacted your business, it’s a great idea to make necessary adjustments to mitigate disruptions in operations. Cashflow may not be a go-to option to make such adjustments, and that’s where Countrywide Financial Solutions comes in. With our professional advice and streamlined application process, we can equip you with the right financing to help you remain competitive and navigate the evolving global trade. Talk to our experts today.
