"Tariffs Are Coming: 10 Essential Steps to Prepare Your Business"

Dan French
Apr 18
2 min read

Tariffs are coming: 10 things Essential steps to prepare your business.

Preparing for the Tariff Tsunami: 10 Essential Steps

The tariff landscape is shifting, and it's crucial to get ahead of the curve. With impending tariffs looming, businesses and individuals alike need to prepare for the potential impact on their operations, finances, and global supply chains. Here are 10 things you can do to prepare yourself for the tariffs:

Diversify Your Suppliers: Reduce dependence on single-country suppliers to minimize potential tariff-related disruptions.
Review Your Contracts: Assess existing contracts and agreements to understand potential tariff-related liabilities and renegotiate terms if necessary.
Analyze Tariff Schedules: Familiarize yourself with the tariff schedules and product classifications to anticipate potential costs and plan accordingly.
Explore Tariff Exclusions: Identify potential exclusions or exemptions that may apply to your products or services.
Develop a Tariff Management Strategy: Create a comprehensive plan to manage tariffs, including tracking changes, monitoring costs, and optimizing supply chains.
Invest in Supply Chain Visibility: Enhance your supply chain visibility to quickly respond to tariff-related disruptions and changes.
Consider Tariff Engineering: Explore opportunities to modify products or packaging to avoid or reduce tariffs.
Hedge Against Tariff-Related Costs: Develop strategies to mitigate potential costs, such as through currency hedging or price adjustments.
Stay Informed: Continuously monitor trade policy updates, changes, and announcements to stay ahead of the curve.
Consult with Trade Experts: Seek guidance from experienced trade professionals to ensure compliance and optimize tariff management.