Tariffs are making headlines again, and for small business owners, that usually means one thing: stress. Will your costs go up? Will customers stop buying? Is it time to panic? Short answer: no. But it is time to pay attention.
The good news is you don’t have to be a trade expert to handle this. Start by reviewing your supply chain. Do you import goods, parts, or raw materials from other countries? If so, check if those products are now subject to new tariffs. Many suppliers won’t openly say prices are going up because of tariffs—they’ll just raise the price. Ask the question directly.
Next, talk to your accountant or bookkeeper. This is the time to get a clear picture of your margins. If costs are rising, don’t automatically eat them—adjust your pricing, cut back on waste, or look for alternative vendors. There are always levers to pull, but you can’t pull them if you don’t know your numbers.
Above all, don’t let headlines make your business decisions for you. Tariffs can sting, but they don’t have to derail your entire year. Get informed, stay flexible, and keep your eyes on the long game. Markets shift. You’re just adapting like every smart business does.