Tariffs are back again and stronger than ever. Things are still a little shaky at the moment because we never really know what will happen tomorrow but today, Dave discusses 5 ways you can deal with the new tariffs through DDP, diversifying, and negotiation.
Big Takeaways:
- It is basically impossible to eliminate the effects of the tariffs but there are ways to minimize them.
- DDP shipping puts risk on your supplier, not you.
- Diversifying sales channels can be a great way to keep your profit margins healthy.
- Negotiate discounts with your suppliers to soften the blow.
- Moving your manufacturing can reduce tariffs and contribute to a healthier business.
- Accept that the business landscape has changed permanently.
- Look for new opportunities that arise from these challenges.
- Consider manufacturing in Canada and Mexico as alternatives.
- Evaluate your product catalog in these new market conditions.
Timestamps
- 00:00 - Introduction
- 03:03 - Strategy 1: Shipping with DDP
- 05:50 - Strategy 2: Diversifying Channels
- 08:59 - Strategy 3: Negotiating with Suppliers
- 11:48 - Strategy 4: Moving Manufacturing
- 15:09 - Strategy 5: Accepting Change and Finding Opportunities
Thanks for listening!
Until next time, happy selling!
