I’ve taught, my now grown children, three rules for life and business:
- Life is not fair.
- You cannot change rule number 1
- Deal with it in a positive manner
So, this week, and into the near future, we have new rules and the rules are going to be changing. Tariffs are in force, more are coming, negotiations are in process that can change the tariffs with little notice, regulations are being reconsidered, lawsuits are flying, funding is being pulled back, jobs are disappearing in the government sector. There is nothing fair about all that. And you really cannot change it, unless you are the leader of a large corporation that can influence government leaders directly. That’s not me, and probably not you. So, whatcha gonna do?
That leaves the vast majority of us with rule number 3. How do we deal with it in a positive manner? Here are seven suggestions.
- Recheck your budget for 2025 and beyond with an eye toward Zero Based Budgeting.
- Put together a pricing strategy that includes raising prices selectively and eliminating low profit products and services.
- Set up a war room, physical or virtual, that includes information to share with all your leaders on anything and everything you can be doing.
- Monitor the actions of your competitors. It influences your pricing options and might open opportunities for acquisition.
- Get people working on what your landed costs are today and tomorrow.
- Brainstorm any and all alternatives for changing your sourcing strategy.
- Keep your customers and bankers informed of what actions you are taking to deal with it in a positive manner.
Want to discuss or learn more?
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