Could a tariff refund help save your business? If your business is struggling as a result of tariffs, you may be looking for something positive to happen that will help you recover.
Unfortunately, there are many unknowns. Even if the U.S. is required to provide tariff refunds, the process of returning the funds to companies could take a considerable amount of time. It’s certainly not something to depend on.
It’s better to be innovative and come up with dependable ways to build your business. If you receive a tariff refund, that can be an excellent boost; however, your business should have a plan that doesn’t rely solely on a refund. Instead of depending on unknowns, protect your business with commercial insurance, develop a new strategy, and reach new customers.
Get Insurance to Protect From Unforeseen Circumstances
When your business is struggling, you may be tempted to cut your insurance coverage, but that’s not a good idea. Insurance protects you from catastrophic losses, and if you’re already struggling, an insurance policy could be the only way you could keep your business if you face a hardship.
Instead of canceling coverage, compare quotes and see if you can save by switching to a different provider. You can also call your current provider to evaluate your coverage together.
They may be able to point out areas where you can reduce coverage and save, but still retain the most important types of protection. Even increasing your deductible could help make your premiums more affordable.
Follow Trends and Pivot as Necessary
You may need to make significant adjustments to your operations if tariffs are impacting your profitability. Before giving up, give yourself a pep talk. You already have so much established in your business, so even if you feel like you’re starting over with something new, you actually have an excellent head start with the processes and knowledge you already have.
Follow trends. If certain products are popular, how can you incorporate that into what you offer and make it profitable? The world is always changing. Your ability to adapt can turn you into a resilient success.
When you need to change what you offer, look for opportunities that are close to your expertise so that the shift makes sense and can be as simple as possible.
Reach New Customers
In some situations, you may not need to shift your offerings; you just need to reach the right audience. Your current customers can be your best advertisers. Offer incentives for referrals to encourage customers to share your information. Look for ways to humanize your sales strategy.
Identify your target audience and advertise on the media they use. If your target audience is active on social media, use the social media app they use the most. If your target audience listens to the radio, consider creating radio commercials to reach them. Put yourself in their shoes and consider ways to make your company a part of their lives.
With a willingness to pivot, reach new customers, and protect your finances, you can weather tough times even without a tariff refund. Then, if you get one, you’ll enjoy the extra cushion in your already thriving business.
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