We're still talking about tariffs?

... Do we have to?

I don't blame you if that word is starting to sound like nails on a chalkboard. But with the August 1 deadline here and gone for countries to negotiate new trade deals with the United States, tariff rates are now at their highest levels since the Great Depression.

As a small business owner, that requires your attention — even if your business doesn't directly import goods.

If you run a coffee shop, everything from your coffee beans to cups and plates are more expensive as a result of tariffs. If you've got a cleaning business, your mops and detergents could cost more.

But while tariff-related price increases are beyond your control, proactive business owners can still navigate them and maintain growth. Here's what you need to focus on to minimize the impact on your business:

Map your exposure — Identify which of your products or services are most affected through direct imports or supplier dependencies.

Examine your pricing structure — Understand profit margins on your best-selling products to see where you might be able to absorb price increases.

Try to build financial reserves — It can be heard to think about when margins are right and life is hectic, but even a single month's operating cushion can provide crucial breathing room when long-term prices are uncertain.

Create scenario plans — Model different cost increases and pricing adjustments to see potential impacts on your bottom line.

Establish trigger points — Set clear thresholds that will prompt strategic changes, like finding new suppliers or adjusting prices.

Sure, tariffs feel like old news now. But it's never too late for owners to start researching alternative suppliers, or thinking about how to communicate price adjustment to customers to keep their loyalty. Check out our complete framework for tariff management, including specific action steps and scenario planning techniques to protect your business from price shocks.

Market research demystified

Times of uncertainty can also be times of opportunity for small businesses. So how do you spot that opportunity? By deeply understanding what your potential customers need. In other words, market research.

But there's more than just one kind. Click the link below for our quick rundown of 11 common types of market research, so you can spend less time figuring out what you need and more time helping your business grow.

Plan for Pricing Volatility

Resources to Price Confidently