E594: 5 Ways to Deal with Tariffs

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!