BRC hosted a panel discussion exploring how small and midsized businesses can adapt to the ever-changing global trade landscape. The conversation focused on the real-world impact of evolving trade policies and tariffs—and, more importantly— how organizations can create their strategies and build resilience.
Our expert panel included:
- Steve Amigone, Consulting Practice Leader, BRC
- Rick Elmore, Supply Chain Specialist
- Jay Turner and Matt Waterman, Co-Founders of LongRun Solutions
Together, they shared actionable takeaways that organizations can implement across three key time horizons: Now, Near Term, and Long Term.
Act Now: Take Control of the Immediate
1. Centralize Command
Establish dedicated roles to oversee tariff-related strategy. A centralized approach allows for faster, more consistent decision-making and communication.
2. Know Your Numbers
Dig deep into your cost drivers and model cash flows under various tariff scenarios. Financial visibility is critical to maintaining profitability.
3. Play Offense or Defense—But Act
With tariffs likely here to stay, standing still isn’t an option. Identify opportunities to gain ground or defend margins with proactive moves.
4. Control the Controllables
Renegotiate supplier pricing, optimize production in cost-effective regions, and maintain safety stock on key items to buffer against volatility.
Near Term: Strengthen Internal Levers
5. Optimize Product Mix & Pricing
Adjust offerings and pricing to reflect new cost realities. Work with suppliers and customers to create win-win solutions that support long-term relationships.
6. Diversify Your Supply Chain
Reduce reliance on single sources. Expand vendor networks and explore new markets to spread risk and improve agility.
7. Maximize Cost Control Across the Supply Chain
Pursue long-term deals, run competitive bids, and consolidate shipments to uncover efficiencies.
Additional Strategies to Explore:
- Consider a First Sale strategy to minimize duty exposure
- Use bonded warehouses to defer tariff payments for up to five years
Long Term: Build for Resilience
8. Reimagine Your Supply Chain Strategy
Balance cost, quality, lead times, and geopolitical considerations. A resilient supply chain can adapt and thrive under changing global conditions.
9. Consider Onshoring or Near-Shoring
Explore U.S.-based or regional operations to reduce exposure to tariffs and leverage local incentives.
10. Redesign for a New Cost Structure
Reevaluate product design, materials, and packaging to align with long-term cost efficiency and supply chain shifts.
Final Thought
The key message from today’s panel: tariffs are likely here to stay, so you need to build a resilience, future-focused strategy. With proactive modeling, enhanced supplier relationships, and long-term planning, companies can not only adapt, but also find competitive advantage and succeed in this ever-changing market.
