“Small Businesses Panic” or “Small Businesses Concerned”, seem to be the current headlines that are racing around the country right now.
Last week President Trump decided to put blanket tariffs on every country (even those that only have penguins living there…but I digress) and for a small business owner, this was A LOT to take in.
There are some people who would say “Who cares? What do we really need vanilla for? Or aluminum? Or what do we really buy from China? Who drinks coffee?” That last one? Those are just fighting words…
The truth is, that every small business owner receives MANY items from overseas.
Some places get almost ALL of their goods from other countries and resell them. Some places get items that they use to make the items in their business.
Our homebrew supply shop uses aluminum cans for people to can their own homebrew or wine (yes, you can can wine) and we get our mason jars from Canada. A bakery? They use vanilla for almost EVERYTHING.
Coffee? This is a travesty that will hit the Denton household rather hard, and I don’t think we will be the only ones!
All of this is to say, the tariffs are causing a lot of scrambling for small businesses everywhere.
So what is a small business to do?
We innovate. We do what we are best at. And we not only survive, we thrive.
Small Businesses Can Pivot
There are many things that are satisfying about owning your own business, but one of the things that truly makes us different, is that we can adapt and pivot at a moment’s notice.
If we don’t have access to one supplier, then we will search high and low for another one.
If we are used to making our product with one type of ingredient or material, we will innovate until we come up with something just as good, and often times, better.
A small business owner’s superpower is to be inventive. We are truly the MacGyver’s of the business world. (If you don’t know who MacGyver is then I need you to look him up and watch at least 10 episodes. They are all worth it. Promise. Excellent tv from 1985.)
Big businesses will take WEEKS if not MONTHS to deal with the fallout of the tariffs. They have hundreds of shipping concerns to deal with and multiple warehouses and retail spaces to figure out. We are nimble and we are going to thrive and seek new opportunities while they adapt.
How to Adapt
Now is the time to take a breath. Step back and look at the opportunities that are now starting to pop up in your industry.
I know that it can be challenging, I definitely wanted to go back to bed when I sat here watching the market tank…but I didn’t! I started to go back to my resources…I went back to my purpose and why I do what I do.
You need to look at why you are doing what you are doing and determine what you need to keep doing it…differently.
1. Exam Your Current Skills and Team
Are you a mechanic that usually works on new vehicles? Now is the time to brush up on your skills for older vehicles – new cars may not be purchased as much right now. Do you need a supplier for new parts or do you potentially need to hire someone who can retool the parts already available? Start making new connections and build your network.
2. Purchase In Bulk by Partnering with Other Small Businesses
Are you a bakery who often buys items in small amounts? What about partnering up with other bakeries in the area and purchasing something in bulk? Often when you buy items in large quantities you will get a discount.
3. Add a New Product Line, Service or Experience
What about a retailer that specializes in new clothes? Could you create a new/used section in your boutique for gently worn items? Recycled fashion is a trend and good for the environment! You could even work with a local tailor to improve or fix any small issues with the incoming items.
The idea here is to think OUTSIDE the box. It is easy to get complacent and do what we do everyday but when a big event forces you to innovate, embrace it like the opportunity it is.
Connect with Other Small Business Owners
If you don’t have a community of other small business owners, then now is the time to seek one out. All of us need a welcoming environment where we can vent our frustrations, learn new skills and brainstorm for ideas to weather this storm.
It is A LOT to be a small business owner.
(Take a minute and pat yourself on the back – you deserve it!)
Finding a community is key to your future success. In the Barrington, IL and surrounding area, there isn’t one that I could find. There wasn’t a place for other small business owners to discuss and work on their business with other owners and people who had insights beyond their own.
It can be lonely being an entrepreneur!
So, Dave Kearns from Budgeting Made Simple and I decided that we needed to have a community of other Small Business Owners. As business coaches, we know how important it is to have a group of dedicated and determined individuals in one space, all seeking success for themselves and their businesses.
The first meeting of our Small Business Owner Community group is happening on May 2, 2025. Here is the link to register.
It is in person and we will have breakfast from the amazing Chef Ann of Instantly Ann. If you are not in the Chicagoland region and are interested in a Zoom community, then please reach out to me via Bluesky or email: [email protected].
Until next time my friends. We will get through this phase and we will thrive.