You’ve probably heard China and the United States are in a bit of a trade war.
With $50b in proposed tariffs on Chinese imports, and over 1,300 American products facing similar taxes, neither side is giving an inch.
No matter who wins this trade war, small businesses end up being the undeserving losers.
And it’s not just American businesses or Chinese businesses, but all businesses.
Trading with either of the world’s two biggest economies isn’t nearly as attractive as it used to be, especially if your business works with one of the targeted products.
Imagine trying to compete with countless companies around the world who create an identical product, except yours is 25% more expensive. Pretty tough right?
These tit-for-tat tariffs may seem inescapable to your small business, but they don’t need to be.
Here’s how you can save some money by preparing for what’s to come.
Stock up for Savings
When’s the last time that you thought about your business through the perspective of a consumer?
It’s okay if you haven’t, you’re not alone.
No one cares more about saving money wherever and whenever they can than consumers.
They consider their family as their business, and will cut costs whenever they can to support them.
When the average consumer is on a tight budget, and senses that foods prices will increase in the near future, what do you think they’ll do?
Stock up, of course.
By purchasing at a time that is much more cost-effective, they save themselves the higher costs in the future.
If they need to use their credit card to do so, they will, knowing that they can pay the debt off with the savings they’ll receive down the road.
It’s the same logic for small businesses.
Frontloading can save you significant money when there’s a deal being offered by your supplier. And even more when there’s the threat of tariffs.
Small businesses don’t have the capital that large corporations have, yet that doesn’t stop them from consistently dominating on the global stage.
Where there’s a will, there’s a way.
Depending on your small business, starting a line of credit or taking out a loan to purchase supplies could end up saving you money.
However, banks often deny small businesses the funding they need, leaving the others to fend for themselves.
It’s never been easier for small businesses to get approved for the funding that they need to stay competitive.
BlueVine’s working capital solutions have provided tens of thousands of business owners with funding to address short-term working capital needs, offering business lines of credit up to $200,000, and invoice financing up to $5 million.
Join Veem today for the funding you need to continue growing your small business.