In this special episode, Sharon and Alana discuss the current state of the global economy, focusing on the impact of tariffs on small businesses. They explore how global events affect supply chains, pricing, and business strategies.
Key Highlights:
- Understanding the Global Supply Chain: Importance of knowing your businesses place within the global supply chain, highlighting the complexities and vulnerabilities involved, especially with raw materials often sourced internationally.
- Adapting to Economic Shifts: They discuss the importance of adapting business plans and visions in response to economic changes, such as tariffs and recessions. They emphasize flexibility and the need to re-evaluate pricing strategies, branding, and business models.
- Maintaining Relationships and Community: The episode stresses the significance of maintaining relationships with customers, retailers, and suppliers, especially during challenging times. They encourage open communication, sharing information, and building community as vital strategies for navigating economic uncertainty.
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