Tariffs might feel like something only politicians argue about on the news—but they could hit your business where it hurts. Whether you sell products or services, these policy shifts have ripple effects that show up in your supply chain, your pricing, and your customers’ wallets. So what can you actually do about it?

On this episode of Become Sensible, we explore how small business owners can stay resilient in the face of changing tariff laws. Fiona breaks down what tariffs really mean for product-based and service-based businesses, and walks you through the key questions to ask when forecasting your financial future. You’ll learn how to evaluate your costs, assess your pricing, and run scenario analyses that give you options instead of panic. We also talk through cash flow planning and why creativity is your best defense in uncertain times.

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Timestamps

- 0:00 - Introduction: Why tariffs matter more than you think

- 1:30 - Understanding the basics of tariff taxes and how they impact the economy

- 3:00 - Are you product-based, service-based, or in trading? Why it matters

- 4:15 - Why forecasting gives you confidence and clarity

- 5:10 - Step 1: Analyze your cost of goods sold and how tariff changes affect them

- 6:30 - Step 2: Scenario planning—how to identify alternatives to imported materials

- 7:45 - Step 3: Can you raise prices—or should you absorb the cost?

- 9:10 - Step 4: Pricing, packaging, and communicating value to your customers

- 10:20 - Step 5: Reviewing your cash runway and why it’s critical in economic shifts

- 11:15 - Step 6: Get creative—strategies to adapt your offerings and product tiers

- 12:30 - How tariffs indirectly affect service-based businesses too

- 13:45 - Financial forecasting for service providers: assumptions, pricing elasticity, and labor costs

- 15:10 - Final thoughts: Strategy over panic, and preparing for what’s ahead

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