What if, Your product or service is impacted by Tariffs?
Businesses are changing faster than ever due to Government Regulations, technology, global communications, and distribution, etc. Tariffs are part of that, too. Leaders need to get outside their business to gain insights, opportunities, and awareness of the world around them from other business owners. They need to Be Aware!
At a peer advisory meeting find out from others who are impacted by tariffs their strategy to cope and benefit. Are they raising prices, how much, when? Have they purchased commodity contracts to protect their costs? Do they have long term fixed price contacts? These are just a few of the issues a peer advisory board will discuss on tariff impact. The essence is all of us are smarter than one of us.
I am sure you know a Peer Advisory Board is a monthly meeting of non-competitive business owners, Presidents, CEO and C level Executives with an experienced facilitator who keeps the discussion on track and drives for conclusions. At each meeting a topic is presented start the meeting, and to get the discussion following. Most Importantly, each participant has an opportunity to bring their issues to the table for peer feed back. In essence, a think tank with action and accountability.
PRO, President’s has created and facilitated business owners peer advisory boards for over 25 years. Technology now makes it possible for business owners to participate in On Line Peer Advisory Boards with an experienced facilitator, mentor, and tormentor.
To give you an idea CLICK Here for a digital copy of the PRO Small Business Toolbook. 83 pages of articles, worksheets on almost every small business issue. It will get your brain thinking! This is an example of peer advisory insight
One member, an importer of stainless steel bars, has tariffs as a major issue. The peer advisory meeting was a strategy discussion of raising prices in increments to learn where there was price resistance.
This member has significant inventory, and therefore could create short-term profit on their inventory, and has to be aware of building inventory in the future in case tariffs were reduced and would take a price beating on tariff purchased inventory. Some times we are so close to the trees we don’t see the forest.
Now you can participate in an Peer Advisory board anywhere, and on any device. CLICK Here for the Small Business Toolbook and to learn more about Peer Advisory Boards.