Orders from President Trump have sparked fear of uncertainty for many business owners in New Jersey and across the country, particularly in regard to the new tariffs set to be put into place. In addition to a 25% tax on imports from both Mexico and Canada, Trump has also announced a raise on tariffs in relation to shipments from China, leaving both consumers and businesses worried about what lies ahead. The fear of uncertainty is far from new, however, as businesses have traversed a range of challenges from economic concerns to a worldwide pandemic. From the value of diversified income to the undying importance of consumer support, there are a variety of strategies that businesses can implement in order to positively embrace an ever-changing climate.
Diversified income — a powerful approach
Businesses across the Garden State can prepare for uncertain times ahead with a comprehensive plan. The new situation on tariffs has sparked many to review valuable aspects of their operations, such as their ties in terms of supplier contracts. One Forbes article recommends several courses of action for small businesses, such as the examination of these contracts in order to determine whether they’re still viable — if not, it may be wise to look elsewhere. Other suggestions include the importance of a contingency plan to help prepare for an unforeseen event, the investment in new technology for streamlined operations, and cash flow management to either cover the tariffs or other costs.
A diversified revenue stream can provide a variety of advantages in times of uncertainty. In addition to the financial benefits, this can help build a brand through increased brand awareness, and can give a business a competitive advantage. While some may opt to add products or services to meet new market demand, a calculated risk can be beneficial if the circumstances are right. A 2023 McKinsey and Company article explores the value of “new-business building” in uncertain times. “Overall, according to McKinsey research, organizations that prioritize new-business building demonstrate greater revenue resilience than organizations that don’t.” One example cited by the article is the aftermath of the 2008-09 financial crisis, in which businesses that had a focus on business-building experienced an impressive revenue growth at “three times the rate of their peers.”
A new business venture isn’t always the best course of action for everyone, especially in times of uncertainty. Some signs that can indicate the value of a new venture include whether the current business is consistently meeting goals, in need of more space, and an assessment of the current financial situation. A new business venture also coincides with various considerations. For instance, some entrepreneurs may choose to run a new venture under the same limited liability company (LLC), which can help streamline operations. New Jerseyans who wish to streamline operations even further may consider the services of a registered agent. A registered agent service can prove to be indispensable when it comes to the management of LLC endeavors such as receiving important documents on time, as well as added benefits like privacy features that aim to protect personal addresses. A Northwest Registered Agent discount code is a great option for those who wish to form an LLC and get started at a lower cost, and can help businesses throughout the country explore and discover the services and options that work to ease the process.
Embracing change is a must
Several businesses have adapted with the times and become bigger and better than before. New Jersey’s own Carlo’s Bakery is just one example of this, a 2019 Fox Business News article explores. Despite the fact that the business was thriving well before a TV series even came along, the way that the business has adapted and embraced change has more than paid off in the long run, and serves as an example for other New Jerseyan businesses.
Originally located in Hoboken, the bakery has since evolved into an empire. While the original idea was to revive an “old-school Italian bakery” throughout the country, the vision wasn’t without its challenges, according to the Fox Business article. “The problem is, we don’t live like that anymore,” owner and fourth-generation baker Buddy Valastro said, going on to cite the “internet shopping experience” as a revolution that affected the business in a significant way. Valastro goes on to explain the value that the integration with third-party services like UberEats and DoorDash has had on business, in addition to endeavors such as the addition of a savory-component, which provides more variety for customers.
Other New Jerseyan businesses can take a page from Buddy’s book, and embrace similar changes in order to gain a wider customer base even in an evolving landscape. Aside from availability on third-party apps and delivery services, businesses can evolve with technology in other ways, like offering additional ways to pay or the integration of QR codes for menus, ordering, and cashless payments. As a result, businesses can become more accessible to a wider range of people, and ultimately expand their customer base over time.
The importance of a customer focus
Uncertain times can lead many New Jerseyan businesses to buckle down and focus on the business, though there is immense benefit to the prioritization of customers. Not only does this show dedication, but puts people first. Empathy is crucial for a business in uncertain times, especially as consumers undergo changes as well. A Monmouth University Poll indicates that around half of respondents want to leave the state of New Jersey, largely due to concerns such as property taxes as well as the cost of living. For those who are on a budget, luxury products or services can take a backseat in terms of priorities.
Businesses can ease the uncertainty for their customer base in a number of different ways, from sales to loyalty programs and even pricing tiers that cater to budget-friendly options. One Wall Street Journal article published in 2020 explores the various ways that a business can put customers first in uncertain times (at the time, the coronavirus pandemic), and points out that genuine displays of empathy can help a business “weather the storm” when compared with others. The overall message relies on consistency and maintenance, particularly when it comes to areas like communication (both with the customer and employees), remaining true to the brand and purpose. Furthermore, it’s recommended that businesses prioritize the development of working with customers in new ways, which can help align with the uncertainty at hand. In the case of the coronavirus pandemic, flexibility was a suggested focus as remote work efforts took hold.
Uncertainty may cause worry for businesses across New Jersey, though there are a number of ways to get ahead and safeguard operations. From the value of a diversified revenue stream to the maintenance of a customer focus, the navigation of today’s landscape can be made simpler via preparation and powerful strategies.
