Community Futures Wild Rose Offers Guidance to Businesses Amid Tariff Uncertainty

With the possibility of tariffs being imposed by the end of February, businesses across the region are facing uncertainty. To help navigate these challenging times, Community Futures Wild Rose [CFWR], based in neighbouring Strathmore, has shared a series of tips to help local businesses adapt to the evolving economic landscape.
First and foremost, CFWR emphasizes the importance of open communication with clients. “Understand how tariffs might affect their purchasing decisions. By maintaining clear communication, you can anticipate their needs and adjust your offerings accordingly,” the organization advised in a recent release. This proactive approach can help businesses stay aligned with customer expectations even as trade conditions fluctuate.
The group also suggests that businesses engage in discussions with suppliers to assess the impact of tariffs on pricing and product availability. “Working closely with your suppliers can help you identify opportunities to adjust your operations and remain competitive,” CFWR noted.
Additionally, CFWR recommends businesses streamline their operations by reducing any unnecessary activities. This can improve efficiency and create room for optimizing supply chains. Another suggestion is to reduce reliance on U.S.-based suppliers and consider exploring domestic or international alternatives to minimize exposure to tariffs.
Tracking financial data is also crucial for staying on top of potential challenges. “Understanding cash flow, costs, and income can help businesses identify trends or challenges early,” the organization explained. Furthermore, CFWR advises looking for new revenue streams that could help absorb the additional costs imposed by tariffs without negatively affecting customers.
Finally, CFWR encourages businesses to continue innovating and adapting to the changing trade environment with the U.S., ensuring long-term r