Tariff Survival Strategies for Small Businesses WHAT IS A TARIFF?   A tariff is a tax on the import of goods between countries as a form of foreign trade regulation. The simple explanation of the goals behind tariffs are: 1. Raise revenue 2. Protect domestic industries by increasing the price of imported goods, which provides domestic products with a price advantage. 3. Address unfair practices, such as when the exporter is subsidized by their government, thus artificially lowering the cost of production.   There are three primary methods of assessing tariffs: 1. Ad valorem – a percentage of the value of the import 2. Specific – a fixed amount on each imported...

When to Hire In House and When to Not According to a recent article in Inc. by Sarahd Lynch, one of the leading workplace trends for 2025 will be a greater emphasis on hiring from within. Even though the 2024 labor market is cooling, job openings are slowing in some sectors, and with a decrease in quit rates, some companies find themselves in an unusual position.   Labor Hoarding   With the anticipation of a recession, many companies engaged in “labor hoarding” rather than hiring new employees. One of the results of this strategy is that many companies have an ample, experienced labor force...