President Donald Trump keeps surprising the world about this policies. The stance that the US took for years is now changing under his administration. Countries that used to be allies of the United States are now seemingly considered enemies. He has launched trade wars against Canada, China, and even the EU.

Brexit is another problem that has a global impact. There is no final decision yet on how Brexit will happen, and what terms the EU and the UK will agree. These significant global changes have impacted a lot of business owners, especially those who are just starting out.

There are several reasons for you to be worried about these trade wars. Exporting and importing goods is now costlier. Can small businesses in the UK survive these trade wars? If you are a small business owner, and you are also worried, here are some tips to help you survive.

Communicate the changes to your customers

Given the cost of the supplies and other raw materials, you have no choice but to increase the value of the products you sell. Let your customers know about it, along with the reasons behind the increase. Avoid implementing the increase at once since this will come to them as a huge surprise. Try your best to also help them out by avoiding excessive increases.

Be careful when getting a loan

To sustain your business, you might need a loan. The terms and conditions might not be favourable anymore given the economic conditions. If you need a loan, try your best to research more options. Find out which bank or lending firm can help you achieve your goal, without making it difficult for you to repay. Don't choose a firm because of its low interest rates. Consider the financing scheme too. You could end up getting overburdened.

Try exploring other markets

If you can no longer sustain your business because the raw materials used for production are getting expensive, look for different markets. There could be more products and services that match your interest and the demand of the market that are worth exploring. You might expand to other markets until you are ready to let go of the previous product you sell.

Focus on advertising

Even in the most trying times, people might still need the products you sell. Make sure that you constantly remind them of the quality of what you offer. Even if they are financially struggling, they will still buy your products. They will be willing to spend provided they are getting something of excellent quality.

Focus on other advertising techniques. You might miss out on specific demographics if you ignore these traditional advertising strategies. Reach out to new markets. There are potential buyers out there. You need to find them and convince them to choose you.

Therefore, even when you are already having a difficult time due to the global economic turmoil, you should still fight on. There are ways to survive the trade war and emerge as the winner.

By Boris Dzhingarov

© 2018 Copyright Boris Dzhingarov - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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