{"version":"1.0.0","segments":[{"startTime":0.4,"endTime":4.232,"body":"Lets talk tariffs. So essentially it does look like"},{"startTime":4.256,"endTime":7.96,"body":"maybe the tariffs that were threatened at the very high rates for Canada and"},{"startTime":8.0,"endTime":11.784,"body":"Mexico and a little bit lower for China are sort of in discussion"},{"startTime":11.832,"endTime":15.208,"body":"right now. But I want to talk the hypothetical. What will happen if"},{"startTime":15.264,"endTime":18.6,"body":"tariffs are put in place that affect imports into the"},{"startTime":18.64,"endTime":22.456,"body":"U.S. what does that mean for a small business? So just really quickly,"},{"startTime":22.488,"endTime":25.96,"body":"what is a tariff? It basically means that if you are importing"},{"startTime":26.04,"endTime":29.832,"body":"something as a business owner from a country that has a tariff on"},{"startTime":29.856,"endTime":33.702,"body":"it, they are going to have to pay a certain amount over and"},{"startTime":33.726,"endTime":37.27,"body":"above the cost of the product to allow it to get to your"},{"startTime":37.39,"endTime":40.87,"body":"distribution or warehouse or wherever it's going. So what"},{"startTime":40.91,"endTime":44.47,"body":"normally happens with a tariff in that situation is whoever that"},{"startTime":44.51,"endTime":48.07,"body":"vendor is that might be in the country with the tariff is going to"},{"startTime":48.11,"endTime":51.318,"body":"add that or some portion of it to the cost of"},{"startTime":51.374,"endTime":51.97,"body":"your"},{"startTime":62.41,"endTime":65.986,"body":"welcome Back Cash Flow podcast season six where we talk"},{"startTime":66.058,"endTime":69.25,"body":"everything small business finances, cash and"},{"startTime":69.37,"endTime":73.186,"body":"strategy. Glad to see you here today. We're going to dive into something"},{"startTime":73.258,"endTime":76.978,"body":"that is just unavoidable right now and that is the impact on"},{"startTime":77.034,"endTime":80.882,"body":"small businesses of Trump's economic policies. I'm going"},{"startTime":80.906,"endTime":84.066,"body":"to talk about one big one today, kind of the one that everybody knows about"},{"startTime":84.138,"endTime":86.83,"body":"tariffs, what you can do to"},{"startTime":88.55,"endTime":92.01,"body":"not just deal with, but let's say leverage and"},{"startTime":92.47,"endTime":96.27,"body":"leverage opportunities and avoid the pitfalls of what could fall out"},{"startTime":96.31,"endTime":100.094,"body":"of the whole tariff thing that's going on. So I"},{"startTime":100.102,"endTime":102.302,"body":"want to jump into that. But just to let you know, there are a number"},{"startTime":102.326,"endTime":106.142,"body":"of other economic policies that are a little bit of a smaller discussion point."},{"startTime":106.246,"endTime":109.774,"body":"We'll integrate those into cash flow podcasts moving forward"},{"startTime":109.862,"endTime":113.23,"body":"as they go and talk about strategies you can put in place"},{"startTime":113.35,"endTime":117.106,"body":"to either leverage an opportunity or, or beware"},{"startTime":117.138,"endTime":120.866,"body":"of a potential pitfall for small businesses, depending on what you're in."},{"startTime":121.018,"endTime":124.626,"body":"And I want to say up front here, this is 100%"},{"startTime":124.698,"endTime":128.29,"body":"apolitical. I'm going to be expressing some opinion, but it's not"},{"startTime":128.33,"endTime":131.81,"body":"opinion on politics, it's opinion on economic"},{"startTime":131.93,"endTime":135.73,"body":"impact. And I may be right and I may be wrong. So know that going"},{"startTime":135.77,"endTime":139.442,"body":"into this and also, you know, this is not financial or tax advice in"},{"startTime":139.466,"endTime":142.988,"body":"any way, but let's talk tariffs."},{"startTime":143.164,"endTime":146.972,"body":"So essentially it does look like maybe the tariffs that were were threatened at the"},{"startTime":146.996,"endTime":150.46,"body":"very high rates for Canada and Mexico and a little bit lower for"},{"startTime":150.5,"endTime":154.012,"body":"China are sort of in discussion right now. But I want to talk the"},{"startTime":154.036,"endTime":157.452,"body":"hypothetical. What will happen if tariffs are put in place that"},{"startTime":157.476,"endTime":161.228,"body":"affect imports into the U.S. what does that mean for a small"},{"startTime":161.284,"endTime":164.972,"body":"business? So just really quickly, what is a tariff. It basically means"},{"startTime":164.996,"endTime":168.524,"body":"that if you were importing something as a business owner from"},{"startTime":168.612,"endTime":172.22,"body":"a country that has a tariff on it, they are going to have to"},{"startTime":172.26,"endTime":175.768,"body":"pay a amount over and above the cost of the product"},{"startTime":175.904,"endTime":179.736,"body":"to allow it to get to your distribution or warehouse or wherever"},{"startTime":179.768,"endTime":183.32,"body":"it's going. So what normally happens with a tariff in that"},{"startTime":183.36,"endTime":187.192,"body":"situation is whoever that vendor is that might be in the country with the"},{"startTime":187.216,"endTime":190.872,"body":"tariff is going to add that or some portion of it to the"},{"startTime":190.896,"endTime":194.6,"body":"cost of your. Whatever you're buying from them. So"},{"startTime":194.64,"endTime":198.2,"body":"long and short of it is a tariff on a particular company where you have"},{"startTime":198.24,"endTime":201.994,"body":"somebody that you get supply from, your prices are probably going to"},{"startTime":202.002,"endTime":205.69,"body":"go up. Okay, that's the very simple piece, and"},{"startTime":205.81,"endTime":209.43,"body":"that's easy to say, but then you all shoot. What do I do about that?"},{"startTime":209.97,"endTime":213.722,"body":"I kind of like the concept because it's bringing up something that I"},{"startTime":213.746,"endTime":217.434,"body":"advise business owners on all the time. And"},{"startTime":217.522,"endTime":221.178,"body":"whenever I advise business owners on it, there's always. It's always one of those things"},{"startTime":221.234,"endTime":224.858,"body":"like, yeah, I really should get to that. But right. There are always"},{"startTime":224.914,"endTime":228.71,"body":"other priorities. We all know we're juggling a thousand balls at a time,"},{"startTime":228.75,"endTime":232.438,"body":"and I'm just throwing in another ball. But the thing that I tell every"},{"startTime":232.494,"endTime":235.606,"body":"business owner, whether they're a coach or they're"},{"startTime":235.638,"endTime":238.838,"body":"manufacturing sauces or"},{"startTime":238.894,"endTime":242.582,"body":"they're making furniture, every"},{"startTime":242.686,"endTime":245.942,"body":"single thing that you get that's required in your business,"},{"startTime":246.046,"endTime":249.702,"body":"critical people, critical materials, critical"},{"startTime":249.766,"endTime":253.11,"body":"time. You need to make sure you have more than one"},{"startTime":253.23,"endTime":256.986,"body":"source for that thing, because anything can go wrong."},{"startTime":257.018,"endTime":260.602,"body":"And I'll give you an example in. In almost everybody's case who"},{"startTime":260.626,"endTime":264.09,"body":"listens to me, you do some sort of social media,"},{"startTime":264.21,"endTime":267.978,"body":"either organic or paid advertising work. And we've all been"},{"startTime":268.034,"endTime":271.802,"body":"victims of if, you know, Facebook's algorithm changes,"},{"startTime":271.866,"endTime":275.594,"body":"Instagram's algorithm changes, Google all of a sudden starts changing"},{"startTime":275.642,"endTime":279.472,"body":"what gets to the top of their page. We've all seen that stuff happen."},{"startTime":279.626,"endTime":283.332,"body":"And what, what we've learned, I think most of us, is that you never want"},{"startTime":283.356,"endTime":286.82,"body":"to be in just one of those platforms or you never want to be in"},{"startTime":286.86,"endTime":289.84,"body":"two of those platforms that are owned by the same person."},{"startTime":290.46,"endTime":294.132,"body":"And the reason that's important is because those things can happen. And you"},{"startTime":294.156,"endTime":297.46,"body":"know, you can see, you saw it, man. When TikTok almost went"},{"startTime":297.5,"endTime":300.9,"body":"away, which I have a whole theory on that, which you can see on"},{"startTime":300.94,"endTime":304.372,"body":"my. My Facebook page. But when TikTok almost went"},{"startTime":304.396,"endTime":307.838,"body":"away, there were a lot of people who had very"},{"startTime":307.894,"endTime":311.694,"body":"successful businesses based on TikTok that had it gone away,"},{"startTime":311.862,"endTime":315.71,"body":"would have been trashed in One day. And I"},{"startTime":315.75,"endTime":319.118,"body":"know of businesses going back four or five years now when I think it was"},{"startTime":319.174,"endTime":322.686,"body":"Facebook, might have been Instagram, changed their algorithm and"},{"startTime":322.758,"endTime":326.558,"body":"just tanked businesses right away. And it's really simple to"},{"startTime":326.614,"endTime":329.71,"body":"say or know that, wow, if I'm spread out across all these"},{"startTime":329.75,"endTime":333.336,"body":"platforms, then I'm going to be safe. Because if Facebook goes"},{"startTime":333.368,"endTime":337.0,"body":"down or Instagram goes down because they're both owned by the same"},{"startTime":337.04,"endTime":340.632,"body":"person, I'll be able to hit up in LinkedIn or I'll have, you"},{"startTime":340.656,"endTime":344.296,"body":"know, Google stuff. But If Google and YouTube go down,"},{"startTime":344.368,"endTime":348.184,"body":"then I can still have Facebook as my backup. Well, this whole"},{"startTime":348.232,"endTime":351.704,"body":"tariff impact thing, and even without tariff"},{"startTime":351.752,"endTime":355.56,"body":"impacts, because there are other things other than tariffs that affect"},{"startTime":355.72,"endTime":359.17,"body":"single source providers, is you want to be"},{"startTime":359.21,"endTime":362.35,"body":"reliant on more than one person, thing"},{"startTime":362.65,"endTime":366.418,"body":"or person or thing for what you"},{"startTime":366.474,"endTime":370.242,"body":"do in your business to provide value to your customers. So"},{"startTime":370.266,"endTime":373.778,"body":"take that example I just gave of social media"},{"startTime":373.914,"endTime":377.73,"body":"and back that up now to say that you are a"},{"startTime":377.77,"endTime":381.49,"body":"plumber and so you only get your"},{"startTime":381.61,"endTime":385.302,"body":"plumbing materials, your pipe, your whatever else you use in"},{"startTime":385.326,"endTime":388.934,"body":"plumbing. That's a terrible example for me to use. But say you're a plumber and"},{"startTime":388.942,"endTime":392.662,"body":"you get all of your pipe from one person. Say that person goes out of"},{"startTime":392.686,"endTime":396.486,"body":"business, say that person decides to hike their prices unreasonably."},{"startTime":396.678,"endTime":400.518,"body":"Say that person imports their stuff from China or"},{"startTime":400.574,"endTime":404.31,"body":"another country that could be tariffed and"},{"startTime":404.35,"endTime":407.366,"body":"all of a sudden your prices could go up to the point where you can't"},{"startTime":407.398,"endTime":410.484,"body":"charge enough to your customers to cover those prices."},{"startTime":410.622,"endTime":414.14,"body":"Okay, say that you are manufacturing"},{"startTime":415.04,"endTime":418.792,"body":"barbecue sauce and you import your jars and"},{"startTime":418.816,"endTime":422.616,"body":"your lids from a country that's tariffed, all of the sudden"},{"startTime":422.728,"endTime":426.093,"body":"that price could go up now 10, 25, 30, 40,"},{"startTime":426.188,"endTime":429.096,"body":"50% in some cases. I've even heard talk of 100%"},{"startTime":429.168,"endTime":432.76,"body":"tariffs. And if that happened all of a sudden, the price of your"},{"startTime":432.8,"endTime":436.52,"body":"jars would double. Now you can't afford, you'd have to go out to your"},{"startTime":436.56,"endTime":440.312,"body":"customers and pass that along. And having been in this sort of a"},{"startTime":440.336,"endTime":444.17,"body":"business situation before, before as in advising somebody, we made"},{"startTime":444.21,"endTime":447.962,"body":"sure we had double source because you can't pass that on to your"},{"startTime":447.986,"endTime":451.354,"body":"customers all the time. You might lose them. And as you get bigger and some"},{"startTime":451.362,"endTime":454.81,"body":"of your customers become these things like a Walmart or a Target or"},{"startTime":454.85,"endTime":458.378,"body":"a Wegmans or you know, even, even a"},{"startTime":458.514,"endTime":461.75,"body":"smaller type local"},{"startTime":462.13,"endTime":465.898,"body":"company, why a lot of stuttering there. As that happens, they won't"},{"startTime":465.914,"endTime":469.34,"body":"accept your price increase. Because guess what, there are a lot of people who make"},{"startTime":469.38,"endTime":472.748,"body":"barbecue sauce. And some of those people are not Sourcing their"},{"startTime":472.804,"endTime":476.54,"body":"jars from the same person you are. So that's just a few"},{"startTime":476.58,"endTime":479.916,"body":"examples social media, plumbing and barbecue"},{"startTime":479.948,"endTime":483.132,"body":"sauce, where what you want to do, even if there aren't"},{"startTime":483.196,"endTime":486.908,"body":"tariffs, is have more than one source for the things that you"},{"startTime":486.964,"endTime":490.812,"body":"rely on. And one final point on this, that goes for"},{"startTime":490.836,"endTime":494.418,"body":"people too. Okay. I run a bookkeeping business. I"},{"startTime":494.474,"endTime":497.842,"body":"have a number of bookkeepers."},{"startTime":497.986,"endTime":501.762,"body":"And I need to make sure I love every single one of them."},{"startTime":501.786,"endTime":505.426,"body":"And I hope they stay with me forever. That would be amazing. I'm very picky"},{"startTime":505.458,"endTime":509.282,"body":"about who I hire. I'm very. They're very picky about how"},{"startTime":509.306,"endTime":512.306,"body":"they do their work. And we make sure that we're the same kind of picky"},{"startTime":512.338,"endTime":515.906,"body":"before I hire them so that our clients get only white glove"},{"startTime":516.018,"endTime":519.788,"body":"fantastic bookkeeping service that they can rely on week in,"},{"startTime":519.844,"endTime":523.628,"body":"week out, month in and month out. Given that I"},{"startTime":523.684,"endTime":527.132,"body":"need to make sure that I don't just have one bookkeeper"},{"startTime":527.276,"endTime":530.972,"body":"because anything could happen with one person. I hate the they"},{"startTime":530.996,"endTime":534.092,"body":"get hit by a bus thing. So let's be a little more positive and say"},{"startTime":534.116,"endTime":537.868,"body":"they win the lottery. And when they win the lottery, they've always wanted"},{"startTime":537.884,"endTime":541.196,"body":"to be that full time stay at home mom, as much as they love accounting"},{"startTime":541.228,"endTime":544.556,"body":"and bookkeeping, now they've got the opportunity to do that, maybe even have a couple"},{"startTime":544.588,"endTime":547.952,"body":"more kids, whatever it might be. I could lose one"},{"startTime":547.976,"endTime":551.584,"body":"bookkeeper for any number of tragic"},{"startTime":551.632,"endTime":555.44,"body":"or wonderful reasons. So I make sure that I not only have"},{"startTime":555.56,"endTime":558.992,"body":"a number of bookkeepers on hand at any point in"},{"startTime":559.016,"endTime":562.704,"body":"time, but that I have a pipeline as well. So if you're in a"},{"startTime":562.712,"endTime":566.368,"body":"coaching business or a service practice of any kind, always"},{"startTime":566.424,"endTime":570.224,"body":"be looking at your own staff and making sure that you have"},{"startTime":570.392,"endTime":573.44,"body":"not only diversity within that staff"},{"startTime":574.22,"endTime":577.56,"body":"of geographic location,"},{"startTime":578.46,"endTime":582.228,"body":"if that's practical age and where they are in life"},{"startTime":582.284,"endTime":585.988,"body":"and what they're looking to do in life, all of those things are really"},{"startTime":586.044,"endTime":589.268,"body":"critical so that you're sort of diversifying your"},{"startTime":589.324,"endTime":593.14,"body":"exposure to any one thing, triggering one of them to"},{"startTime":593.18,"endTime":596.874,"body":"leave, good or bad. So I hope that makes a lot of sense"},{"startTime":596.972,"endTime":600.67,"body":"where this really applies across the board. But even more so right"},{"startTime":600.71,"endTime":604.254,"body":"now, keep your eye on what's happening with the tariffs. If you import"},{"startTime":604.342,"endTime":608.174,"body":"anything, or if your competitors might import anything. And you now have"},{"startTime":608.182,"endTime":611.918,"body":"an advantage because you don't keep an eye on this. It's"},{"startTime":611.934,"endTime":615.694,"body":"not just looking at your own shop. Look around at your competitors. I hate the"},{"startTime":615.702,"endTime":619.358,"body":"word competitor. But the other people in your circles of"},{"startTime":619.414,"endTime":622.952,"body":"what you do, industry, that's a better word."},{"startTime":623.126,"endTime":626.852,"body":"And know where you stand relative to them as Far as"},{"startTime":626.876,"endTime":630.66,"body":"your supply chain goes and supply. By supply chain, I just"},{"startTime":630.7,"endTime":634.276,"body":"mean where you get your stuff. That's a supply chain is a fancy word for"},{"startTime":634.348,"endTime":638.164,"body":"where and how you get your stuff. And this is very similar to. I"},{"startTime":638.172,"endTime":641.16,"body":"don't know if you remember back just after Covid, we had the whole"},{"startTime":641.74,"endTime":645.524,"body":"backup in the ships coming across the ocean. It wasn't a tariff thing,"},{"startTime":645.532,"endTime":649.292,"body":"but it was a physical thing. Somebody actually blocked the now, and all"},{"startTime":649.316,"endTime":653.132,"body":"of a sudden nothing could get delivered. That would be a very good time to"},{"startTime":653.156,"endTime":656.924,"body":"go. Oh, yeah, I've been watching this for a long time. Not necessarily thinking"},{"startTime":656.972,"endTime":660.252,"body":"that a cargo ship is going to block a canal. That's not one I could"},{"startTime":660.276,"endTime":663.996,"body":"have come up with. But things happen. So I"},{"startTime":664.068,"endTime":667.58,"body":"knew who my secondary source was. Those were the companies that"},{"startTime":667.62,"endTime":671.276,"body":"survived that catastrophe. People who had thought about"},{"startTime":671.428,"endTime":675.126,"body":"secondary sources ahead of COVID were ones that survived"},{"startTime":675.238,"endTime":678.902,"body":"that catastrophe when it first hit. So that's just"},{"startTime":678.926,"endTime":682.23,"body":"something I really, really want you to think about. And I will call that, you"},{"startTime":682.27,"endTime":685.782,"body":"know, don't be a single source company"},{"startTime":685.966,"endTime":688.982,"body":"in any regard for anything critical to your"},{"startTime":689.006,"endTime":692.63,"body":"operation. So that's my advice for today. We're talking a little bit about"},{"startTime":692.67,"endTime":696.454,"body":"Trump and tariffs, but it let me get all the way onto a soapbox"},{"startTime":696.502,"endTime":700.014,"body":"about something that I think is so critically important to you. So please drop a"},{"startTime":700.022,"endTime":703.742,"body":"comment, let me know, subscribe, like, whatever platform you're"},{"startTime":703.806,"endTime":707.15,"body":"on and if there's anything else you'd like me to break down for you or"},{"startTime":707.19,"endTime":710.27,"body":"any other business strategies in reaction to economic"},{"startTime":710.39,"endTime":714.062,"body":"policies, economic events, anything,"},{"startTime":714.126,"endTime":717.454,"body":"I'm glad to jump in and cover it on our Cash Flow"},{"startTime":717.502,"endTime":721.038,"body":"podcast. You all have a great week, and I will see you next time."},{"startTime":721.174,"endTime":724.35,"body":"E A G L"},{"startTime":724.47,"endTime":727.65,"body":"E S Eagles."}]}