Our collective anxiety level around tariffs may have subsided a good bit since U.S. and Chinese policy negotiators said they had agreed to a framework to de-escalate trade tensions. But there’s still plenty to worry about in terms of costs and supply chains—and plenty business leaders can focus on to make things easier for their teams.
On a recent IndustryWeek webinar, several experts outlined some of those strategies. Here are a few snippets we collected:
- Instead of planning for outcomes, prepare for them. The details of a given situation will likely change but your general direction shouldn’t. Said lecturer and author Rebecca Homkes: “The biggest shift is we’re going to have to make decisions based on beliefs, not waiting for established facts.”
- Make friends with an economist! Or phrased differently, make sure your organization is getting the useful data it needs and come up with a way to efficiently share it with your teams.
- Don’t return to something that was; only move forward. Plan plan to be prepared for the long-term changes coming your way.
- Be transparent and communicate well: It can create the difference between despair at global upheaval and a strong morale and an excitement about how your business will thrive.
For more from the panel—including a link to the video of the full conversation—click here. And check out these other recent high-level stories from across Endeavor Business Media to fill out your tariff information picture.
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