The announcement of a 10 per cent tariff by the United States may have cast a long shadow over global trade, but for Australia’s small and mid-sized businesses, it also presents a rare moment of clarity, and opportunity.

For months, speculation about US trade policy has kept businesses on edge. Now, with the tariff policy locked in, there’s a window for small and medium businesses to move from reactive to proactive. The uncertainty may be over, but the pressure is not. What businesses do next will determine whether they get ahead, or get left behind.

Tariff tensions are real, but so is small business resilience

MYOB’s latest Bi-Annual Business Monitor shows that 41 per cent of small and medium businesses fear the tariffs will destabilise the global economy, and 35 per cent expect them to drive up business costs and inflation. Yet, in the face of these concerns, Australian small businesses have proven their trademark grit. Despite rising costs and interest rates, 64per cent of small businesses still describe their financial position as ‘good’ or ‘excellent’, and nearly half say their revenue has held steady over the past year.

Only 17 per cent of small businesses report being directly impacted by the US tariffs so far, but that doesn’t mean others are safe. These trade changes will ripple through global supply chains, gradually influencing everything from pricing to the availability of goods. The wise move now is to get ahead of those ripples, before they become waves.

While tariffs are rarely welcome news, the announcement itself brings a level of certainty that’s been sorely missing. For businesses, certainty, good or bad, creates conditions for planning, decision-making and execution. It’s time to act.

Some small businesses already are – 17 per cent plan to shift where they source products or services, and 16 per cent are looking to diversify their offerings. This is exactly the type of agility the moment demands. Others should follow suit. Whether it’s rethinking suppliers, expanding to new markets, or investing in digital infrastructure to boost efficiency, action is the antidote to economic drift.

With 24 per cent of small businesses expecting revenue growth over the next year, rising to 45 per cent among Gen Z business owners, the appetite for progress is clear. And with pressure on costs such as utilities and fuel easing compared to earlier in the year, now might be the most strategic time to invest in changes that will pay off long-term.

From passive to prepared: What businesses should do now

For small businesses yet to feel the direct impact of the US tariffs, complacency is a risk. Just because the blow hasn’t landed doesn’t mean it won’t. But here’s the good news: Australian small businesses are already equipped with the mindset and tools to adapt. Our data shows that even amid rising interest rates and global uncertainty, businesses are still investing in new products, IT systems, and customer relationships.

Here are three steps businesses can take now:

1. Audit your supply chain: Identify vulnerabilities, especially where reliance on US or tariff-affected goods may drive up costs.

2. Explore new markets: For the 19 peer cent of small businesses already exporting, this is the moment to diversify export destinations. For others, it’s time to start exploring global expansion options.

3. Double down on digital: Investment in IT isn’t just about efficiency, it’s about resilience. From e-commerce to automation, digital tools can mitigate labour and cost pressures.

Tariffs are not the death knell of growth, they’re a test of adaptability. small businesses have been here before, weathering COVID-19, interest rate spikes, and inflation surges. With the US trade policy now clarified, the fog has lifted just enough for action.

In uncertain times, small businesses don’t need perfect conditions to succeed, they need a plan and the confidence to back it. And right now, with stability underpinning much of the sector, the timing has never been better to future-proof, retool, and grow. The challenge is real, but so is the opportunity.

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