Australian businesses affected by the latest US trade tariffs are being encouraged to take stock and seek professional advice, with leading accounting body CPA Australia rolling out a list of practical strategies to help businesses weather the storm.

The nine key strategies cover everything from assessing your business’s exposure and cash flow to adjusting products and exploring new markets. According to CPA Australia, having a clear plan and the right support in place could make all the difference.

Why it’s time to talk to your accountant

Gavan Ord, CPA Australia’s Business Investment and International Lead, says the accounting profession will be front and centre in helping businesses navigate this tricky period.

“Any shock to global trade conditions presents a wide range of consequences and challenges for businesses to overcome,” he said. “During periods of instability and uncertainty, planning, flexibility and professional guidance become essential.”

He stresses the importance of getting professional advice early. “Seeking professional support from trusted advisors is critical in informing business leaders and decision-makers on how to adapt to the sudden shock of new trading environments.”

Nine ways to prepare for change

CPA Australia’s top tips for businesses impacted by the US tariffs are:

• Assess your exposure
• Conduct a financial health check
• Maintain profit margins by passing on tariff costs and/or reducing your costs and improving efficiencies
• Diversify your markets and suppliers
• Adjust your product
• Strengthen cash flow
• Market your unique selling proposition
• Seek professional advice
• Look for new opportunities

Opportunities in uncertainty

While the new tariffs are likely to cause concern for many Australian exporters, Ord believes they could also be a catalyst for change.

“For many businesses, the changing economic environment is providing an impetus to diversify. It’s possible to minimise risks and seize opportunities through operational efficiencies and market diversification,” he said.

Ord also encouraged businesses to tap into support from government services like Austrade to help uncover new export options.

“Accountants have knowledge and experience of working in a diverse range of sectors and will be ready to support businesses in setting a new course for growth and stability.

“Resilience and adaptability are key characteristics of accounting, and many businesses will need both in the months ahead.”

If your business has been affected or you’re worried about what the tariffs could mean, you can read more about the nine strategies on the CPA Australia website.

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