What Should I Do Next?

Recently, I had a Client ask me if they should go ahead and order the steel roofing they need for a barn reroofing project. The conversation turned to tariffs and what their impact might be on prices. Since he has the necessary Cash & Credit available, I suggested that he proceed. I’ll explain why in a moment.

However, I first want to address the issue of tariffs since they seem so prevalent in discussion today. First, tariffs are nothing new. Countries have been placing them on the U.S. for years. Prior to the Federal Income Tax being put in place in the early 1900’s, it was the primary source of financing for the U.S. government. While they can impact prices somewhat, the impact of tariffs is often absorbed by the Importer or Exporter whereby they take a smaller margin, at least for a while. Why were they put in place to begin with?

For the past 20+ years, the U.S. has run trade deficits with our trading partners, and these deficits were being financed by taking on additional government debt. Given the large trade and budget deficits of the U.S., we could not allow this to continue. The tariffs were also designed to move manufacturing back to America. Given the multiple trillion-dollar investments being pledged by corporations, it seems to be working.

Yet, let’s get back to the decision about reroofing the barn. Since the Client had the funds and his herd will clearly benefit, why wait? The tariffs and all kinds of regulations will occur. However, they should not impact a sound business decision. Besides, are they the “real” reason prices have risen or is it the impact of the past five years’ inflation?

When we are facing a decision, let’s consider the following steps:

·       Decide at the outset what goal you want to achieve.

·       Consider the pluses and minuses of the various options.

·       What are the next steps?

·       Who will complete these steps and by when?

If you focus on these key steps, you will undoubtedly make better decisions and achieve solid progress. Besides, if we always waited for prices to drop, wouldn’t we all be driving rusty cars from 1962? Think about it.

“It is always your next move.”

Napoleon Hill, Author of Think & Grow Rich

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