Many American businesses are upset by the slowdown of global trade. Recent trade wars have resulted in new tariffs and negotiated trade agreements with no end in site. Despite these issues, there are still ways local small business can use the slowdown to grow their business. This can be effectively done by playing up the trait of being a domestic company.
Local businesses should take advantage of faster delivery time that will never be available when ordering products from a global manufacturer. They can also offer special gift packaging and “white glove” delivery options.
Another way to take advantage of the slowdown in global trade is to explore community partnerships and to remind customers that their purchase will also benefit the local community. Small business owners should make their donations to their neighborhood personal.
Small businesses should also emphasize customer service. They should familiarize themselves with their market and provide a home-grown feel to every customer interaction. Even online businesses can create close relationships with clients by delivering excellent problem solving solutions and reminding consumers that they are important.
Business owners can use these options to build customer loyalty. They should assure their customers that they plan to stay around no matter what happens to the global market.
The global trade slowdown has one more advantage in terms of intellectual property protection. A less globalized market can improve the practice of quality control methods and improve protection of trade secrets. American companies should relish benefits of manufacturing locally and maximize ways to market “Made in the USA.”