The 2:00 Minute Warning

Years ago, I authored an article called “The Myth of the Best Intentions" that was based on a lesson I had learned from reading books and attending numerous conferences.

This lesson was shared by the Reverend William Nevins in 1836 and a modern-day version reads that: “We judge ourselves by our intentions, but we judge others by their actions.” As it turns out, stating intentions, or declaring what you will or want to do in the future, is a powerful way to deal with emotions or issues that are creating stress or dissatisfaction in your life. But what happens when your actions don’t conform with your intentions?

I will get back to the tariffs and supply chain stuff in a moment, but first, let me share a personal story. After a friend read my article, he challenged me, “Mike, were you serious when you told me a couple of months ago that you intended to get healthier? Are you really, really serious about getting healthier?" I replied “Absolutely.” He went on to tell me, “I know you told me that getting healthier was one of your top New Year Resolutions, but I don’t think you are really serious about getting healthier. If you were actually serious, you’d be doing things differently. You’d be eating differently, exercising more, getting more sleep and so on.” I was busted!

Now what does all this have to do with you and your company’s tariff issues?

Over the past three months I have hosted webcasts and given presentations to hundreds of CEOs and Presidents. Similar to what happened when Covid first hit and supply chains were disrupted, the tariff mess is once again causing supply chain disruptions. But how could that be?

After all, after Covid, didn’t just about all the C-Level executives in the manufacturing and distribution sectors proclaim that their companies would build great supply chains and never again be caught so unprepared for external events? As it turns out they were, like me, declaring intentions. They did not actually act on things that would create and sustain great supply chains and prevent disruptions.

Let’s cut to the chase and ask: “Is your company really serious about proactively managing the tariff situation and the significant impact it could have on your balance sheets?” If so, does your company have a written tariff / import management plan?

Unfortunately, when I have asked this question to hundreds of executives during our webcasts and presentations, less than 10% have a written tariff management plan. Companies may be holding meetings and having discussions, but there is still no written plan that has detailed information outlining options, responsibilities and conclusions. 

Some executives have told me they have no idea what this plan would look like or how to create one. If that’s the case, contact me and I will send you our one-page Tariff / Import Management Plan Infographic. 

If your company is serious about creating this written plan, understanding how the tariffs will affect your balance sheet, and considering options to mitigate the fiscal impact of tariffs, TranzAct is here for you! And the great news is that your company will likely see immediate savings that can be realized to lower your container costs on your ocean shipments. 

When it comes to building a great supply chain and managing tariffs, let your actions speak louder than your words. To get help along the way send us an email, give us a call at 630-833-0890, Ext 190, or use Calendly and schedule a time to meet.

BY MIKE REGAN, CO-FOUNDER OF TRANZACT

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