Key takeaways:
- Renegotiate, adjust inventory and watch exemptions to manage tariff pressure.
- Cut unnecessary costs. Automate and audit wisely.
- Protect your business from fraud with simple, effective controls.
- Treat digital payments as a trust-builder and cash flow booster.
- Keep your team engaged with flexibility, development and purpose.
Strong small businesses are built on clear, thoughtful strategy
Comerica’s Omar Salah, National Director of Small Business Banking, shares five practical strategies every business owner can use to protect cash flow, retain employees and stay competitive.
1. Manage Tariff Pressure
Tariffs can hit supply chains hard. Here’s how to stay ahead:
- Renegotiate with suppliers to lock in pricing before costs climb higher.
- Tighten inventory cycles, because carrying excess stock is expensive under tariffs.
- Update your pricing strategy gradually instead of sudden spikes. Customers respond better to small, thoughtful adjustments.
- Stay vigilant for tariff exemptions. And make sure your suppliers pass those savings to you.
2. Cut Costs Without Impacting Growth
The goal is to build a leaner, stronger business ready to seize new opportunities.
- Renegotiate contracts. Longtime vendors are often open to better terms.
- Shift fixed costs to variable costs where possible.
- Audit your tech stack. Many businesses pay for software they rarely use.
- Automate routine tasks like invoicing and payment processing.
3. Stay Ahead of Fraud
One in three small businesses experienced a fraud attempt last year, costing over $12 billion nationwide.
To reduce your risk:
- Use dual control for payments, where one person enters and another approves.
- Turn on transaction alerts with your bank to monitor activity in real time.
- Activate your bank’s fraud tools, like Positive Pay and ACH filters.
- Implement a password manager across your team.
4. Maximize Digital Payments
Digital payments can help you build customer trust and improve cash flow, while keeping your business competitive.
- Offer fast, mobile, and contactless payment options to meet customer expectations.
- Talk to your bank about payment platforms that specialize in your industry, like healthcare, restaurants or e-commerce.
- Look for a platform that can reduce fees, improve security and even support customer loyalty programs.
5. Retain Your Team and Culture
You don’t need a Fortune 500 budget to keep great employees, but you do need a plan.
- Offer flexible scheduling and upskilling opportunities. They often matter more than raises.
- Create paths for growth, even if it’s through cross-training or certification programs.
- Conduct stay interviews to find out what’s working before employees leave.
- Share your business goals and help employees feel like they’re part of something meaningful.
Put these strategies to work for your business
Connect with a Comerica Small Business Banker today to learn how our tools and expertise can help your business thrive in any market. Visit your local branch to get started.