By: US Chamber of Commerce, April 18, 2025

They face higher costs and lost customers.
Small businesses are struggling from higher tariffs—the biggest tax increase in America in 50 years. They tell the U.S. Chamber about rising costs, while inflation remains a top worry , losing customers, and struggling to stay competitive and expand. 

Why it matters: We all want a strong economy to improve the lives of Americans and their communities. A pro-growth agenda, instead of imposing tariffs, can raise workers' wages and support families. 

What they’re saying: 

• "Due to the tariffs and hostile attitude towards Canada, our Canadian customers are no longer interested in working with us,” said Chris Pence, president of porcelainware maker Haand in Burlington, North Carolina. “We have lost all of our market share in Canada and had to downsize our business as a result." 
   

• “We have put a halt on our facility upgrade plans and have also stopped the imports. We will not be able to meet our customer demand without an outside supply source, but we had to put a stop to our normal business plan due to the trade war,” said Michele Derrigo-Barnes, president and CEO of Plattco Corporation in Plattsburgh, New York. 
   

• “We have just shipped a container of Sonic Alert products that we paid around $250,000 that will arrive in the U.S. in the next week or so. We have no idea how much tariffs we will have to pay. The current rate of 100% is more than the profit we will make from selling the product,” Adam Kollin, owner of Sonic Alert in Troy, Michigan, told the U.S. Chamber. 

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Bottom line: Rather than imposing tariffs, Washington policymakers should focus on economic growth, including:  

• Making the 2017 tax reforms permanent 

• Rebalancing regulations 

• Harnessing American energy 

• Expanding markets for U.S. businesses and workers 

Dig deeper: 

• What Small Businesses Need to Know About Tariffs 

Tell us how tariffs are impacting your business, your workers, and your community. 
Learn More

 

​By: Emily Heaslip, Contributor

When you first start as a business owner, you will have to wear many hats. You may find yourself launching a marketing campaign, ringing up purchases, designing your online store, and managing accounting all in the same day.
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However, the learning curve can be steep if you’ve never done business accounting before. You may not even know what you don’t know.

Everyone starts somewhere, and while you may eventually hire an accountant, it can be helpful to know the basics so you can build a good partnership. Here are some accounting basics to help you familiarize yourself with this important business function.

Master the key documents
Five documents show you how your business is performing financially. When you can read and prepare these documents, you’ll be able to make better decisions and improve your business’s financial health. The documents you should know include:

• Income statement: This shows your company’s profitability — how much money your business has earned or lost.
• Balance sheet: This is a high-level view of your business's financial health at a single point in time.
• Profit and loss (P&L) statement: This provides a snapshot of your business’s income and expenses quarterly, monthly, or yearly.
• Cash flow statement: This shows how and where you receive and spend money through your business operations, investing, or financing.
• Bank reconciliation: This reconciles your bookkeeping with your bank balance, helping you keep consistent records for tax purposes.

By understanding these documents, you can begin to see how your company is growing sustainably.