Navigating Tariffs: Strategies for Business Efficiency

In this special episode of FP&A Tomorrow, host Paul Barnhurst (aka The FP&A Guy) welcomes Karan Sood, a global pricing expert with over a decade of experience in revenue management and pricing strategies. Karan shares his knowledge on the impact of tariffs on global trade and pricing models. He talks about the complexities of tariffs, offering advice on how businesses can effectively manage the financial implications and adapt their pricing strategies during these uncertain times. Karan discusses the importance of collaboration across departments and creating flexible models that can quickly adjust to changing market conditions.

Karan Sood is a global pricing expert and the Director of Sales Operations with a wealth of experience overseeing revenue management for over $6 billion across a wide range of industries. He is passionate about using pricing as a powerful tool to drive profitability and improve business performance. Karan has worked across industries including automotive, digital marketing, consumer goods, and more, developing pricing strategies that create real business value.

Expect to Learn:

• How tariffs impact different industries and pricing strategies.
• Why a one-size-fits-all approach to tariffs is flawed and the importance of tailored strategies.
• The role of cross-functional collaboration in managing tariff impacts.
• How to create flexible pricing models that can quickly adjust to shifting market conditions.
• The importance of transparency with customers when adjusting prices due to tariffs.

Here are a few quotes from the episode:

• "Every industry is different; you can’t use the same assumptions for all goods under tariffs." - Karan Sood
• "Stay calm, don’t make decisions too quickly. Information is constantly changing." - Karan Sood
• "The key to managing tariffs is creating a flexible pricing model that can adapt quickly to new developments." - Karan Sood

Karan Sood shared meaningful strategies for managing the complexities of tariffs in today’s global trade environment. His advice to stay calm, work collaboratively, and prioritize flexibility in pricing models is invaluable for finance professionals looking to navigate the challenges posed by tariffs. By emphasizing the importance of cross-departmental communication and transparency with customers, Karan offers actionable steps that can help businesses succeed in a volatile market.

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Earn Your CPE Credit

For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.

In Today’s Episode

[02:08] - Introduction of Episode

[03:12] - Karan’s Journey into Pricing

[06:53] - The Global Impact of Tariffs

[12:13] - Why One-Size-Fits-All Doesn’t Work

[16:24] - Managing the Impact of Tariffs

[20:06] - Building Flexible Pricing Models

[27:03]-  Smart Pricing Strategies

[33:15] - Transparency with Consumers

[34:34] - Cross-Department Collaboration

[40:02] - Book recommended by Karan