Every year brings new challenges and opportunities for business owners. As 2025 begins, it's a good idea to evaluate the previous year and look ahead to changes that might affect your industry.

Staying ahead of these shifts is the best way to stay competitive and maintain long-term success. Here are five things that could impact your company in 2025:

Related: What Every Entrepreneur Should Prepare for in 2025 — These Trends Could Make or Break Your Business

President Trump has promised to impose a 10% tariff on most foreign imports, with higher tariffs on Chinese and Mexican goods. Tariffs increase the cost of foreign-based products and incentivize consumers to switch to purchasing domestic products.

How tariffs impact your business depends on your industry, supply chain and trade resilience. U.S. companies that make their products domestically will likely benefit the most from these tariffs. For example, U.S.-based steel mills and aluminum producers could see an increased demand as foreign products become more expensive.

However, the tariffs could hurt companies that rely on imported raw materials, like automotive, technology and retail companies. These businesses might experience delays and increased costs that they'll be forced to pass on to customers.

If you're concerned your business will be negatively

© Entrepreneur