January 30, 2019 Saratoga Partnership Helps Local Companies Navigate Changes in Global Trade Policy
Mary Estelle Ryckman, Saratoga County Prosperity Partnership’s Global Market Advisor for Business Retention and Expansion was recently featured on Spectrum News Capital District for work she is doing with local company Darn Good Yarns in Halfmoon, Saratoga County. Let us know how we can help your business navigate global markets by calling us at 518.871.1887 or email Mary Estelle Ryckman.
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Spectrum News – By Matt Hunter City of Albany
PUBLISHED January 21, 2019
In the 10 years since Nicole Snow founded Darn Good Yarn, the online yarn, arts and crafts and clothing retailer has grown so fast it was able to move into its own 12,000 square foot warehouse and office space in Saratoga County this past summer.
“We were just named over the summer the fastest growing business in the Capital Region, which we’re really excited about,” said Snow.
Also named on Fortune Magazine’s list of the nation’s fastest growing companies, virtually all of Darn Good Yarn’s products are made with recycled materials imported from foreign countries.
“We’ve really focused our supply chain in India and Nepal, that’s where a lot of our products are coming in from,” said Snow. “We are doing a little bit with China as well.”
Like a number of local business owners that buy and sell products abroad, Snow has been forced to evolve with changes in U.S. trade policy; in particular, the uncertainty caused by the Trump administration’s tariffs imposed on countries like China, Mexico and Canada.
“If we now accept an increase in taxes and an increase in duties somewhere, it now cuts down the cash flow and profitability of the business,” said Snow.
“One thing business really does not like is uncertainty,” said Saratoga County Prosperity Partnership Global Markets Advisor Mary Estelle Ryckman.
After a three-decade career working for the Office of the U.S. Trade Representative, Ryckman has been hired by the Saratoga County Prosperity partnership to help local companies like Darn Good Yarn navigate these challenges.
“We can take on that task and we can find you the answers you need to grow or even simply tread water in this age of conflict and uncertainty,” said Ryckman.
“I couldn’t, as a business owner, be able to bring someone on full-time and do all of that,” said Snow.
Already, Snow says Ryckman has helped Darn Good Yarn minimize the potential impact of tariffs on certain countries it does business in by expanding to new global markets.
“We weren’t even looking at other countries; we were just sticking with India until our partnership began with them,” said Snow.
Having already doubled her staff since July, Snow believes the new guidance will ensure her business continues to grow even as it faces new hurdles.
“I think whenever there’s tension or anything like that, I think there’s always a very big upside for opportunity,” said Snow.