How much money do you spend on your regular suppliers?
Suppliers are a crucial element of the business operations. A review of your suppliers could expose opportunities to integrate services so you can get new customers, improve the effectiveness and inefficiencies for both businesses.
Take a coffee shop that receives baked goods from a bakery. The products are complimentary and there’s an opportunity for the coffee shop owner to set-up a barrister at the bakery and promote or sell coffee. The suppliers became partners.
Another example – one of my clients was struggling to get new customers. The market is somewhat saturated for Event organizers and the competition is stiff. I offered her a partnership to resolve her problem – though our services are not the same, we both want to assist entrepreneurs. I proposed that we work together to solve her problem. Instead of waiting for clients, we worked on a plan for her to host events to promote her services, and I would be there as a public speaker or I could facilitate workshops. This is a new revenue stream for her, and some of the delegates that have been to these events have come back to ask her to organize their next event.
Prepare your business for growth by looking for opportunities to collaborate to improve both businesses. It could result in a new product or service, a new market, new jobs.
If you are feeling stuck in your business, submit a service request form and let’s see what I can do for you.