The second step in turning your business around and putting yourself on a more stable footing, is to increase your range of products and services and your distribution network by forming strategic alliances or selling through joint venture parters who have a similar customer profile to your own.
You can immediately increase your sales by approaching other businesses that sell products and services your customers would be interested in buying. Look for businesses that sell products that people typically buy before, during and after they buy from you.
Simply send an email like the one below to some of those businesses:
Subject: Idea for your business
Hi (first name),
My name is [your name] and I’m the owner of [ your business e.g.. Global Golf Products].
We have [your database size e.g. 7,800] prospects and customers on our email list.
I visited your web site earlier this week and I’m sure a lot of our customers would also be interested in buying [name of product]. Would you like us to offer [name of product] to our audience?
If you’re interested in talking about this, just let me know. You’ll find my full contact information below.
Using this strategy, you should be able to find a large number of great products and services you can sell to your existing customers in return for a share of the profits.
By the same token, there are likely hundreds of businesses both within and outside of your industry who would be delighted to sell your products and services to their customers in return for a referral fee.
No business ever has enough sales, or can stock enough products or services to completely fulfil the needs of their customers. You can help to fill their product/service pipeline and increase your own sales and profits at the same time.
ACTION STEP: Find 10 businesses that you know have awesome products or services your customers would consider buying, and send the email above to them today.
INVITATION: Each month we hold a limited number of Free Business Strategy Sessions designed to help business owners with everything from turning their enterprises around and back to sustainable profitability, to leveraging the assets of fast growing companies so they can grow even more quickly.
Would you like to join us?
If you’d like to schedule one of these Free and obligation free one-on-one sessions, let us know by email at firstname.lastname@example.org or call 1300740066 and we’ll set things up for you.
About The Author: James Huy Vuong is a CPA, Registered Tax Agent, Business Broker, Certified Exit Planner and the owner of Your Accounting Partners, an Associate of Negotia Group. Partnering with businesses from start to scale thru to sale.
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