3 Steps To Adding Profits To Your Bottom Line
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As business owners, we are always looking for more ways to increase profits. One way to do that is through strategic partners. I use the example of a wedding planner in this video. The ideal wedding planner will charge a fee in order to manage the wedding. However, there are a variety of other products that the wedding will need... flowers, catering, party bus, DJ, invitations, venue, etc).
The wedding planner can sell all of those other services and collect commission from those other companies. Thus, increasing the bottom line for the wedding planner.
In order to implement this effectively, take these action steps.
Step 1: Understand What Your Customer Needs
Make a list of everything your customer may need or be interested in. This is going to be a list of potential products that you can offer your customer. Not only is this going to give you higher opportunity for profit, but it will also make you look better in the eyes of the client.
Step 2: Find and Contact Companies In Those Industries
Find companies that you like and would do business with. If you wouldn't buy from them, your customers won't either. Make sure to choose companies that have established some success so you know they will take care of your clients and they have the ability to bring you business as well.
Step 3: Incorporate In Your Process
If don't already, have a written operations process so you know the process that needs to be carried out every time you work with a customer. Make sure the introduction to partner companies is somewhere in your process so you don't forget this step.
#business #entrepreneurship #profits