1) Buy some of your smaller competitor’s assets and leave their liabilities. Seems obvious? How many have you merged with in the last two years? Better-get busy, time is getting short!
2) Adjust your pricing scheme to show measurable ROI results to your customers, not just monthly billing. Show them why they should work with you, give them with frequent feedback that proves you are getting somewhere.
3) Adjust your Advertizing and PR to trumpet you are smaller, smaller is good on many levels to a customer.
4) Drop customers who are not profitable. You know who they are; they have to go even if they were with you for a long time. What have they done for you lately?
5) Drop the pipe dreams of “we are starting a new B to B division that will triple the size of the company in one year by supplying the Big box stores. “Wal-Mart, Target, Best Buy, Rite Aid, CVS, Cosco, etc all say they are going to give us big orders!”………LOL.
I’ve heard this "fools gold" so much this month it makes me wonder when American manufacturer/ importers are going to stop being so desperate with the “big fish stories”. These signs of desperation turn the stomachs of bankers who know these are a cover for “guaranteed sales” that only "guarantee" products will come back come December.
It might be time to focus on a small piece of the world first and take baby steps back to profitability. Seems like a number of recently successful companies are implementing these strategies lately. JMHO
Good advice. Do you know anyone looking to buy some fundraising closeouts....?? I'm winding down a little and need to work on my warehouse stuff. Thanks for any help/advice.
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