It’s extremely important to build relationships with your vendors and those around you can bring in new customers/clients and increase awareness of your company branding.
The people you work directly with on your products and services are really the ones with the most to gain when you find success. By taking the time to get to know them, you’ll find a whole host of opportunities you didn’t realize were there.
Look for great ways to offer your vendors rewards for helping grow your business and everyone wins. One of ways you can do this is by offering performance based incentives that are much larger than their normal charges.
Here’s the step-by-step process to putting together a partnership with a vendor:
- Approach all the vendors you work with and offer an incentive based on performance.
- Put the generous incentive plan together from their perspective, even take suggestions.
- Develop a clear, concise and easy to track incentive plan, this will increase competition between vendors and therefore higher performance levels.
- Encourage subsequent sales instead of focusing only on the initial sale. By doing this you can give away more of the profit from the initial sale to your vendors and make higher profits off the back end products. Encourage:
- Future sales
- Upsell better and more profitable products/services
- Cross-sell to additional products
- Create an incentive plan that’s irresistible to your vendors by offering generous, exclusive compensation.
Think of all the vendors you work with and the creative ways you can put together an incentive plan that entices them to be part of your business. Use their talents, capabilities and connections and you’ll both be winners.
Putting together an incentive plan doesn’t have to be a complicated process. Use our FREE test drive to come up with some great ideas and put your incentive plan together for maximum results.
“One year I resolved to give up smoking, drinking and women. Worst 15 minutes of my life!”
You’ve probably heard that joke before and I’m sure that your resolutions and goals for 2017 have been developed with a bit more thought and will last a bit longer!
Yet, a survey in 2015 suggested that 66% of people give up on their New Year’s Resolutions within a month. We start with good intentions and good intentions, but by February our bank of will power is all but exhausted.
Why Do Goals/Resolutions Fail?
Here are some of the common reasons why we fail to keep or meet our resolutions and goals, based on my own experience and some quick research:
- You don’t develop a clear plan to achieve the goal or resolution.
- You’re not emotionally invested in the goal – the outcome would be nice to have, but you don’t want it enough (LifeHack).
- You’re not willing to raise your standards – you want the outcome without the hard work (LifeHack).
- You try to do too much at once (James Clear).
- Your resolution or goal was unrealistic in the first place (Shape).
I would argue that most of us set goals too quickly, without sufficient thought or consideration for how the hard work and change required will impact our lives or businesses.
Does It Matter?
New Year’s resolutions – they’re just a bit of fun, right? Start the year off motivated. Keep the gyms and diet clubs in business!
But it does matter. Each time we set, and then fail to achieve, personal goals, we chip away at our self confidence. In your business, setting goals and aspirations that are unrealistic or inappropriate mostly results in wasted time, energy and money.
So this year, I want to help you set goals that will actually stick, for the rest of year and beyond, whether that’s in your business or your personal life.
So I invite you to download this Goal-Setting Template (no opt-in required). This template is design to help you:
- Formulate goals that are appropriate for you, by referencing the values that are important to you and understanding you current needs.
- Develop SMART goals for various time periods.
- Create an action plan for each of those goals, including identifying the potential challenges and relevant solutions from the outset, and setting actions and deadlines.
There is no right or wrong way to complete the exercises, they are designed to get you thinking about your ambitions and the actions you need to take to achieve them.
These have been created to act as a resource for you, as well as your employees, friends, family and clients. Goal setting worksheets can be great motivational tools for employees, as well as for structured employee reviews.
This year, break out of the dispiriting cycle of setting lofty aspirations that are never achieved, and instead create a plan that you can actually stick to.
And let’s make 2017 your best year in business!