Four Ways to Use Your Competitors to Boost Your Cash Flow

Here are four ways you can use your competitors to boost your cash flow!

1. Joint venture with your competitor: If your client would be better served with a competitive product or service, arrange to provide that product or service to your client at a profit. You could do this by licensing your competitor's product or service and private labeling it as your own. You could buy your competitor's product at a steep discount and sell it at a profit to your client. Or you could refer your client to a competitor for a referral fee or residual percentage. You could also arrange to do the reverse, selling your product or service to your competitor's active clients in a mutually profitable and healthy way.

2. Buy your competitor's dead, stale, or sated leads: Your competitor surely has leads that said no, or have gone stale, or that have already purchased all your competitor has to offer. Help your competitor turn these leads into an additional revenue stream(s) by selling them to you.

3. Reciprocal lead exchange with competitors: Mutually trade dead, stale, or sated leads with your competitor. Or, if it makes sense, trade your active clients with each other, too. Catalog companies do this all the time. They create a collective clearinghouse that helps them share names among several dozen catalog companies. How can you work together with your competitors to help each of you get more clients and create more options and value for your clients? A crazy question we know, but one that pays to ask.

4. Model your competitors: What can you learn from modeling your competitors' best practices? How can you avoid the things your competitor does that are bad business? What do your competitors have to teach you that could immediately boost your cash flow?

David Finkel is the best-selling author of over 40 books and courses, including The Maui Millionaires for Business. He is a successful business owner who has bought, built, and sold several multimillion companies over the past 10 years. To learn more about his tools for business owners, visit him on the Web at www.MauiMillionaires.com.