556. "There's a lot of money in this business but my salary is sitting in my inventory. How can I move it?" | Coaching Session
The Product Boss Podcast
Jacqueline Snyder
4.8 • 912 Ratings
🗓️ 1 February 2024
⏱️ 60 minutes
🧾️ Download transcript
Summary
As entrepreneurs, we often face the challenge of balancing rapid growth with efficient inventory management. In this episode, we're taking a look at Amanda's incredible achievement of nearing six-figure months in revenue in her business Davin & Adley. However, with great success comes new challenges. Amanda is experiencing rapid growth, but this has led to a significant accumulation of inventory. Our discussion will revolve around practical strategies to navigate through this challenge.
We'll explore various tactics to enhance sales, from increasing lead acquisition to the art of upselling, and the often-overlooked potential of focusing on existing customers. These strategies are not just theoretical; they are actionable steps that can be applied to any business facing similar challenges.
Join us as we dive into Amanda's journey, unpacking the lessons learned and insights gained. Whether you're a budding product boss or a seasoned business owner, this episode is packed with valuable takeaways to help you manage growth and inventory more effectively.
Resources:
- Support Amanda’s business at davinandadley.com
- Follow Davin & Adley on Instagram: @davinandadley
- Ready to make 2024 your best year yet? Join our free workshop, The Product Boss’s Guide to Your Best Year Yet, where I’ll be sharing my best tips and strategies to make 2024 your most successful year so far. Click here to save your spot!
Connect:
- Website: theproductboss.com
- Instagram: @theproductboss
Mentioned in this episode:
The Hustle Daily Show
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HubSpot
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Transcript
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| 0:00.0 | I have some really good bestsellers but I have to let them go out of stock before I can restock because I just can't hold any more inventory. |
| 0:07.2 | It's a good problem but it's also like if I'm not selling it fast enough I'm stuck on all this cash that I can't pay the employees with. |
| 0:19.2 | Hi I'm Jacqueline Snyder and this is the Product Boss Podcast. |
| 0:23.6 | I've helped launch and grow thousands of product-based businesses, |
| 0:27.2 | even one of my own. |
| 0:28.8 | And over the last 20 years, I've seen behind the scenes |
| 0:31.7 | of businesses just like yours. |
| 0:34.0 | Whether they are makers, manufacturers, artists, or food and beverage businesses, |
| 0:38.0 | I have spent so many hours studying it all. |
| 0:41.0 | I've discovered what makes them successful. What are mistakes |
| 0:44.7 | they could avoid? How did they turn an idea into successful business and what are |
| 0:49.5 | strategies they have used to make more sales and be discovered by more customers. |
| 0:54.9 | This is what this show is all about. |
| 0:57.4 | Whether you're just starting out or you're looking to become a million dollar product |
| 1:00.5 | boss, I'm here to give you the permission to chase your dreams, no |
| 1:04.5 | matter how big or small. All you need is the right mindset, a little courage, strategy, |
| 1:10.3 | and support, and you too can be the next million dollar product boss. Let's do this. |
| 1:19.4 | Happy February product boss. Okay during this time of year I'm all about making sure |
| 1:24.3 | you're on track to make this your best year yet and it all starts with making sure |
| 1:28.8 | you have the right tools at your fingertips. That's why I'm so excited for you to check out Sales Hub from HubSpot. An all in one |
| 1:36.8 | platform built with the tools and insights you need to communicate with your |
| 1:40.2 | customers, create reminder tasks for your deadlines, and lean into the data when it comes to |
... |
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