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In business, it has created an opportunity to reflect on how companies are managing customers, and it has given customers a window of opportunity to re-evaluate their supplier relationships to determine which partnerships are truly valuable. We’re seeing it first hand.
In a Medium article written by the founder and owner, Maren Kate, she tells the story of how the company dissolved overnight in 2015 after scaling fast and not realizing beforehand that their burn rate was high. Zirtual, a virtual assistant startup, is one example of this. This highlights the importance of cash flow management.
Another strategy is the Challenger Sales method which relies on delivering insight about an unknown problem or opportunity in the customer’s business that the supplier is uniquely positioned to solve. Customer: Supplier selection: “Does this do what we want it to do?” Bain & Company.
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