In the last post we covered two of the five biggest mistakes you can make when dealing with ‘big’ clients.
Today we’ll cover the third and fourth ones – taking on more than you can handle & putting all your eggs in one basket.
Taking on more than you can handle
When you take on too much, your business can’t keep up and you can easily lose control of everything. You want your business to be successful, no doubt, but you need to have a plan for how you will handle the growth. Your clients expect great customer service and high quality products/services, but don’t want to know about your behind the scenes operations to get those things done.
Look out for some of these signs that you may be taking on more than you can handle:
- Clients’ needs aren’t being met.
- Employee morale is low.
- Upset clients.
- You’re feeling stressed.
- You have to react in emergency mode to save accounts.
- Profits are going down.
- You are just trying to pick up the pieces of your business.
- Your clients/customers leave.
- Resources are being reallocated.
Here’s a plan to help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:
- Help increase sales in a short period of time.
- Alter your products/services for the better.
- Fulfill promises you made to your clients.
There are six steps to this plan:
- Bring in your best team and have them all help to meet the clients needs.
- Review your operational system.
- Anticipate future problems better.
- Communicate better.
- Include costs in your quotes.
- Always have a back-up plan.
Putting All Your Eggs in One Basket
You can allow your company to become dependent on any one client. Eventually or for certain periods there is going to be a slowing down period. In order to stay in the game you need to remain diverse.
If you’ve ever mishandled a client, you could drive away future potential clients as well. In order to keep a balance and prepare for a strong future, there are a few things you can do.
- Stay in the loop and try to know what’s going on inside your prospective clients company.
- Constantly reinvent yourself and stay at the top of your industry.
- Stay exclusive.
- Try to secure multi-year commitments and contracts.
- Spread your contracts out.
- Price your products/services correctly.
You also need to work to reduce your dependency on your main client. This can generally be measured in sales or profits. Take a look back at the processes we’ve discussed thus far to help you find more clients to keep this all in balance.
These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our GUIDED TOUR to get the help you need fast.