5 Killer Mistakes – Part 2
5 Killer Mistakes – Part 2
In the last post, we covered the first two of the 5 biggest mistakes you can make in dealing with large clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle.
When you take on too much, your business can’t keep up and therefore you can easily lose control of everything and find yourself barely functioning. 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; they don’t know or care about your behind the scenes operations to get those things done.
Look for these signs that you are taking on more than you can handle:
- Clients’ needs aren’t being met.
- Employee morale is low, clients are upset and you’re in a panic.
- You have to react in emergency mode to save
- Your current clients are suffering from trying to keep up with new business.
- Profits are going down.
- You are just trying to pick up the pieces of your business.
- Your clients/customers leave.
- Resources are being reallocated.
There is a plan that can 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 do the following:
- 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 client’s needs.
- Review your operational system.
- Anticipate future problems better.
- Communicate better.
- Include costs in your quotes.
- Always have a backup plan.
Furthermore, you cannot allow your company to become dependent on any one client. Eventually, there is going to be a slowing down period with your big client. In order to stay in the game, you need to diversify.
If you’ve ever mishandled an important client, you could drive away potential business as well. In order to keep balance and prepare for a strong future, there are a few things you can do. These include the following:
- Stay in the loop and try to know what’s going on inside your large client’s 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.
Finally, you must work to reduce your dependency on your large client. This can generally be measured in sales or profits.
These are the ways you can help avoid the killer mistakes that can cause you to lose it all. If you need help with any of the information I have just shared, contact me (281) 817-7391 or firstname.lastname@example.org