A week of MISTAKES: Day 4

This week is starting to come to an end as we focus in on the fourth major mistake a company can make with a client. Earlier this week we talked about the first three mistakes:

  1. Not meeting the client’s expectations
  2. Mishandling a client crisis
  3. Taking on more than you can handle

Mistake #4 is:  Putting All Your Eggs in One Basket

No matter how large of a client, a company can’t be 100% dependent on any one client.  It is very common, at one period or another, that there will be a slow period with your main client. In order to stay on track you need diversity in a number of steady customers. This is the foundation for long-term growth and stability.

I want to help you prepare for a strong future and keep your business balance. You need to have multiple clients and do what it takes to maintain the relationship.

Here are a handful of things you can do to help:

  • Know what is going on with your main clients
  • Stay innovative and 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

Reduce your dependency on your fish by gaining more clients. If you look back at my Fish Series, you may find some helpful tips in catching more big clients or “Fish.”

  1. Path to Success
  2. Big Fish Mindset
  3. Preparing your Bait
  4. Profile Your Sales People

Tomorrow we will talk about the last of the massive mistakes that can destroy a client agreement.

 

Until Tomorrow,

 

Ormond Rankin

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