Massive Mistakes to Avoid – Vol. II

You’ve already learned first two of the 5 biggest mistakes you can make in dealing with your top 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 highly 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 accounts.
  • 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.

When you find your business in this situation, implement this 4 Question approach to get back on track.

All Your Eggs in One Basket

You cannot allow your company to become dependent on any one client.  It is business suicide.  Eventually that one client is going to slow down or no longer need your services. In order to stay in the game, and in business,  you need to diversify.

If you ever mishandled a client situation, you could drive away potential prospects!  In order to keep 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 fish 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.
  • Watch this short video to help grow and diversify your income and profits!

 

Next time we’ll talk about the last of the killer mistakes and how to combat it from hitting your business hard.

Avoid these Massive Mistakes For Your Business

Do not make any of these 5 massive mistakes that can kill a deal with a big fish.

  1. Not meeting their expectations (Do you know what they are?)
  2. Mishandling a crisis
  3. Taking on more than you can handle
  4. Putting all your eggs in one basket
  5. Up cash creek without a paddle

Any one or combination of these can not only kill your partnership, but have the ability to take down your company as well.  Let’s take a bit of time to go over each one of these, starting with the first 2 in this post.

Not Meeting Client’s Expectations

It’s essential you give your client’s exactly what you promised during the negotiation portion of your relationship. If an event does happen where there is no way to meet the client’s expectations, not only do you have to find a way to fix the situation, but you also have to find out where it all went wrong.

A couple of things could have contributed to this problem:

  1. Bad salesmanship. You were trying too hard to seal the deal and didn’t listen to the client’s needs.
  2. Lack of communication. This breakdown occurs between the salesperson and your operations department.

In order to avoid these mistakes, you need to put a clear plan of action into place that all of your sales staff needs to follow:

  • Think before you speak.
  • Give yourself a break.
  • Perfect your process.
  • Pre-format over-deliverables.
  • Stay hands-on throughout the entire process.
  • Define success.

Mishandling a Client Crisis

Crisis’ will happen, but how you respond and fix them will define your company and interaction with your clients’. You need to respond quickly and effectively. This will help you gain even more trust and confidence from your client.

Some simple tips can help you deal with any client crisis:

  • Take responsibility and apologize no matter who is at fault.
  • Act swiftly and effectively.
  • Step in and take control of the situation.
  • Never point fingers or place blame.
  • Stay in constant communication with your client.
  • Stay calm throughout the situation.
  • Keep your eye on the ball.

Now, that you know the top two mistakes you can make to kill a big client relationship, you’ll know better how to avoid making these mistakes in the first place and know how to put a plan of action into place in case of a crisis.

Next time we’ll talk about the 3rd and 4th massive mistakes you can make in working with big deal clients.

Need more clients?  Check out this video to learn the best ways to drive them directly to you!