You Can Focus Too Hard on a Single Client
RESEARCH TRIANGLE PARK, N.C. (MainStreet) -- There is an old adage about a cobbler whose children were always without shoes because he focused all his time on making shoes for other people and their children. In business we often do the same -- work on other people's businesses, problems and issues and fail to spend time on our own until we get a wakeup call we can no longer ignore.
If you are focused on working on outside business and forget (or neglect) to work on your own, you may find that the business is not as solid or successful as it once was. For instance, let's say that your business has been blessed with a single, large customer who requires 60% of your company's resources and generates 80% of its profits. In addition, you have 30 other customers who take 40% of your efforts and account for the other 20% of profits.
|Don't take success and long-term customers for granted, expecting things to go on as they have. Clients can leave, resulting in a wakeup call you can't ignore.|
You focus on getting the work done for these existing clients. You are working hard, getting the projects done on time, and the clients are happy. Then one day, your major client informs you the next major project has been awarded ... but not to you! A competitor has actually picked up the next project, and it's one you didn't even know about. What happened? Here are some possibilities:
- The project bid or proposal requests are posted on the client's Web site, and you are expected to monitor the site for opportunities.
- The client sends out requests for proposals to qualified vendors, but because your vendor file was not current (it was something you intended to get to, but never quite found the time to do it) you were overlooked.
- While you thought the last project was going great, the client did not agree.
The bottom line? You blew it!Whatever the reason, in this situation your business shifts from being 100% committed to client work to having only 20% of your resources used and billable. What must you do to fix the situation? There are a few steps you should consider.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV