You’re in business to make money, eventually achieve financial freedom and the life choices that come with that. However, you can only achieve this by serving your clients well.
So choosing who you best serve is arguably the most important strategic decision you can make.
Which means, sometimes you just have to fire a client who isn’t a good fit.
You don’t have to like it. It’s nobody’s fault. It could be your business has moved in a new direction and you feel you can no longer add enough value.
Or the client is unreasonably difficult and demanding. Nothing you do is ever enough.
Either way, let them go.
Now, I’m not saying this is easy. There may well be a major revenue hit to doing so. But ask yourself what the cost of keeping them is.
What emotional hassle are you willing to put up with? What do you want to put your employees through? And could your energy be better spent dealing with people you love to work with?
Therefore it’s vital you take the time to define what your ideal clients would look like.
Don’t stop at defining demographics like industry, company size etc. Expand your focus on who you’d love to work with, mentally and emotionally. People who share your values and beliefs.
In our case, as business advisors, our ideal clients are aspirational business owners who love what they do, are experts in their field. They’re convinced that business is the best vehicle to achieving financial freedom and lifestyle choices and are willing to put in the hard yards.
In addition, we ask these questions:
- Can we help them on an ongoing basis to fulfil their potential?
- Do they have the right mindset to succeed?
- Do we share similar values and beliefs? Act ethically?
- Are they willing to be mentored and coached? Take our advice and implement?
- Do we like them as people? Arguably, this is the most important. Life’s too short to deal with people who drain your energy.
Your turn. Take some time out. Really think about the types of clients you struggled with, as well as those you loved working with. What attributes did they have?
One way to do this is draw two columns down a blank sheet of paper.
Head one column with “Want”, the other with “Don’t want”.
Review each of your current and past clients and list their attributes. Now go through looking for similarities and grade them with levels of importance. Must have, nice to have, absolutely don’t want etc.
Putting it on paper will give you new insights that you won’t get if you just do it in your head.
Now stick this list on your wall and whenever you speak with a potential client, check them against your list.
Remember, always focus on what you want rather than on what you don’t want. This way you’ll attract it.
And finally, some timeless wisdom in employment. “Hire slow and fire fast.” The same applies to clients!
Need help to distil exactly who you should be targeting and how? A short, sharp Two Heads Consultation will help you get clarity. Call us on 0414 913 334 to book in.