![]() Can you be sure that that one client will always be around? Do you have the flexibility and life balance that you crave as an entrepreneur? Does being an employee contribute towards your personal values and goals more than being an entrepreneur? Before you know it, you’re pretty much relegated to the role of an employee! Remember all the reasons you went into business for yourself in the first place. While that can seem convenient at first, it’s not always wise. And when that glorious client starts asking for more and more of your time, it’s easy to get complacent: before you know it, you are relying almost exclusively on them to keep your small business thriving. Here are a couple of points to consider when strategically building your client base:Įvery entrepreneur dreams of having that one great, adoring, well-paying client. Think of diversifying your client base the same way you would diversify your financial portfolio, except… with clients. ![]() Get in touch with us today, for a free, no-obligation demonstration.As an entrepreneur, when you first embark on a new small business venture, you might be tempted to take on virtually any client that comes along.īut as things progress and your small business builds a regular client base, there comes a point when it will be in your best interests to be more strategic about who you choose to work with. Client portal to maintain excellent customer relations and retain business.Configurable workflows to adapt to new clients and markets.Generate charts and graphs to evaluate to what degree you depend on a client’s revenue.SwiftCase is a cloud-based business process management platform that includes many features to help diversify your client base and mitigate risk. Having a system open to customers where they can log suggestions and complaints, and dealt with by priority is a more cost-effective and efficient system then handling everything manually.Ī clear line of communication leads to more efficiently provided services, fewer headaches and a clear picture of what a customer wants in the future. Achieving these goals doesn’t have to lead to higher overheads. Maintaining good customer relations and having effective means of communication are vital to retaining custom. Potential clients will want to be assured that your services aren’t only relevant in one industry and that you can adapt alongside them. Having a sales strategy and process that emphasises your past successes while showcasing business flexibility is critical. So why take that attitude in regards to revenue? Looking at your core business, what about your infrastructure and working practices could appeal to a wide range of clients? From this basis, you can then adapt workflows and business processes to meet new customer requirements. When investing money, you wouldn’t put all your eggs in one basket. Industry-specific downturns are common, and multiple clients could be affected. Seriously consider the impact of losing your biggest customer would your company survive the loss?Īside from client dependency, you may also be exposed to risk from concentrating on one market sector. Having a percentage figure for each one against your total monthly revenue is a good way to evaluate this. When forming a business strategy to move away from a position of client dependency, it pays to start with looking at exactly which clients you are most dependent on, and to what degree. But there are steps you can take to mitigate the risks. Client dependency can seem like a potential disaster, which has effects beyond your control. Even if a client is doing well, they might make the decision to switch providers when your contract is up for renewal. This doesn’t just apply to the private sector, government cuts or reorganisation could mean being exposed to risk when dealing with public bodies. The most obvious problem is that if the one organisation you rely on goes under, you may well be too. Being able to rely on a steady flow of work is reassuring, but there are also major downsides if one or two clients make up the majority of your revenue. For a small or medium-sized business, gaining a large client that consistently makes orders and pays on time would seem like an obvious blessing.
0 Comments
Leave a Reply. |