Business Owner: Are You Comfortable to Really Fire Your Clients?
Sounds shocking, right? Which is precsely why you need to know about this.
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An ideal scenario
Ask any working professional, what tempts them to become a business owner and among all the reasons they give you, one of the top reasons has to be, “a business owner is an independent entity and services only clients they love doing business with.”
Only if they knew how far from the truth this belief system of theirs is.
The Status Quo
I’m going to share 2 scenarios with you, one of which I have witnessed in the last one month and the second that I lived through in the last week.
Scenario 01:
A friend of mine who runs and manages a financial advisory business was having a heated argument with one of his clients on a phone call.
Generally I don’t have a very positive outlook towards financial advisory business, because I think your personal finance is your responsibility and that’s precisely what I teach at Paycheck To Profit, but in this case, my friend was not in the wrong.
This client has joined his advisory services only in the last 6 months and is now complaining that he is already losing money due to the falling equity markets.
This friend and I met after almost 10 months and the entire meeting was a bummer because we just ended up talking about challenges in his business.
Scenario 02:
I consult a few clients on a 1:1 basis. I’ve an extremely stringent selection process and I tend to not pick clients unless I know my consulting would have a positive impact on their business and unless I’m sure they will earn benefits that would run into multiples of their fees for the annual consultation contract.
Last week, I ended up cancelling a contract with one of my consulting clients.
Why?
She is getting married in the next few months. She is extremely busy preparing for her wedding, managing the existing set of clients, managing family, travel, etc.
She has already unlocked a lot of value in the last 6 months of our consulting, and based on our last few meetings, she anyway has a few projects that she must finish working on.
Looking at the fact that she wouldn’t have the bandwidth of time for the consulting (and implementation of what gets documented), I felt the best thing to do for her was to cancel the contract midway.
She was embarrassed and hesitant at the start, but that’s where the work of a mentor/ consultant comes in.
I explained to her that she can always come back when she feels ready, and even if I’m booked when she is back, I promised her I’ll put her to the top of the waiting list.
As a business owner, it’s very important to create an environment that you enjoy working in, and that’s only possible when you create an ecosystem, where you can let go of clients if/ when needed.
Conclusion
If you’re a business owner, and if you’re not enjoying the process of servicing your existing clients, you’re clearly doing something wrong.
It’s your business, you started/ inherited it. You’re operating it with your team.
Why would you create a scenario for yourself where a few bad apples are spoiling your experience?
And if you’re a small business owner, and losing these difficult clients will hamper your business significantly, you really need to get something done about it (read: connect with me and let’s talk)
If you’re a business owner who can’t imagine firing your troublesome clients because that would have a direct impact on your current cash flow and if you’d like to learn how to build a business where you can establish an ongoing flow of leads for your business, feel free to reach out to me and let’s connect.Your Thoughts!
If you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
I’m done sharing what’s on my mind, and now is your turn to share your POV.
Tell me how you are processing the information that you’ve just read?
Do you agree with my thoughts?
Do you think I missed something important?
Do you disagree with something in particular?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
Keep Going Keep Growing 🚀
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a business owner who is happy to cancel a contract with a client who is never satisfied”