NO! It’s a simple word but can be incredibly powerful for business owners.
When working with my clients to help them figure out why they spend all their time working with their clients but are failing to be profitable. I often learn that the owner is spending time and resources on clients whose demands are outside of the businesses capabilities. Even more discouraging they are failing to grow their business. In the owners desire to get the sale they do not recognize that their business is actually losing money by trying to meet a client demands. These very clients are usually “Time Vampires” and need to be fired.
The thought of “firing” a client can be a daunting for most growth hungry business owners, but it’s only by eliminating clients who provide little profit – but a use up a LOT of energy – that you will be able to optimize your business to its full potential.
As a business owner, it is only natural to want to make as much money as possible. The mistake comes with the belief that you have to serve every client in order to do so. But saying “no” to clients that you struggle to provide value for is actually a strategy for growth!
Yes, you heard me right…
Remove the “Time Vampires” From Your Business
Identifying and removing these “time vampires” can make a huge difference in how much you enjoy running your business, and will drastically increase the amount of energy and time you can devote to your most valuable clients.
Decide Which Customers to Serve
Ask yourself: of your existing clients, who would you replicate if you could?
Once you have a list of great clients, identify specific traits that make them enjoyable and profitable to work with. Then design a strategy to find more clients that share those great qualities.
Here are some things you should consider:
- By telling the client what you think, you’re doing what you’re paid to do.
- By saying “No,” you protect yourself.
- By saying “No” when you mean it, you maintain personal integrity.
- When doing what the client asks would jeopardize another important task for the same client, ask the client to decide which task gets dropped.
- When you don’t think you’re capable of doing what the client is asking you to do, be honest.
Remember that when you turn down a request from a client, you’re either creating a new problem or pointing out one that existed unknown to the client. This brings us to one more general rule to keep in mind when dealing with clients:
Whenever you point out a problem to a client, always suggest a solution later on in the same conversation. Keep in mind that clients don’t stay forever just because you helped them out. However, they are quick to leave when they feel that you don’t want to help.