Firing a client is usually a difficult decision. Though, sometimes it’s the best course of action, it’s hard to let go of a lucrative relationship. But, when it’s intolerable, and not particularly worthwhile monetarily, moving on is generally the best. However, there are times when you might reconsider. If so, you’ll need to take certain precautions before committing to doing business again. Read on to learn more about how to determine if rehiring a fired client is really the right thing to do.
Most Common Considerations
Perhaps the individual has re-approached you with a plea to resume your working relationship. Or, you're attempting to rebuild your book of business after experiencing a negative impact from the pandemic shutdowns. Whatever the reason, there are, of course, some considerations you'll have to factor into your decision. These begin with trusting your gut instinct.
When you have a business, satisfied clients are essential to your continuous success. Knowing your ideal client and their particular needs is critical to your success. However, pursuing non-ideal ones can kill your business. It pays to be picky about which clients you choose to work with. --Entrepreneur.com
The little inner voice in your head can be an extraordinarily valuable tool. It's a resource in your consciousness that helps you to determine to take one action or another. So, definitely give it it's due because it will most likely point you in the right direction.
Also, you should take at least a little time to revisit your past with this individual. It's helpful to make a list of pros and cons, and then compare and contrast those with the relationship going forward, particularly if you're confident that things will be different this time.
What's more, it's worth warning that if you're doing this solely for the money, it's probably going to lead to another bad outcome. So, understand that you should have other valid reasons for re-establishing the business relationship.
How to Re-Engage an Old Client
Whether you're sincerely convinced that this person is committed to a new way of doing things, or you get a completely different feeling than before, these could be false positives. In other words, do not let the potential outweigh the reality. Fortunately, there are some precautionary measures you can take, like the following:
- Listen very carefully. You'll obviously talk to the individual about doing business again and this is a golden opportunity to listen carefully for telltale warning signs that it's not going to be a positive experience. So, when you do discuss your possible resumption of doing business together, listen and take some mental or written notes about his or her attitude, they are overall enthusiasm, and commitment to a mutually beneficial relationship.
- Talk to other businesses. Just speaking with the individual might not be enough to give you a clear picture. We've all experienced someone who has promised to change this or that, only to be let down. Take a little time to talk to other companies that are currently doing business with this individual and you'll probably learn quite a lot from those conversations. Just a little input from your peers could well be enough to help you make the right decision.
- Establish a clear trial period. Of course, If the previous experience was a negative one, you shouldn't repeat the mistakes of the past. Fortunately, because you have experienced this relationship before, you probably are very well aware of the frustrations. Use this information to establish a trial. And this way, your not setting yourself up for a big mistake.
What other suggestions do you have for dealing with previously bad clients as a business owner? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective!
Interested in learning more about business? Then just visit Waters Business Consulting Group.
Here’s the Real Reason MoviePass is Failing So Spectacularly (Hint_ It’s Not what You Think)
September 13, 2018
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MoviePass is failing in-part because it didn’t fully understand the business on which it tried to build its own empire. A slew of news interviews with theater operators points this fact out. They say the service just doesn’t understand how the cinema business works. But, perhaps more importantly, what’s caused things to go so badly in such a short time is it was always too good to be true. In other words, the company overpromised. That’s really why the startup is quickly sputtering out-of-control. And, it’s what gets far too many fledgling companies in big time trouble. Eager to please and deliver jaw-dropping results, they promise the moon and hardly leave earth’s atmosphere. Biggest Overpromising Pitfalls Undoubtedly, critics say it’s time to face reality and close up shop. Irate subscribers and suing shareholders might disagree. (The former wants out, while the latter wants its investment money back.) But, it’s now apparent the movie-selling service just can’t operate as it has. And, for good reason. When you overpromise, you put undue pressure on yourself. Not to mention, you artificially raise expectations to unreachable heights. How many times has a salesperson promised to increase your company’s exposure by 50%, double your client list, and quadruple your profit margin? In this age of instantaneous satisfaction (thanks, technology!), many entrepreneurs and corporate leaders are so eager to appease stakeholders and worried about the bottom line that they seize amorphous opportunities and are disappointed with the results. —Forbes.com There’s more downsides to overpromising. You’re not only letting down one customer, you’re also sending a message that you just aren’t competent or capable of delivering. Then, there’s also the fact that you create resentment among your employees — toward you and each other. 3 Effective Ways to Avoid Overpromising So, how do you avoid the trap of overpromising. After all, you want to sell your business as the solution. Here are a few helpful suggestions for how to avoid overpromising: Learn your customer’s expectations first. Before you begin making promises about what you can do for someone, be sure to ask about their expectations. There’s no good reason to offer lofty solutions or goals when you don’t know what’s really needed. Be completely open, honest, and transparent. As you’re talking with your customer (and with your own team), it’s very important to always be honest. One of the fastest ways to invite disaster is to keep secrets. It’s just counterproductive to hold back because it will eventually come back to bite you. Keep all communications flowing between everyone involved. Communication either solves or prevents a whole lot of misunderstandings. It’s not enough to just be honest but also, to make yourself accessible. When everyone communicates, everyone is on the same page. And, that’s an invaluable element since it paves the way to success when all parties are on-board and totally in-the-know. What other ways do you avoid overpromising? Or, what other advice would you give? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.
