Here is the picture…Today, someone happens to come in the front door of your office and wants to do $1,000,000.00 worth of business with your company.
Reaction #1 – That is awesome, come on in let’s take care of you get things setup. Meanwhile, you are secretly sweating because you know you are taking on much more than you can handle, but you do not want to lose this business.
Reaction #2 – We could probably help you with 60-80% of your needs, but I am not quite sure we could fulfill all of your requirements. You have a realistic approach to your company and know how you can best serve your clients. The additional 20% is just not there today. You hope this is enough to secure this clients’ business but you are not quite sure if it is enough.
Reaction #3 – You are not even close to fulfilling this clients’ demands but you extend the offer to learn more about their demands and you use it as a guide for shaping your company into the future.
Reaction #4 – You will do everything possible to meet this clients’ demands even if it means not serving some current client needs. You are hoping to make it big by putting all of your efforts into this one, particular client. This type of reaction may seem rewarding, but it could ultimately take the company down if the client were to leave for any reason.
Reaction #5 – You have been preparing for this moment and you have systems in place to handle this clients’ requirements. It will be a great addition to your current business and it could lead to super growth for your company in the next few years.
This little example may seem trivial to some of you, however this is the situation we face every single day if you are a forward-thinking executive. I have experienced all of these various reactions in one way or another. It may not have been for a million dollars, but the principles are still there. As executives, you must be looking forward and not backward. It is imperative to continue to plan and develop a sustainable path toward growth.
Be Ready For The Next Client Opportunity That Walks In Your Front Door?
Focusing too much effort on one particular client is dangerous, especially today with all the mergers, acquisitions, bankruptcies and cut backs. Make sure you develop a plan going forward that helps you meet the needs of clients big and small.
Picture Source: GraphicStock