Expand Acceptable Client Profile

those with whom you do business.

For instance, let?s say you normally only have Fortune 500 companies as clients. You may want to consider taking on assignments from smaller firms as well since you need to adopt an appropriate game plan to ensure that you advance and conquer when things are tight. What you did yesterday may have worked then but probably won?t be relevant today or tomorrow, so be willing to open up your client base to offset any pullback from your normal list. If your typical customer profile has diminished or clients have cut back on their budgets, you will be forced to look to wherever a flow of business could occur.

When economic conditions change, all of your earlier considerations and actions need to change along with them. The other day, I drove six hours round-trip to do a presen- tation for eight people?something that wouldn?t have been

practical for me to do a year ago. Whether it was worth it or not is to be determined, but when things tighten, I immedi- ately loosen up any and all earlier restrictions. I need to get in front of more clients, and I know I have to go the extra mile to offset the reduction.

Now is the time to be prepared to change past deci- sions in order to achieve your goal of advancing and con- quering. It?s not the time to hold on to any beliefs from the past that will keep you from moving forward.

Let?s say, for example, that you are an accounting firm that has traditionally only worked on major annual reports. Now you might want to consider doing smaller quarterly reports?without your normal annual agreement?in order to generate some much-needed revenue. Maybe you expand your client profile to include smaller companies as well. This doesn?t mean you throw your standards out the window and work for anyone who calls you; you?re simply readjusting your acceptable criteria during this temporary lull in order to accommodate a wider range of prospects and projects.

How far should you take this? It?s up to you. If, for example, you normally have a minimum project fee of

$1,000, you might accept $500 assignments, but you prob- ably would not take on $50 assignments. When you think about it, there are probably a lot of things you do for free everyday anyway. While the initial presentation you make prior to earning someone?s business costs you money, it?s usually free to that person, and you may or may not get the business. I always remain open to creating new

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relationships in order to establish new contacts that may one day become regular clients.

So get real during economic contractions, and know that you will have to make adjustments in the way you think, the people with whom you?re willing to work, and how you conduct business. You may not even be aware of some of the things that are holding you back?so you may have to do some digging. Ask yourself why you don?t do business in a particular zip code area or with a cer- tain sized client or group? Start looking for new mar- kets and clients, and spend your energy and resources to determine what you have to do to go get them. You may uncover some hidden consideration or agreement not to approach that sector, or maybe you just didn?t have time for it before.

Forget yesterday and keep all your attention on what you?re going to do to create a new tomorrow. Reassessing your list of potential clients should be an operating basis at all times, but it?s even more critical now. Remember to be hungry and that no one likes arrogance. You need clients, relationships, business flow, action, new relationships, and new business. You need to adjust for any loss in opportu- nities and revenue due to the constraints on the market- place. These new considerations?and your willingness to work with a broader range of people?may cause you to find yourself opening up to opportunities you?ve never imagined before, expanding your power base, and finding sales and clients that you might have missed, denied, or overlooked during better times.

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Date: 2016-06-12; view: 118