No surprises but clients are a critical part of your business. But too often firm owners try to adapt their business plan to their clients instead of the other way round. We've both seen too many firms attempts at change being derailed by (Pain in the Ass) clients. It's important to recognise that you can't be everything to everyone, so focus on the clients you enjoy - they listen to you, they like new ideas, they're willing to try new things and most importantly they value your input. These are the clients that are going to set you up for success in the future.
So what do you do with the folks that don't fit into this segment? Some consultants will tell you to fire the bottom 20% of clients, others will suggest sell that bunch of clients. And we're not here to tell you what to do, but at the very least you need to recognise that not all clients will suit your business, and rather than try to force square pegs into round holes, make sure you service them appropriately. The time you spend trying to get the laggard clients onto new services, new technology and new pricing is time not spent on those clients that want these services, technology and are willing to pay for it.
Spend some time on your client selection criteria. If you're struggling to define your ideal client, get your team involved. Being on the front lines, they'll definitely have insights into the characteristics of your best clients.
And please get in touch if we can help you with your client selection criteria or anything else discussed in this episode.