The last 2 posts covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake: Up Cash Creek Without a Paddle.
Even when business is good, there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare but is absolutely essential to a successful business. Here are some tips to speed up the payment process: · Always send invoices on time and adjust your records for potential audits. · Learn how the client processes payments on their side and find out precisely where to send invoices. · Find out who’s in charge of processing orders and payment, so you know who to contact if needed. · Have a follow-up procedure in place, just in case. · As a last resort, call your contact to ask questions. · Always make sure your invoices are correct before sending them out. You also need to make sure your cash flow is protected. You can do this by: · Always know which accounts need paid and when. · Negotiate with your suppliers for the lowest cost possible. · Have a bank contingency plan in place. · Build your own investor network. These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and you need to take the time to work through each of these steps carefully and correctly for the best success. If you need help with any step of the process of catching your fish or subsequent big fish clients, try our FREE test drive for access to a wealth of great tools and resources as well as our business coaching staff.
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In the last post, we covered the first two of the 5 biggest mistakes you can make in dealing with big fish clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle.
When you take on too much, your business can’t keep up and therefore you can easily lose control of everything and find yourself barely functioning. You want your business to be successful, no doubt, but you need to have a plan for how you will handle the growth. Your clients expect great customer service and high-quality products/services, they don’t know or care about your behind-the-scenes operations to get those things done.
There is a trick called the Mock Fish Plan. This plan can help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:
All Your Eggs in One Basket You can allow your company to become dependent on any one fish. Eventually or for certain periods there is going to be a slowing down period with your fish. To stay in the game, you need to diversify. If you’ve ever mishandled a fish, you could drive away potential fish as well. In order to keep balance and prepare for a strong future, there are a few things you can do.
These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our FREE test drive to get the help you need fast. Next time we’ll talk about the last of the killer mistakes and how to combat them from hitting your business hard. There are 5 big mistakes that will kill a deal with a big fish. They are:
Any one or combination of these can not only kill the partnership but have the ability to take down your company as well. We’re going to take a bit of time to talk about each one of these, in this lesson we’ll cover the first two. Not Meeting Client’s Expectations It’s essential you give your client’s exactly what you promised during the negotiation portion of your relationship. If an event does happen where there is no way to meet the client’s expectations, not only do you have to find a way to fix the situation, but you also have to find out where it all went wrong. A couple of things could have contributed to this problem:
· Think before you speak. · Give yourself a break. · Perfect your process. · Pre-format over-deliverables. · Stay hands-on throughout the entire process. · Define success. Mishandling a Client Crisis Crises will happen, but how you respond and fix them will define your company and interaction with your clients. You need to respond quickly and effectively. This will help you gain even more trust and confidence from your client. Some simple tips can help you deal with any client crisis: · Take responsibility and apologize no matter who is at fault. · Act swiftly and effectively. · Step in and take control of the situation. · Never point fingers or place blame. · Stay in constant communication with your client. · Stay calm throughout the situation. · Keep your eye on the ball. Now, that you know the top two mistakes you can make to kill a big fish deal, you’ll know better how to avoid making these mistakes in the first place and know how to put a plan of action into place in case of a crisis. If you need help with any of this, try our FREE test drive to get all the help you could ever need. Next time we’ll talk about the 3rd and 4th killer mistake you can make in working with big fish clients. There are a few things you need to do and consider to prepare for your first face to face meeting:
Here are some tips to help you negotiate successfully:
We like to call this person a champion. They are a champion for your company and can bring a stronger, brighter future to your company. Here are the characteristics of a great champion:
If you need help with any of the negotiation or courting processes, try our FREE test drive to get access to a wealth of great tools and resources to help you be successful. |
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AuthorI have always been fascinated how people work and why. I believe I have found some of the answers. Nothing really new, and hopefully assembled in a way that makes the guy sitting next to you, easier to understand. Archives
October 2022
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