In Part 1, 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 highly quality products/services, they don’t know or care about your behind the scenes operations to get those things done.
Look for these signs that you are taking on more than you can handle:
- Clients’ needs aren’t being met.
- Employee morale is low, clients are upset and you’re in a panic.
- You have to react in emergency mode to save accounts.
- Your current clients are suffering from trying to keep up with new business.
- Profits are going down.
- You are just trying to pick up the pieces of your business.
- Your clients/customers leave.
- Resources are being reallocated.
There’s 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:
- Help increase sales in a short period of time.
- Alter your products/services for the better.
- Fulfill the promises you made to your clients.
There are six steps to this plan:
- Bring in your best team and have them all help to meet the fish needs.
- Review your operational system.
- Anticipate future problems better.
- Communicate better.
- Include costs in your quotes.
- Always have a back-up plan.
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. In order 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 things include:
- Stay in the loop and try to know what’s going on inside your fish company.
- Constantly reinvent yourself and stay at the top of your industry.
- Stay exclusive.
- Try to secure multi-year commitments and contracts.
- Spread your contracts out.
- Price your products/services correctly.
You also need to work to reduce your dependency on your fish. This can generally be measured in sales or profits. Take a look back at the process we’ve used thus far to snag more fish to keep this all-in balance.
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 GUIDED TOUR to get the help you need fast.
Next time we’ll talk about the last of the killer mistakes and how to combat it from hitting your business hard.
On a separate note, I was just at the grocery store and felt like I was in a scene from I am Legend. With everything that is going on in the world right now with the Corona Virus (COVID-19), there’s a lot of panic going on. As a business owner, what are you doing? Are you looking to grow your business or are you just living in fear? Every Wednesday at 5PM MST we have our Inner Circle Mastermind. This is a group of success-focused, big-thinking entrepreneurs that are helping each other take their businesses to the next level. For the next while, our focus is going to be on helping one another grow their businesses during this time of uncertainty. If you would like to join this amazing group, or just learn more, CLICK HERE!
There are 5 big mistakes you can do that will kill a deal with a big fish. They are:
- Not meeting the client’s expectations
- Mishandling a client crisis
- Taking on more than you can handle
- Putting all your eggs in one basket
- Up cash creek without a paddle
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:
- Bad salesmanship. This could mean the salesperson was trying too hard to seal the deal and didn’t listen to the client’s needs.
- Lack of communication. This breakdown occurs between the salesperson and your operations department.
In order to avoid these mistakes, you need to put a clear plan of action into place that all of your sales staff needs to follow:
- 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
Crisis’ 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 GUIDED TOUR 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.
In a recent post, we talked about negotiating with your big fish and how to nurture and build on the relationships you are creating. Today we’ll talk about the power your fish has and how to utilize that for your benefit.
One of the most important aspects of this is to keep your cheerleader cheering. This refers to the ally you created in the company and who needs to stay loyal to you for you to continue a profitable partnership with your fish. You can keep your champion going by offering or doing a number of things to show appreciation. Some of these things are:
- Share the limelight.
- Help them thank their company with new products and services.
- Emotionally connect them to your company.
- Know when to leave them alone.
- Keep your “family” happy.
- Stay on the front lines.
Now that you have some ideas on how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need:
- Better work experience
These are all great ways to feed your alliance. You need to go into a relationship considering the things a big fish can offer you besides money. These can include:
- The opportunity for your business to expand
- The opportunity to learn from the experience and find ways to grow
- The opportunity to improve your processes, systems and other means of doing business
These are some of the best ways to keep your alliances going strong and your partnerships fresh and content.
If you need help with any of these tactics, try our GUIDED TOUR for great tools and resources that can help you every step of the way.
In Episode 003 of The Jeff & Heidi Show, we interview Jesse Todisco of 46 & 2 Wealth Partners and The Jesse Tee Show.
Episode 003 Guest: Jesse Todisco (Jesse Tee)
The best career in financial services is that of a financial caregiver, business operator and true purveyor of advice. Continuously evolving as a financial caregiver allows you to use money as a conduit to a more fulfilling life for your clients and for yourself.
Jesse is the founder of 46 & 2 Wealth Partners, a fee-only registered investment advisory firm. Our business ethos is rooted in helping people explore the wisdom of true wealth.
Jesse also hosts The Jesse Tee Show. A mindset focused podcast that teaches anyone hunting greatness in business, health and wellness and in relationships the secrets to success.
At an early age, Jesse realized he had a knack for being an entrepreneur. He would buy, sell and trade comic books and sports cards. Growing up in Boston, during the harsh winter months, Jesse would shovel his neighbor’s sidewalks and driveways earning a few dollars and other times, a cup of hot chocolate.
In 2006, Jesse moved to Georgia and resumed his entrepreneurial path after leaving the military. He founded a series of successful companies that brought him to Charlotte, NC. After building an organization, Jesse and his wife Alicia experienced the loss of their daughter, Alana. They decided to move back to the Atlanta area to be closer to friends and family and continue the dream of starting a family.
In 2011, Jesse entered the world of financial caregiving. Since then he has become more and more passionate about upholding his fiduciary responsibility to those he serves.
Jesse has been happily married to his wife Alicia, for 6 years and together they are the proud parents of two sons. Jesse is a passionate human optimization nerd, enjoys the outdoors, and loves spending time with family, reading, cooking, and learning.
Find out more about Jesse at:
Instagram – @jesse_tee
D. Jeff Heggie Links:
Heidi Anderson Links:
There are a few things you need to do and consider to prepare for your first face to face meeting:
- Make a list of what you want to accomplish during the meeting.
- Anticipate potential concerns from the client.
- Check to make sure you are completely prepared.
- Listen more than you talk.
- Bring support staff with you.
- Use and respect the clients’ format.
- Always follow through.
- Ask for what you need and seal the deal.
- Simplify your prospects life.
- Find ways to boost your credibility.
- Build and nurture relationships.
- Learn from “no.” Find out what didn’t work so you know how to change it for the next time.
These are all important things to do both before and during your presentation. With confidence behind your company and product you will catch that big fish. The next step of the process is negotiation. This can seem a little intimidating but with a few tips and tricks can become natural to you.
Here are some tips to help you negotiated successfully:
- Build a pricing strategy and stick with it.
- Prioritize what you plan to offer. This should include what really matters to you and what you are willing to give in on.
- Don’t give in too quickly.
- Negotiated with a person, not a “company”. Don’t let their answer be that they would like to but can’t.
- Don’t sell yourself short.
- Mitigate your pricing. If you go too low you won’t be able to raise it back up and you need to make a profit.
- Don’t sacrifice quality for the deal.
- Your services should always count as costs.
- Boost margins with add-ons.
- Handle requests for proposals with the utmost care.
These are the ways you make sure that both parties are getting the best possible situation from the partnership. Once you start meeting or working together, it’s important to continue to build your relationship so that that representative becomes a big of an ally for you. They are more likely to vouch for you and build on the partnership you have with their company.
We like to call this person a champion. They are champion for your company and can bring a stronger, brighter future to your company. Here are the characteristics of a great champion:
- They are respected by supervisors.
- They are socially networked.
- They think in the best interest of their company’s long run.
- They are able to quickly navigate through the company to get things done.
- They are willing to give credit to another person.
- They share the same business philosophy, values and vision as you.
Now, that you know how to negotiate for what is best for both parties and build on relationships, we’re going to talk about how to use your fish’ power to the best of your benefit.
If you need help with any of the negotiation or courting process, try our GUIDED TOUR to get access to a wealth of great tools and resources to help you be successful. You can also check out our selection of Online Courses.