How to recover from losing a major client
This week's question from my portal “The Neagle Code: Directions for Life” comes from someone who wishes to remain anonymous.
How does a prosperous business recover from losing a major client?
Hi and thanks so much for your question!
The real answer to this question is that the line between a prosperous business and a non-prosperous business should never be determined by one major client.
Let me explain.
So many business owners have a mindset of just getting by, and if they are just getting by, that’s good enough.
Then one client backs out or one setback creeps in, and suddenly they are in crisis.
To have a truly prosperous business you need to consistently be selling MORE than you need, always setting money aside and always looking for that next person who needs your product or service.
A prosperous business has a cushion built in, so that if a major client is lost, the business is not devastated.
If you’re in a business that does not have that cushion built in, and you do lose a major source of income because a major client backs out, your solution is clear.
You must bring in the necessary funds to cover your losses. In most instances this refers to making more sales. Sometimes it looks like taking out a line of credit to buy you some time to bring in the necessary sales to close that gap. It just depends on your situation.
But in all seriousness, the solution to this problem is actually to prevent it from happening in the first place by not stopping when you’re in a place of “good enough”.
Set your sales goals high, build in a cushion, and this will never be an issue.
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