No one wants to think about it, but at some point, everyone who has a business with clients is going to lose one.
You may see it coming, or it may come out of the blue, but it’s never a good thing. Losing a large client is particularly hard, especially if they make up a significant portion of your revenue. There are plenty of articles out there about how to try to repair a relationship and hang onto a client, but what do you do when your efforts are unsuccessful, and you’ve lost one of your biggest contracts? Read about embroidery digitizing.
There may be good reason for anxiety to spike, but whatever you do, don’t give in. Don’t make rash decisions and lay people off, unless you can tie the loss of the client to the actions of a specific employee. If they left for reasons beyond your control, such as being bought out or because a new manager wanted to work with their own contractor, the last thing you want to do is give anyone the impression that you’re going to struggle without them. You definitely don’t want to make your employees think that their jobs are in jeopardy, or you may find them seeking employment elsewhere. If possible Active My Home, find other budget areas besides personnel where you can make cuts.
Figure out what went wrong
In the case where it was due to a problem with how the contract was being handled, you need to make sure that you identify the cause, and take action to correct the issue. See if there is anything that you could have done differently to keep the contract afloat. Whether you find out it was a personal slight, or that they weren’t easily able to understand the finances of your contract, or if they had different expectations of you than the services you were providing, you need to find a way to prevent a reoccurrence in the future. If you can, ask them directly what it was that they were dissatisfied with, and what you could have done to prevent them from leaving. Often times, it is circumstances beyond your control, but if you find out that there’s a weak link in your process or organization, it helps to know it.
Reach out to your remaining clients
If you’ve identified a problem, note whether or not it was specific to that client, or if there is a risk to your other contracts as well. Do a full survey of your current clients and make sure that you are on the same page. Strengthen your relationships, find out if there is anything that you can do that would be of greater benefit to them. Perhaps you need to re-examine their business needs, and see how the world around them is changing and shifting. Maybe your client’s business is starting to struggle due to a lack of demand for their services, and so they are looking to reduce their own costs. Good solid communication and a willingness to adapt may prevent future losses.
Reach out to your employees
Chances are that the person in charge of the lost contract is feeling pretty nervous. If the circumstances were beyond their control, make certain that they know you don’t blame them. If it was due to a failing on their part, discuss the failing, as well as ways to improve their own performance. Let them know that if they can get it together, there is still work for them. Allow them to help with other clients until something else comes through, or task them with seeking out a new client to replace the one that was lost. If you give them a chance, it will solidify the loyalty of all of your employees, and probably boost their performance. High turnover has a way of keeping people nervous, which can distract them from getting their work done well.
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Consider it an opportunity
It may not seem like it, but losing a large client may give you some much needed time to re-evaluate your direction, your values, and your goals for the future. While you’re looking into what went wrong and how to prevent future problems, you might as well look into changing trends of Moon Lamp and seeing what you can do to move your business forward. See if there are new technologies that you can exploit, or software upgrades, or other services that may enhance your abilities. Instead of focusing your energy on something that has happened, use this time to decide what you want to happen next.
Remember to breathe
Things may get tight, and you may have a long road ahead, but it’s not the end of the world. Make sure that you are staying level-headed, and don’t react emotionally or irrationally. Think things through before making any big decisions, and listen to your staff about how things can proceed going forward. Who knows? Maybe someone will have a brilliant idea they’ve been sitting on for months. This may just be the right time to implement that kind of change.