I'm conducting some research for a potential product which I believe will turn less/non profitable clients to profitable clients. I would love to know what small practices find the most hassle when engaging new clients who are new or fairly new to business. I have some thoughts from my own experience but would love to hear yours. Some suggestions are;- A) You spend ages with them at the first free meeting while they pick your brains with questions they could research themselves & that's time you can't bill them for, then they decide not to go ahead. B) They fail to register properly and come to you at the end of the first year with a paper bag job and a bank account full of their own personal standing orders C) They fail because they have not enough personal insight to know what they need outside help with at the start & you have spent all that overhead on set-up. If you could give me your top three in the order of worst cost first and by all means using a,b,& c in the mix, I would be very grateful. If you wish to email me in private its [email protected] or telephone 01245 349806. Can I thank everyone now as I'm sure to be doing that for ever if I have to do it individually.
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Not too much hassle these days
Having experienced the sort of issues you mention above I am now conscious of the potential problems and so tend to address them upfront and so, for example, using your suggestions:
A) You limit the time in the initial meeting to what you need (not necessarily what they need) to gather the info to assess whether they are right for you. Yes you give them sufficient info to help them with worries they have, or to assure them you know what you are doing, but there is no need to go into great depth.
B) Unless I can see a reasonably quick way to get this work done, without grief to us and other clients' work, I don't take these clients on.
C) I support them in the early days, with an appropriate setup/support fee, so that they stand a better chance of getting stuff right.
So, most of the hassle with new, or any other, clients can be controlled and dealt with by you and if not then they can go elsewhere.
Thanks Paul but do you ever regret that you are letting future income slip or that you could help someone to a successful business whilst making a profit for yourself & making them invest something to overcome their ignorance?