Lockdown caused absolute havoc for many small business owners, but it also prompted a surge in entrepreneurialism, as people pivoted and found new revenue streams.
For many, that shift led to a change in business model, and while it is thrilling to explore new avenues, it inevitably left some businesses with legacy clients on the sidelines, their ways of working no longer marrying with the ‘new normal’.
Every entrepreneur, at some stage in their journey, has taken on a customer or contract that isn’t 100% a right fit, usually for the financial boost.
However, understanding that you don’t have to grab every opportunity that comes your way, particularly for newer businesses, and that it is 100% okay to say “no” can be one of the toughest lessons to learn.
It starts by being able to identify who is your ideal client. Having a profound understanding of their needs and pain points, and knowing how and why you can meet and solve them is the biggest step toward ensuring your clients and your business model will be a match made in Heaven.
Using experiences with former customers can be a useful guide if you find yourself drawn to business or clients that don’t fit your current profile, and could prevent you being drawn into projects that don’t align with your new direction or current skill set.
It’s worth examining what such collaborations will mean: are they good for your bottom line, but won’t necessarily move your business in the direction you want it to go?
All businesses change, grow and develop and, as they do, the client profile evolves. For example, customers may be demanding a service you haven’t previously offered but, thanks to a pivot, now do. Or you’ve developed a niche solution for clients with a specific challenge.
Once you’ve identified those clients whose requirements aren’t quite in line with your business model, you may be able to refer them to other companies that are better suited to help them.
That way, you’re leaving the door slightly ajar to possible future collaborations, while also clearly defining the services you offer.
If you want more guidance on what can be a nuanced and complex issue, drop me a line at https://www.agnesmarketing.co.uk/contact/ and I’ll help clarify things.