Why losing clients can be good for you
Not all clients are created equal. In my experience, some are easy to talk to and get along with. Others, meanwhile, seem nice at first, but turn out to be a pain in the you-know-what later. They can hog your time by seeking constant reassurance. They might demand for things not stated in the contract (too many people don’t bother to read them). Most of all, they may habitually pay past the agreed due dates, putting your cashflow at risk.
Well, that’s life, isn’t it? We have to put up with these people in order to do business with them, especially now that the times are a bit tough. Can’t be choosy, right? Maybe not.
In Tim Feriss’ infamous book “The 4-Hour Work Week”, he talked about being annoyed and stressed out with some of his clients. What did he do? He stopped doing business with them, and focused on providing his services to his best clients. The net effect? Much more money for him. Read the book if you’d like to know the details as well as his other practical tips.
When you’re stressed out, you’re not going to be happy running your business. It gets to your head and affects your well-being (that alone should make you question if it’s worth it). You’ll find yourself procrastinating, and you might even get a little sloppy. Eliminating these sources of stress will allow you to enjoy work again and be more productive.
Dropping bad clients will free up valuable time and resources, which you can use to beef up work for existing good clients. Remember, these are great people, so you’ll want to get their loyalty and trust. In the event that they need additional help, they’ll be more likely to come to you. Of course, you could also use this opportunity to branch out and look for new clients. Rinse and repeat.
Do the math. It may surprise you to find that, far from needing to put up with someone, you might actually have a lot of options.
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