Join our list and get the latest best practice insights in your inbox every fortnight

How New Clients Could Be Holding Back Your Business

Right now, a lot of businesses are seeing an influx of new client opportunities.

It’s a continuation of a trend that started last year and, after a few years of pipelines not necessarily being as strong as they had been, it’s pretty nice to see.

However, whilst the adage of making hay while the sun shines is hard to argue against, I’m going to have a crack at anyone because sometimes it’s the case that maximising the opportunity in front of you can actually be a poor business decision.

At the top level, it makes sense that when prospects are coming in motivated, engaged and willing to invest in advice, you’d take the opportunity while it’s there.

In the absence of any other goals than growing revenue, I’d be a fool to stand in your way.

However, I’m always mindful as a coach that when people work with me, they’re usually aiming for a bigger outcome. Something more than they currently have like:

  • growing a more profitable business,
  • not working such long hours,
  • removing some of the pressure to deliver from their shoulders, or
  • build a business that can run without them having to drive growth and overseas operations.

If the goal is to build a business that is better than it is today over the next three to five years, BUT you choose to prioritise on growing revenue because there is so much opportunity in front of you, you’re making a choice without often realising it.

You’ve chosen to prioritise immediate opportunity over future opportunity without assessing which is more lucrative.
As human beings, we are motivated by instant gratification.

I’ve recently just finished my business planning process with all of my Leveraged Advice Firm clients. One key conversation we had is about the fact that having a plan is often not enough to actually make you follow through on what needs to happen.

It comes down to the fact that when you’re planning, you’re essentially creating a benefit for a future version of yourself.

However typically, when we come back into our business, the mindset shifts to the moment.

At the moment, we often prefer to choose simple tasks which provide more immediate benefit than attacking others which may be more challenging, unfamiliar or difficult to overcome.

This makes me mindful to be actively aware of how my clients react to shorter-term opportunities, such as the one right now with the influx of clients.

 

I’m not suggesting you should suddenly say no to every prospect meeting

 

However, could it be possible that in choosing to onboard every single client who reaches out with an intention to get advice, some of the working-on-your-business things that might enable you to work differently or your business, or grow and operate in a different way is being pushed to the side?

Is it possible that in doing so you’re essentially delaying a transition you want to make, and maybe even making it harder to do what’s needed?

Actually, be disadvantaged in your ability to make it

It’s a bit of a paradox, isn’t it, to be a coach suggesting that taking on new clients might be a bad thing to do.

It’s not true of every situation, but sometimes saying no to what may seem like a great opportunity today is the right choice if the future opportunity is both greater and in your better interests to focus on.

apg

AdvISER Pricing Guide

Ready to talk 1-to-1? Let's chat.

Related articles

Master The Initial Meeting And Sell Advice Better

Read more »

Enhancing Your New Client Engagement Process

Read more »

How to Drastically Improve Your New Client Meeting Outcomes

Read more »

How New Clients Could Be Holding Back Your Business

Read more »

How to get a new client “Yes!” on the day

Read more »

Engaging new clients like a doctor

Read more »

Why prepping before new client meetings may be holding you back

Read more »

Closing Slow

Read more »

Why Wait?

Read more »

Before we meet…

Read more »

How to trim your first appointment

Read more »

Put your Deck Away

Read more »

And then Matt asked me what the “throw” was…

Read more »

Nailing Goal Conversations

Read more »

How pre-meeting questionnaires may be costing you clients

Read more »

Join List

Join our list and get the latest best practice insights in your inbox every fortnight

Contact us

Let’s talk about how we can potentially help you and your practice to grow and evolve. We believe great advice is becoming more valuable than ever.

Be First To Know

Register your interest to become a participating practice owner or, as a BDM or PDM become an accountability coach

Register for free

There are a lot of insights waiting in since our goal is to provide value first.