There is nothing more glorifying in business than landing the dream client you have been after for longer than you can remember! There is also nothing worse than watching that new dream client walk away, because they realized that you can't deliver what you promised.
When the going gets tough... the unprepared fail - a podcast by savannah@asavvyceo.com (savannah@asavvyceo.com)
from 2018-10-24T18:11:33
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Why cant you deliver it? Well, because you were unprepared.
This is something that has happened to me more than once but not more than twice and I am so embarrassed to even admit it. However, with every fail comes a learning opportunity. And with every learning opportunity, comes room to grow.
I won't even put a dollar amount next to the revenue we lost with us over promising and under delivering. My company is built on reoccurring business. Which means loosing a client hurts again... and again and again.
So what went wrong?
EVERYTHING! haha! Just kidding!
We lacked the staff and the back up procedure on how to handle a sudden influx of work.
Ladies, it doesn't matter how well you know your stuff. It doesn't matter if you are the best in your industry! If you do not have the infrastructure to handle the work you will fail every time!
So how did we fix this and how can you learn from our mistake?
Correction #1
We had to learn our limits. The truth is if we knew how long it would have taken us to hire and train we could have given them realistic expectations.
Don't sell the milk before the cow is born. I have no idea where that statement just came from but I am going with it.
I fully believe in transparency. I also believe that people like to do business with people who will be straight up and honest with them. Sometimes the truth will set you free! In our case we didn't know our actual "truth". That was the problem!
Correction #2
Have backup. We learned that having people waiting in the wings that don't work for us on a regular basis is a positive! Ex-employees, family members, friends, stay at home moms are all great people to have in your back pocket.
To ensure the best outcome... train them BEFORE you actually need them. This way they are ready to go when you call!
Find a payment structure that works for the both of you and hire them as subcontractors. There is no commitment on the volume of work and they can make some extra money on the side when it's needed. It's really a WIN for both!
Correction #3
HUSTLE! Truth be told we should have seen the writing on the walls, made major adjustments and FAST. The staff we hired while doing a good job didn't catch on as quickly as we would have hoped. This is business. This is YOUR business!
If someone isn't cutting it, it is time to let them go. Take the heart out of it and run your business like a boss!
Hindsight.
You did it! You landed the client! You did something that you set out to do. And while it hurts to loose them... getting them in the first place means you are doing something right!
So believe in yourself and don't let the defeat get to you too much. Set yourself up (as much as you possibly can) for success before you go after those big fish!
Further episodes of A Savvy CEO
Further podcasts by savannah@asavvyceo.com (savannah@asavvyceo.com)