June 01, 2023
It happens that you take on a large client, and your company’s profits depend on 50+ % of the work with this client! If you’re in this situation, change something immediately!
Yes, the temptation is great, everything is going well now, there’s no stress, the client is already in good relations with you, and it’s like a family, and that’s really cool! But not for business! Not for business.
Unfortunately, the client is just an ordinary man and may stop funding, or some family problems or natural disasters may happen! You may find yourself in a risky situation where you have to draw from your reserves, or even dip into your own pocket to cover your employees’ salaries.
My advice on what to do if you haven’t already found yourself in this situation:
Don’t put all your eggs in one basket, meaning look for more clients so that your income doesn’t depend on one project or one client.
Invest in #marketing and #sales departments.
Expand your staff by hiring people hourly to take on as many projects as possible without sticking to just one.
And what if this has already happened to you? There’s a way out of this too, and believe me, I know what I’m talking about! If you’re interested, I’ll describe my experience in another post!