Image by mohamed Hassan from Pixabay
Depending on your situation, it might strike you as odd that businesspeople risk walking a financial tightrope by walking away from new business. But they can and do.
Why? Most often businesspeople pass on new business because they’re too busy or they want to head in another direction.
Perhaps such companies are on a roll. Ideally, it’s more than just great branding.
But you must be careful or unnecessarily risk walking away from a good opportunity for growth.
When the phone rings, most inquiries from new prospects are worth contemplating.
Firstly, if you’ve visited this business portal before, you have seen all the data, videos and commentary about the economic uncertainty and poor public policy that impedes growth.
Secondly, consider marketplace changes. Failure to anticipate the changes means certain failure for you. Don’t become set in your ways.
Thirdly, if your financials reflect you’re having a tough time or if your accounts receivables are a problem, such inquiries might be just what you need for a successful turnaround.
So before you decline any new business, you’d be better off keeping an open mind, before you decide.
Start by asking yourself some key questions:
1. What would the revenue result in profits?
Consider the big picture and whether the new business is worth the time and effort.
2. Would you enjoy the work or learn to enjoy it?
Often, you’ll find it’s possible.
3. How soon is the product or service needed?
You won’t have to reject the business if the customer is willing to negotiate.
So before you decline any new business, you’d be better off keeping an open mind, before you decide.
4. What are my options – can I farm out the overflow?
You might be able to set up a network of trusted freelancers or businesses to handle it. Take precautions, such as making certain the new customer is OK with it, and taking the time to oversee the work.
5. Are there aspects of this new business that are beyond my capabilities?
If so, and you decide to network with a firm in order to accept the project, it will be necessary to partner with another provider – but with planning and coordination.
On the other hand, if you must decline the business, be tactful and honest.
Remember it’s an honor to be offered new business. Carefully explain why you can’t accept it, and thoughtfully offer suggestions if your competitors are as competent as your company.
From the Coach’s Corner, editor’s picks for making decisions:
Strategies and Decisions for Best Practices in Risk Management — To prevent a crisis from interfering with the continuity of your business, you must strategically plan to manage any potential risks. That means avoiding the classic mistakes routinely made by companies, and making the right decisions for proactive measures to minimize any dangers. But how can you best manage risk?
Cutting Costs — 9 Best Practices to Avoid Making Reactionary Decisions — In chaotic times, it’s common for businesspeople to be fearful and reactionary when they feel they must cut expenses. But entrepreneurs need to be unemotional so that they make decisions that will bolster their objectives. They can take the emotion out of their decision-making — by eliminating stress factors – if their priorities are clearly defined with values.
With a Mentor, You Won’t be Alone in Making Career Decisions — You don’t have to be alone in making career decisions. No matter what you do for a living, there’s one investment on which you can count to improve your career. Plus, it won’t cost you any money. Huh? Yes, you can get a mentor.
“Whenever you see a successful business, someone once made a courageous decision.”
-Peter F. Drucker
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