How do you maximize the return on your relationships?
It’s difficult to end business relationships because they often feel personal, and yet, if you are thinking in the best interest of your business, are you in relationships that have a diminishing return? Let’s look at financial return, time return and energy return.
First consider the financial return.
It’s easy to look at the finances of a situation because they tend to be black and white (or red – depending on the client impact). Ask:
- Are all your business relationships profitable right now?
- If not, which clients are not profitable? What does it cost you to continue to lose money working with those folks?
- Are you in business relationships where you maximize on the financial return?
- If not, what changes need to be made to maximize your financial return with each of your current clients?
- Do you create a raving fan experience for ALL your clients that would cause them to refer you to three or more people?
- Don’t guess on this one, ask your most trusted clients what would have to happen for them to refer three more people to you.
Next consider return on your time.
Everyone has the same amount of time each day and yet it is easy to believe there isn’t enough time. When you get caught up in “doing” your business, you often overlook if you are “doing” the right things with the right people to create the greatest return. Answer these questions:
- Does your current business model allow you to serve the greatest number of people?
- If not, what would have to happen to serve more people?
- Do you enjoy ALL of the customers you interact with each day?
- If not, what would you change? Have you defined your ideal client?
- How can the company benefit from focusing your time on customers you enjoy?
Finally, look at return on energy.
It’s important to consider energetic benefit or cost of each of your customers. When you work with people you know, like and trust, your energy increases; when you don’t, energy is wasted and quickly depleted. Consider the following questions:
- What is the energetic cost of working with customers that do not fit you ideal client profile?
- How many more clients could you bring on if you focused on only working with your ideal client?
- What is the cost of continuing to work with energetically exhausting clients?
- How much more energy would you have for maximizing the relationship with each client if you didn’t have to deal with “problem clients”?
All of this being considered, with all the demands on your finances, time and energy, it’s important you know what it takes to maximize each area in your business and for your life.
Did this blog help you? If so, it would mean a lot to me if you would share it with others!!! And, share your comments below!
Have an outstanding day!!