Manage episode 302395665 series 2819363
What happens when you win a big client that makes up a significant proportion of your monthly revenue, and consequently demands a disproportionate amount of your time?
Well, excitement can quickly turn to long hours, and that, in turn, can detract your attention away from your other paying clients.
In this episode of The Agency Accelerator Podcast, I share some of my thoughts about the pros and the cons of winning and relying on a large client for your agency.
If you are in this situation (and many have been) then I will also explore how to mitigate your risks.
[1:06] The excitement of winning a big client
[1:26] How to avoid over-servicing your clients
[2:11] Importance of getting your team clear about service levels
[2:33] Tips in handling big clients
[3:28] How to win new clients (so you are not just dependent on 1 or 2 big clients)
[4:13] What is the biggest challenge in running an agency?
[5:12] Importance of identifying the risk as early as possible
[5:40] How to anticipate famine on your agency
[7:39] The importance of having your business development and plan in place
[9:12] Why you should not focus on one big client
“..my advice to anybody that is thinking about putting all their client eggs into one basket because they've won one really big client is you need to spread your risk one way or another. And I would ask you to ask yourself what would be the impact to my agency on my business if I lost this one big client..” - Rob Da Costa
“Something else to bear in mind is that larger clients can often be worse payers and can have a significant impact on your revenue and your cash flow. Just make sure that you are getting really clear around payment terms.” - Rob Da Costa
“Just remember that having the lion's share of your business tied to another company also means your fortunes are tied to theirs if their business flounders, if they change tact or they decide to move supplier, you could find yourself out in the cold through no fault of your own without sufficient alternative sources of revenue.” - Rob Da Costa
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Useful links mentioned in this episode: