Group Business Plan: Finances – Where’s the Floor?

Posted: December 30th, 2009 | Author: | Filed under: Business, Opportunities, Professional Development | Tags: | No Comments »

We have all taken clients that looking back we shouldn’t had taken. We knew they might be trouble (and they were), we knew they didn’t have the finances needed (and they didn’t). So, why do we take them? A lack of focus and a lack of faith that we step up our business, our clients will step up with us.

Well, maybe the current clients wont step up with you. But I believe and serve a God that is all supplying and my provider. He knows your heart and your desire to provide an amazing product/service to your clients but that your current clients are appreciating you and your services.

So it is time to set the floor. From this day forth, I will no longer accept work under $____.00 limit. Yes, that big of a statement.

What will happen?

You will get a bunch of potential clients near and under that limit and you will think about taking them on. How do I know this? Because I have gone through it myself as I increased my minimum price from starting at $400.00 to where I am now (no, I am not going to tell you! :) lol)

Every time I set the bar, clients would come under the bar and in an overflow. One time I tried to take them on and looking back I regretted it. So what do you do? Be a blessing to someone else!!! Find individuals that provide your service but aren’t in competition with you and refer them the work. Develop partnerships and friends. Help them grow their business. After that initial flow of client of your old type of clients passes, then you will have/go after the type of clients that you want and you will have the availability to service them.

Looking at your current clients or the client’s that you deserve to work with find out what is the average that they invest/spend with you. For some they do not want to have clients under $800.00 while others do not want clients under $20,000.

In addition, you may set this floor based off of any number of things:

  • To minimize the number of monthly clients so you can focus on the projects and do your best.A desire to stop a certain type of troublesome clients
  • To force yourself to go after a certain type of client

But whatever your reason, think about the projects that you have done and where you want to be. If you aren’t sure about your floor, just set one low. Soon, you will change it. :)

Set this goal for next year.

I will only accept clients that will be willing to invest $______.00 in their project and with my company.

Lets Go!

C.

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