Valuable Lessons I Learned From Losing a Client
In the past few days, I was involved in a series of heated and unproductive conversation with one of our clients for one of my companies. In the end, we’ve agreed to separate ways. Here are a few lessons I learned from this experience:
Most of the time, time is more valuable than money.
Time is something we can’t take back. Spending it trying to save a client who isn’t willing to be saved and who is incapable of change is a complete waste of this valuable resource.
Don’t fire clients, give them a way out instead.
It’s easy to fire clients, most especially if you don’t care about the effect it will bring to your business. However, clients, no matter how challenging they become, are still human beings. The best way to handle this is to give them an option to stay or to go — keeping their egos and pride intact.
Business is a two-way street.
If your client is incapable of change or even considering your solutions, let go. There’s no point in keeping a client that only looks after himself. Like in any other relationships, business is a two-way street.
Business should be fun as well.
Being in business for the wrong reasons can give you stressful days and sleepless nights. No matter how big that client is, if it’s giving you unnecessary stress, it’s not worth it. For me, happiness is the ultimate metric of success.
Life goes on.
People with abundance mindset know that there’s a lot of fish in the sea. One less stressful client isn’t the end of your business. It’s an opportunity to find new and meaningful professional mutual relationships.
Losing a client could be scary most especially if you run an early-stage company. But with the right perspective, this could also be a blessing. So, keep your head up high and keep on hustling. Your next client could be just around the corner.