February 8, 2017
Avoid taking on such clients, and establish penalties if they slip through your net. Delinquent clients are like an acid drip: They eat away at your profit margin and corrode your cash flow. And once a client moves from late-paying to delinquent, it’s usually too late to expect a quick and happy ending. Just as in sports (and war), “the best defense is a good offense.” Avoid taking on delinquent clients in the first place. Here’s how: Step One: Choose your target market wisely. You can’t be all things to all people. Choose a target market that makes sense, given your expertise and capacity, and start there. Once you’ve established a strong foothold, then consider going beyond. Companies that take whatever walks through the door routinely find that those clients: 1. Don’t appreciate their work, and 2. Can’t or won’t pay full price for what they received. Plus, you may spend inordinate (and unprofitable) amounts of time trying to service them. Step Two: “Profile” your potential clients. A client that fits your target market won’t necessarily…
Continue ReadingThis tragic story of insufficient planning is just another example from the Department of Not-Beginning-With-The-End-In-Mind. So many entrepreneurs get all “over the moon” about getting launched and off the ground that they ignore thoughts about…
Read MoreImagine: you’ve just purchased a new home with your beloved, and are planning to wed in a matter of months. He’s considerate–wanting you to sleep through the night, though he suffers from back pain and…
Read MoreAPTA executive secretary, Vid Figueras said that this will be a great opportunity to raise awareness on Philippine culture and heritage among the Fil-Am community through these wonderful sites. “By forming strategic alliances we can…
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