As We Move Forward It May Be Best To Leave Some Behind
Without question, COVID-19 has presented businesses with a multitude of learning opportunities. Many businesses – mine being one of them – learned that having employees work from home can be as, and in many cases more, effective than having everyone gathered under one roof. It certainly isn’t as social but thanks to technology we can all meet on screen!
I’m making some pretty major changes in my business as a result of COVID, and as I’m exploring new ways of moving forward it has made me wonder how other businesses are incorporating various changes. One big area I’ve been focusing on is evaluating my customer base. It’s been years since I’ve done this. The first time was many years ago when I discussed my client mix with my accountant who asked why I was keeping customers that while somewhat profitable weren’t really a good fit. At that time, I got rid of 20% of my clients and saw my overall profitability rise because I had more time to spend on clients that were more appropriate and made more sense. As a result I began attracting more clients that were a great fit.
So, as restrictions are loosening and we move out of the COVID mentality and into a new future, I ask, how will you move forward? Have you evaluated your customers lately? Have you defined what is your ideal client, and how many of those do you have? Are there any clients that may need to be “cleaned out” or left behind as you move into the future? How many clients do you have that are no longer a good fit for your company? How do you most graciously let them go for their best interest as well as your own?
The past year and half, while devastating in so many ways, has also been a wonderful time to reevaluate, refresh and create value in ways that otherwise would not have been possible. I wish every business the very best in the new post-COVID environment.