Re-Activate Right Now!

Last week, we discussed how it’s hard to get through those sleepless nights when you feel that sense of doom when it comes to losing your biggest client. I reminded you that when Mr. Big goes away, you can find two Mr. Okays or a new Mr. Big to take the place of line of income. In other words, this is no time to panic because there are always options.

You could also pull a 360 with your client. There are ways to re-activate a client who is waffling when it comes to continuing your relationship. In these interesting economic times, you might have a client come to you and say, “Terry, I really love your services, but I just can’t afford you anymore. I hate to do this, but I think I’m going to have to pass after this month. Thanks for everything.”

All is not lost and this is not goodbye. Of course, this shouldn't be hitting you out of left field. You’ve been at a heightened sense of awareness that all hasn’t been well with your major client. Perhaps they’ve discussed their financial struggles or there have been layoffs in their company. They’re even thinking of declaring bankruptcy. You google your client and check on stories that might be in the newspaper. Even better, you've taken that client out to lunch -- not to sell her new goods, but just to ask, "How is it going?"

Sometimes clients will surprise you.

I had a meeting the other day with a friend and it was amazing to me that he filed personal and corporate bankruptcy. His business was worth hundreds of millions of dollars. I thought, “Not this guy. He has contracts galore.” That one came out of left field for me, but most of the time you catch wind of a business that is in trouble although these days there are some people you would never dream of having issues. As they say, “stuff happens.”

How do you get them back if this is your client? Here are a few steps:

*The biggest thing is to find out what happened in the first place. Why did they fall into this financial pit? Try to target what caused the issues in the first place. Maybe there is a way you can help them reorganize. But first you must know the core issues.

*Ask if they’re trying to come back or if they’re thinking of shutting down. At least, you will know where the motivation stands. This is the time to have an honest discussion, which will help both of you map out your future plans.

*Now, ask for a meeting and figure out if they’re willing to come back to you. Do they still want to work with you? Is there a save? What is the situation this month, next month and in the next six months? This is your status report.

*If they can’t work with you in a major way then explore more limited ways to work together. Perhaps you only provide them with 50 percent of the past goods, but it’s better than nothing. Accept that there might be a change of dynamics and let them know you’re willing to work with them, if it seems reasonable.

Early in my career, I worked as a recovery specialist and I got back a lot of clients who seemed lost. Again, the key is finding out why they’re leaving in the first place. In many cases, it’s not economics, but simply they feel as if their needs aren’t being met. It’s like a love relationship that’s hitting the skids. You used to court her with flowers and dinners, but now skip the flowers and eat at home. People get tired of being treated as if they don’t matter. If you’ve changed the rules on your client and take them for granted then it’s time to step it up and return to the courtship days.

You’ve met them and wooed them. You can’t never just sit back. You have to stay in the wooing phase.

In the end, it’s about exploring options and being creative with clients who are thinking of bolting. You’re the one who can make them stand still and not “jump to the dump.” It’s about showing concern, delving into their issues and coming up with a solution that makes both of you feel as if you can’t walk away.

Again, it’s like a love affair. What stops a last minute break up? Answer: The idea that you truly need each other and can't imagine living without each other.