Hi, everybody. I’m Mike Staver. This is Mondays with Mike, a weekly video series where I answer questions from people just like you. Here’s this week’s question.
“When do you know it’s time to let a client go?”
I could teach hours on this topic, but I don’t have hours.
How do you decide when it’s time to let go? When do you say “we shouldn’t be working with these people”? When it’s not mutually beneficial. So, if you’re dumping a ton of effort or resources into one client and you’re not getting a return, then it might be time to think about doing that.
I love this idea of investment, such a great point. If you’re investing significant amounts of energy, over time, because clients are going to require more energy sometimes than others. So you have to weigh that time – what’s the return, what’s the income, you know, so on and so forth. So to me it’s 100% an investment ration – the input versus the ROI. And that input is emotional, psychological, financial, that kind of thing.
I’ve had clients where they pay you a lot of money but they’re just not worth it. I don’t care what they pay us, they’re just not worth it. And in those cases we have to be very, very focused on making sure the investment is worthwhile. So, you know, when there’s a timeline that you build, and only you can build the timeline, how much energy are you investing? Are you getting a reasonable rate of return over time? If not, its either time to have the conversation and change the relationship or let the client go. I’ve let clients go before because of that ratio as well.
I hope that’s helpful, take care.
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