Timely delivery of services offered are in the best interest of your business
By Sudhakar Nair, Identity Retail Innovations Pvt. Ltd
As manager currently working with a retail innovation services business, my team and I work with vendors, investors, contractors, homeowners, sellers, retailers, entrepreneurs daily. Similar to juggling meetings and vendor requests, taking on every client is a tempting approach to running a small business or services business. However, our time, effort, resources, finances are limited. It is very important for us to focus our energy on growing our small business, and we can only select clients who suit our needs. Here are six times when I think businesses should think twice before taking up new business orders.
Your services business order book level is the first point you should consider as a business owner before taking up new orders. What you can deliver, without compromising the quality of the services you offer is paramount to getting new services orders from prospective clients. Timely delivery of the services that your business has undertaken and quality of the same matters a lot.
Your services business venture came to be because it’s the most efficient way you could think of during its developmental process. It’s likely a great mix of cost, speed, and quality. Problems arise when you mess with the formula, which will happen if you take clients who are in a rush. Avoid clients who want you to push too hard to suit their schedule. If you can’t do it, you can’t do it. Forcing the issue can result in poor services delivery, which can damage your brand and affect future business you may get.
Setting your services offer price is probably the most difficult tasks you have. You not only have to make a profit, but you have to place it at a price point that fits your target market (target audience). This will require a bit of juggling, but it’s worth the effort. When a customer comes in and asks for a discount, you should consider turning them down. When they ask for something difficult and special that you don’t normally offer without offering appropriate compensation, consider doing the same.
You set your price for a reason, and it’s because that’s what your small services business’s effort is worth. While there are exceptions — such as when it can serve as great publicity — the general rule is to stick to your guns and insist on your posted price.
Sometimes, the client’s not in a rush but you just don’t have the time. This is a good problem — it means you’ve got plenty already. At a glance, the decision to ignore the new client is easy: That is until you think about what you can do with the money. Resist the temptation to take on more than you can handle. Unless you’re backed into a corner, it’s often better to err on the side of caution.
One of the trickiest moments you’ll face while running a services business is when you’re asked to do something outside your niche or outside of the services that you offer. On one hand, there’s value in expanding what you’re offering and learning new things. On the other hand, you may not do it well, which can affect future business. There are a time and place to expand, and it’s when you decide to do so, not when a client asks. Focus on what you’re good at and what you’ve designed the company to offer.
Most parts of your small business revolve around measurable metrics. Deciding on the final cost of your offering, for example, is a combination of several numbers, like your services expenses and the target audience’s average income. However, there’s something to be said for your gut feeling. If you don’t like the client or what they’re asking, don’t hesitate to move on.
Better you lose a client than being forced into things you never wanted to do. While these moments often apply to services businesses that cater to a business to business clients, these can be applied to companies that sell products or manufacturing or products as well. What is important here is you value your time, your effort and your company. When a customer asks you to compromise one or more of these, it’s time to think twice and move on.
Clients do get you revenue that your business needs to survive, so on paper, it makes sense to accept everyone. Unfortunately, sometimes they’re more trouble than they’re worth. There are few times, you may have to hold your temptation and focus your energy on what you really want and what you rely on offer.
