Got a new client? Think before you accept!
Some valuable questions for you to consider:
1/ Can you do what is required or expected, in terms of skill and resources?
2/ Have you received a signed Engagement letter, or equivalent, from the prospective client informing them how you operate, payment details and any other relevant terms and conditions?
3/ Do your personalities match? Not all clients are good clients and you don’t want to keep avoiding the client because you don’t want to deal with them or their work.
4/ Will this new client impact the service/s you provide to your other clients?
5/ Does this potential client bring any conflict of interest issues to your door, when compared against your other clients or business alliances?
Not all business is good business. Keep the above in mind to prevent unnecessary complications in the long (and short) term!
Thanks for this.
From a strictly commercial perspective, one of my first decision-making criteria for determining ‘fitness’ of new business is…
1/ Can this company actually pay my price/rates according to my trading terms?
Many may think they can, but their track-record of payment will reveal otherwise. For example, smaller businesses, struggling for new business can be higher risk than larger, more established businesses (generalizing to make a point).
Best, Robin
Great addition Robin – thank you!
In practice, I think most businesses find it very hard to check track-records of their potential clients. Terms and conditions such as part payments and deposits are the most common methods applied within day to day control.