264: 🦧 What to Do When You Lose Your Biggest Client (Part One)
Feb 2, 2024
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The podcast discusses the impact of losing a major client on income and the personal experiences of entrepreneurs. It explores the importance of diversifying income sources, seeking support during financial calamity, and taking action to handle the immediate crisis of losing a big client.
Delegating email management through services like Inbox Done can free up time and reduce stress.
When facing the loss of a significant client, it is important to pivot and adapt by finding new directions, niching down, or focusing on a specific target audience.
Deep dives
Delegating Email Management for Increased Productivity
Inbox Done, a company that offers email management services, assigns two dedicated human assistants to handle your email and calendar. These assistants are highly trained and vetted professionals who work to help you achieve Inbox Zero every day. The advantages of having two assistants include redundancy in case one is unavailable and the ability to handle tangential activities like social media replies and lead follow-ups. Delegating email management can free up your time and reduce stress.
Overcoming the Loss of a Big Client
Losing a big client is a common experience that can happen to anyone, regardless of their level of success. Market shifts, rather than personal shortcomings, often cause such losses. It is crucial to stay resilient, take care of yourself, and move forward by securing your next client. Understanding that this situation is not unique and leveraging it as an opportunity for growth is essential.
Finding Growth After Facing Challenges
When facing the loss of a significant client, it is important to pivot and adapt. This can involve finding a new direction, niching down, or focusing on a specific target audience. By making strategic changes and diversifying your income streams, you increase your chances of resilience and growth. Additionally, valuing relationships, staying connected with past clients, and focusing on providing value can lead to new opportunities.
Overcoming Financial Calamity in Business
Experiencing financial challenges, such as the loss of a major client, can be terrifying and stressful. However, it is crucial to stay grounded, remain connected with people who provide support and empathy, and avoid letting self-judgment take over. Reframing the situation and seeing setbacks as opportunities for learning and personal growth can help you move forward with resilience and find new clients to rebuild your income.
What do you do when you lose your biggest client? That was my Spotify search query for podcast episodes on this topic in the summer of 2023. It came up empty—there was not a single podcast episode on this topic. Of course not. Who wants to admit out loud and in their archives that they've lost their biggest client? In the past, I probably wouldn't have fessed up to this either. Except for the fact that now it's what I wish I could see, read, and hear. Today’s compilation episode is here to fix that!
If you've been reading Rolling in D🤦🏻♀️h, you know that the origin story for my new-ish paid Substack was losing my biggest, most beloved corporate client in the summer of 2023. Getting The News shook me up so much because not only was it one of my longest-running favorite licensing clients, but it also represented at least six figures of income for the next six months being instantly wiped off the table.
Now, at least, we will all have something to turn to (and return to). My goal is not to provide advice but rather to offer some comfort through the voices of some of my dearest friends and favorite Heart-Based Business owners who are speaking from experience about how they've handled situations just like this.
Maybe you don't need this episode right now, but if something does happen in the future (even if we hope not), you'll remember that you can come back and listen on a proverbial rainy day.
Please share with any fellow business owner friends who might be going through a tough time, and enormous thanks to the wonderful group of friends and former podcast guests who shared their stories for this two-part episode!
📝 Contributors & Permission Slips:
Kelli Thompson, author of Closing the Confidence Gap: “Diversify your business income and give yourself permission that you can do a lot of things that align with your mission, but offer it in many different ways that feel good for you.”
Kristoffer ‘KC’ Carter, author of Permission to Glow: “Drop the self-judgment, give yourself more self-compassion, and just get back to work with creating the next even better client.”
Pamela Slim, author of The Widest Net: “Give up the idea that you are in control of the success of your business. When you release that idea, then you can be more curious about how to step in and fix things that aren't working.”
Charlie Gilkey, author of Team Habits: “Do not take the client loss personally. Stand tall, take care of yourself, and go get your next client.”