Learn to say no: How to avoid the clients not worth the hassle
Some clients cause more hassle than they're worth. Paul Reed explains why saying no to clients can bring more value to your business.
When running an accounting firm, increasing your volume of clients always seems like a critical part of your overall success. With this in mind, you are probably looking to gain as many clients as possible. When a new opportunity to earn some cash arrives, you immediately grab it. The more clients you get, the more money you make, right?
But this is not always the case.
According to EXIM, an estimated 60% of all invoices sent out to clients are paid later than the due date. Late payments, or no payment, tend to be only one of the many reasons why you may face a cash flow problem.
And this problem isn’t just limited to accounting firm clients.
One of the biggest problems I see amongst the businesses that my firm, Reed & Co Accountants, help is not following strict payment terms with their clients. Not only do our clients have to spend extra hours chasing payments, but they need to work around their customers too much, which affects all aspects of their business.
This is why learning when and how you should say no to a client is critical.
When is it better to say no?
There are numerous reasons why working with a specific client can turn into a hassle.
Time is money in the business world, and if a client is going to be a hassle, they will end up costing you more than the project is worth.
Your attention needs to be divided between the clients you serve. When there is a client causing too much of a hassle, it means you’ll be wasting time that could have been spent on other clients.
Here are a few reasons and scenarios where it might be better to say no to a potential client.
A lack of skills
When you lack the appropriate skills to help the client, it is not worth accepting the project. Spending days or even weeks learning the skills needed just so you can accept the contract would waste too much time.
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