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If you encounter the wrong prospect…….walk away….

All of us have experienced a negative feeling about an individual or even a business.  My recommendation is, if any time during the marketing process you encounter either a person or a business that, for whatever reason, elicited a negative “vib”, walk away.

There are many other reasons for “walking away” from a prospect. Many small business owners may be influenced by the need for cash flow; other reasons include:

  • The prospect has a reputation for paying late or not paying at all.
  • The prospect has a bad reputation and you don’t want to be associated with that person.
  • The service or product that the prospect wants may take too long to deliver and may not be worth the time for the potential return.
  • You lack the expertise to deliver the product or service to the standard that would be required.
  • The prospect does not want to pay you the fee that you requested, but wants to pay you less than you feel is fair.
  • The prospect does not appear to fully appreciate your skills and abilities.

There are other possible consequences when a “wrong “prospect is turned into a customer.

  • My own experience has shown that such a client usually demands more time.
  • They are usually harder to please
  • If things don’t go exactly to their perceived results, they become bearers of negative publicity for your business
  • As a rule, most lawsuits stem from the selection of a “wrong” prospect.

Often times saying NO is harder than saying YES.  One good way to terminate a possible relationship is to simply say “I don’t have the capacity to provide the service you deserve”. Another   possibility is   “now that I understand the scope of your need, I don’t have the time to give it the attention it needs.” Develop your own comfort exit strategy from an unwanted prospect and be ready to use it.

Wisdom denotes the pursuing of the best ends by the best means.                    Frances Hutcheson

Nick J. Petra CFP    Call to see how we can help you reach your goals in 2013.  www.strategicduck.com

Make it a Successful toay!

 

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