4 REASONS WHY I LOSE AN OPPORTUNITY WITH A NEW CLIENT
With my business partner, Chris Hartswick, in between meetings in London. Always evaluating our approach, business model and interactions on where we are losing and winning.
“I’m realistic: we can’t win every opportunity, but at least we know what some of those roadblocks might be. More importantly, we won’t change who we are to get around them.”
I love the challenge of finding new clients and starting new projects, and I am extremely fortunate to have had great success in this pursuit with my partners. However, the fact is that sometimes we lose an opportunity. I want to share the reasons why so that we can work better with potential clients and so that other startups can gain insight on some obstacles they may face such as:
1. Poor Communication From The Field
In all relationships, communication is key. As an international business with clients and partners around the world, we need to ensure that we maintain clear, consistent communication with everyone to keep all of our projects and opportunities on track. But if we have poor communication with a supplier on an issue such as production time or cost, then we won’t be able to clearly communicate that to potential clients and could miss out on an opportunity. That’s why we prioritize being open and honest with everyone we work with.
2. Pricing Pressures From Inferior Products
While our unique and diversified partner relationships help us create customized furnishings, fixtures and lighting at competitive costs, we won’t comprise on quality to deliver bottom-of-the-barrel pricing. Sometimes that means we lose an opportunity to a manufacturer with inferior products, but we’re okay with that because we know we deliver exceptional products at an exceptional value for clients.
3. Unrealistic Requests on Timeline
As much as we try to be efficient throughout our production and delivery processes, there’s only so much we can control. If a potential client wants something delivered on an ultra-tight timeline that doesn’t account for factors such as shipping large items across the Pacific Ocean, then there’s nothing we can do about it. If we lose those opportunities, we know there will be other opportunities where a client’s business needs align with our processes and timelines.
4. Not the Right Fit
You can’t please everyone, and sometimes an opportunity just isn’t the right fit for us or the potential client. We’re not perfect, and we don’t expect our clients to be either, but we want to work with people who align with our positive values and passion for quality. If it’s not the right fit up front, sometimes it’s better to pass on an opportunity rather than getting into a project where no one ends up happy. Instead, we’ll save that energy to focus on other opportunities that are a better fit.
I’m realistic: we can’t win every opportunity, but at least we know what some of those roadblocks might be. More importantly, we won’t change who we are to get around them.
