This is the first content episode and I have chosen to talk about client selection. My reason for doing so is that the clients you select will, at the end of the day, play a huge role in the success of your business. My friend Ron Baker says “bad clients drive out good clients” and he’s right, he refers to it as Baker’s Law. It’s also true to say good clients are the primary drivers good firms – I think I’ll claim that one as Payne’s Law.
There is a popular idea that you can only be rewarded to the extent that you are able and willing to create value for other people. In a professional context that means your bottom line will be driven in large measure by your ability to work with clients in respect of whom you are able to create most value. They should also be people who recognize the contribution you make and are willing to share some of the value your create with you.
A summary of the 11 client selection criteria that I describe in this podcast is available. Client Selection Criteria
A final word from our sponsor
If there is just one thing that will define the success of your firm it is the clients you work with. Because the cost of entry into the profession is so low its easy to get started but we also need to eat so there’s a tendency in the early years of a firm’s development to take on all comers. That makes sense but it very quickly becomes a millstone around your neck if you happen to start of with an ordinary bunch of clients.
Sadly this tends to be the case. How you can break away from a firm that’s having its destiny driven in the wrong direction because of your failure to implement a better client selection strategy is a major take-away from Principa’s Practice Innovation Workshop soon to be held in a place near you.