Because of the times, much of the business of your competitors is not business you should take. In fact, that which you get from competitors most easily is, many times, their worst business.
Customers or clients taken from competitors who will not pay a fair price for your goods or services will only increase your challenges.
Consider, for example, the long time client of a competing law firm who suddenly finds you attractive. Is this a client who has sound reasons for changing to your firm…or might they just be looking for an opportunity to pick a fight with their existing firm so as to justify (in their minds) walking away from what they owe their existing law firm?
Or, is this a client which is rebelling against your competitor setting payment terms of the kind that you should be demanding in these times of economic uncertainty?
The quest to stabilize revenue declines, due to the downturn, must never overtake sound business judgment!
These days, almost every customer or client, which is not paying C.O.D., is a risk. Payment risk must be very, very carefully factored into your new client acquisition startegies. In these times where "cash is king," payment terms must be carefully established and then implemented.
Focus your new business generation activities on the very best clients of your competitors. And, do not lose sight of the important goal of being timely paid for goods delivered or services rendered.
Up Next: How to Capture Your Competitors’ Best Clients.
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