One of the biggest mistakes I see plan providers make is believing that every prospect needs to become a client.<\/p>\n
They don\u2019t.<\/p>\n
I\u2019ve been running my own law practice since 2010, and one of the most important things I\u2019ve learned is that some business isn\u2019t worth having.<\/p>\n
There are warning signs.<\/p>\n
A prospect who complains endlessly about the previous provider may eventually complain endlessly about you. A prospect who argues over every dollar of your fee probably isn\u2019t suddenly going to appreciate your value after they become a client. A prospect who refuses to provide information, misses deadlines, and then blames everyone else for the consequences isn\u2019t likely to change because they signed your service agreement.<\/p>\n
Sometimes you should walk away.<\/p>\n
That\u2019s difficult for providers because we\u2019re conditioned to chase revenue. Salespeople have goals. Owners want growth. Every new plan adds assets, participants, or revenue.<\/p>\n
But bad clients have costs that don\u2019t always show up on a sales report.<\/p>\n
They consume disproportionate amounts of staff time. They frustrate your employees. They create unnecessary emergencies. They argue about bills. They increase the possibility of mistakes because your staff is constantly dealing with fires that shouldn\u2019t exist.<\/p>\n
Worst of all, they can drive away good employees and distract you from good clients.<\/p>\n
There is also a tendency to believe that a difficult prospect will somehow become easier once they\u2019re onboarded. In my experience, the opposite is usually true. Dating is typically the best behavior you\u2019re going to get. If the prospect is impossible during the sales process, imagine what happens after the honeymoon is over.<\/p>\n
Growing your business isn\u2019t simply about adding clients. It\u2019s about adding the right clients.<\/p>\n
Sometimes the best piece of new business is the business you were smart enough not to take.<\/p>\n
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