Yes, the title is correct – I do mean clients rather than employees.
When many people start in business they make the mistake of taking on every person they meet as a client. This can be more of an issue if you are a generalist rather than someone who specialises in a specific area.
But, it’s important to remember that you don’t have to. We have all heard the saying that 80% of a businesses profits come from 20% of their clients. Whilst it’s not something I agree with absolutely, I do believe in the idea that there are clients whose affairs may be better suited to the specialisms of another adviser.
This isn’t a common thing, I have a large difference in the types of businesses that our clients own and there are less than ten within a period of seven years running the company that I have referred straightaway.
With my own experience, I know that some clients are better suited to a specialist that operates in their own area and I maintain contact with several so that I can refer the potential client.
You may want to develop referral relationships with other specialists, so that you can provide the client with the best service.
Similarly, it is the same case with clients whose businesses develop away from your own specialism. Rather than continue to provide a service that is away from the core of your own specialism, it is better to refer them to someone who is more suited to their needs.
With both these situations, it is important to know exactly what your own specialism is and the areas that you want to concentrate on. It’s worthwhile taking time away from our business to work on this, it will give you a greater focus and also help in other areas such as marketing.
