Let us explore some of the common misconceptions:

How often have you heard things are difficult? But how do you know when it’s time to make changes in your business to move forward?

Do nothing it will be ok?  - if you are very close to your clients, understand all the market factors, have a clear future growth journey actively delivering - then maybe. But let’s be honest, it is unlikely!

What to do? Be different and be realistic about your client base and your approach. Shake things up, remain realistic.

Our customers are struggling so we must lower our price to remain competitive. Avoid this at all costs, yes be supportive but do so strategically.

What to do? Get your senior team face to face discussing opportunities with your clients, a collaborative approach to adding more to your ‘overall offer ‘can be developed. In turn ensure you obtain some benefit such as introductions to their supplier base and mentions in marketing activity etc. 

We are being asked to reduce our lead times and offer a lower order quantity – this is quite understandable as ‘cash flow’ gets squeezed but ensure it is equitable for all parties. This is best discussed   within your overall supply chain. Therefore, a beneficial change that ensures you are not funding and negatively influencing your own business. There is always much to do in terms of ‘offer’ and ways of servicing your client needs.

What to do? An open dialogue is essential. Those that refuse to consider change are certainly in need of a review as to suitability.

We are noticing that some clients are stretching payment terms - this must be seen as a ‘red flag’. If they stretch there is always the chance they will tear. Do not be afraid to face this head on straight away. If you are not getting paid, then what is the point?

What to do? The approach always should be to ask ‘why’ as the challenge can often be alleviated. If the situation persists a formal meeting is essential. Often this is not company policy but local or individual actions. Whatever, do not accept drift without considering fully. If you hear ‘it will be fine we have known them for years’ – change the team dynamics to revitalise the approach.

We cannot reach people or they don’t return our calls - Why? Must be the question. Ensure that a senior is allocated with reviewing key client metrics and does not accept that all is fine. We say something has changed it may not be problematic in the near future but what if it is?

What to do? Being close to clients is essential. Poor support of them by you always opens the door for competitors. This must be the same with your supplier base if they are not supporting you - tell them what you want and don’t leave it too long before seeking alternatives.

How we help - at u-look-i-c we help you to understand and demonstrate your benefits in relation to what your customer(s) need and value.

The results help us at ulookic to identify and guide you through next steps. We are your professional partner to business growth. Contact us at u-look-i-c for more information or to set up an initial conversation with u-look-i-c