Getting new clients on board is a task most businesses are faced with on an almost continual basis. While you might believe that the hard part is getting them to start investing in your products and services, have you ever thought about the risks that then follow once they’ve signed up?


There are in fact quite a few different areas to consider with this and in this article we’ve detailed three examples you should be aware of. We’ve then explained what you can do about these to ensure you don’t fall foul of these potentially damaging risks.

 

Shaking Hands with new clients

Shaking hands with new clients to seal the beginning of your relationship

Client Understanding

First of all, if you’re offering your new clients a product or service that they are unfamiliar with or an upgrade from their existing setup, you could encounter an issue in client understanding. They might not fully take on board what it is you’re offering, which could be very problematic down the line if they don’t approve on delivery.

Solution: During the pitching process, talk in layman’s terms about what it is you’re proposing to them and exactly how it will benefit them. This should lower the risk of problems later.

Financial Insecurity

In a similar vein to the above, you should also outline all of your financial agreements. This might cover everything from your agreed payment plan, to the total amount, how budgets can be split and even aspects such as invoicing.

Solution: Again, make sure this is clearly detailed from the start and detailed explicitly in your contracts. This way you and the client are legally bound to a financial plan.

Client Responsibilities

It might be that you’re reliant on your client to provide you with information, say for producing content or branded materials on their behalf. The risk here is you might be waiting on them to send you this information and subsequently miss deadlines.

Solution: You have two choices; simply continue to wait and complete the job when you can, or you speak to the client first about taking their content or image in a new direction under your guidance. Then the ball is in your court, so to speak.

As aforementioned, if you fail to handle or manage the above you could end up damaging your relationship with the new clients and ultimately then further risk losing out financially.

So use the above guidance to help your business avoid such risks and this will lead to fruitful and mutually beneficial partnerships.