UK How you select your clients?

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Hello,

New user, but looking at working on our business plan as an established firm. Just wondering if other company owners on here have recently reviewed their clietns and their profitability? Have you dropped clients after reviewing your margins and have you drawn on what profit margin or minimum fee you accept?

Many thanks,

Hoping that this will generate more discussion on running your own business between us.
 

BIG E

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One of the first things you learn about clients is to look at them as human beings first and their financial profitability
to your office down at the bottom.
The important fact to consider is their education level, integrity, and honesty as business people.
Once you pass those tests - then you can consider how profitable they'll be to your business.
It takes a while to get clients' confidence in you - once you have that - then the $ profit you
make on them will be easier because they'll have more confidence in trusting your judgment
and be willing to pay a higher fee for more value.
 

Fidget

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Subscriptions to credit referencing agencies keep track of clients' financial credibility for you.
 
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Hey, what's up?

First off, I wanna make sure that the client's needs are a good fit with the services that my business offers. If it's not a match, it's gonna be a pain in the ass for both parties, so it's important to be upfront about what you can and can't do. Secondly, I like to look for clients who have the potential for a long-term partnership. Building a solid client base takes time and effort, so it's worth investing in clients who are gonna stick around for a while. And of course, profitability is a major consideration. I take a close look at the margins and make sure that the partnership is gonna be worth my while.

Now, I've definitely had to drop clients in the past. If a client is causing more stress than they're worth, it might be time to part ways. It's not always an easy decision, but sometimes it's necessary for the sake of your business. To avoid that, you can always perform an online check on your client with a company that is FCRA compliant and verify their backgrounds, employment history, or any records of not coming to terms with agreements. As for minimum fees and profit margins, it's important to set some clear guidelines from the get-go. You don't wanna get screwed over by a client who's trying to lowball you, so make sure you're upfront about what you expect.
 

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