Why I fired some of my clients and so should you

One of the best pieces of business advice I was given a few years ago was about firing clients and defining an ideal client.

When people are new to an industry, they often want any clients. We all have to live, and put food on the table, after all.

I was the same. I wasn’t picky before. And that is fine for the first few years, but over time, it makes sense to become more selective.

Some of the most successful businesses in the world, after all, reject certain clients. Some of the best nightclubs refuse to enter people with certain dress codes.

Many companies are not flexible on price, for example lawyers and the fees they charge.

Some companies actually fire clients. They cause too many problems, break too many rules and abuse a previously trusting relationship. They take up too much of your time, for little reward and payoff.

Beyond that, going into business in any industry, a company and individual needs to picture their ideal client and be brave enough to say no to those that don’t fit that ideal.

For me, who are my ideal clients? Here is a list of what I look for in clients. If clients don’t meet these criteria, I refuse the business, as they will cause too many problems:

  1. They are focused on the long-term. They aren’t short-term investors. At least 5 year horizons. 10 years+ is ideal. A very long-term relationship lasting decades is most preferred.

How about you and your industry, who are your ideal clients? Who causes 80% of your problems?

Being selective about these problem clients by refusing to take new ones in the first place, will solve many of your business problems.

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Owner at adamfayed.com.

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