We can talk about great efficient processes until we are blue in the face. However, the most important process that growing businesses need is the client off-boarding process. Growing companies that are overburdened with underpaying clients have burnt out owners, slowed growth, and they lack capacity for improvements and new clients.
Having too many clients stops you from being able to help others that really need and want your help. And yet, so many companies avoid creating an exit strategy for clients that just don’t fit the firm anymore.
Off boarding is a strategic planning solution for advisors either working with too many clients or working with clients who no longer fit into a firm’s ideal client profile and degrade the brand and drain a firm’s capacity to provide quality service.
As businesses evolve and future directions come into clear view, it becomes apparent which clients work and which don’t. Perhaps the client isn’t a good fit because they are seeking services you no longer provide (or don’t want to continue providing). Or, a client may be a “not-fit” because they require too much of your time and energy and, additionally, aren’t contributing much to your revenue. Whichever the case, it doesn’t take much more than a “gut” check and a little math to decide who to transition out of your client base.
If you want financial techniques to clarify the monetary impact of not-fit clients, review the Off Board Clients lesson within the Business Finance Course.