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Ask the Coach
Q: We're an IP boutique. Many of our partners are in the enviable position of literally not being able to take on any more work. How can I keep them involved in our marketing effort?
A: While getting more personal business, ie, work they perform themselves, may not be a concern in a hot market, what KIND of business you have should always be important. When business comes in fast and furious, little attention is paid to, “Do we want this client?” But that is precisely the question. Hot markets will introduce you to the 80/20/30 Corollary to the 80/20 Rule: 80% of your revenue and profits come from 20% of your clients, but 80% of your aggravation comes from the bottom 30% of your clients, whose demands for time and attention are disproportionate to their economic value.
When you're so busy that you couldn't accept another client and still do a good job, it's even more important to define your idea of a desirable client and pursue that profile in a disciplined, organized fashion, even if it means turning down clients outside the profile. Think of it as a capacity problem. You can deliver only so much work. If you don't want ' or can't accept ' MORE work, make sure you get BETTER work.
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