Landing a big client is both exciting and daunting, especially for a young company. It can be a defining moment, pushing the company into the credibility zone, where other clients will follow because of that first big one. It can also be a point where all of the organization’s resources are sucked into the servicing of that big client’s needs and nothing else can get done. There is both high reward and high risk here.
Every business needs to perform certain functions on an ongoing basis. Structure needs to be created and operationalized. Reporting and accountability need to be standardized. Marketing, business development and sales need to be ongoing. If everyone is spending all of their time on the big fish, then what?
And in a worst case scenario, what if the big fish walks? The company is in a deep hole. It’s a terrible time to have to focus on non-income producing activities that have been pushed into the background for a while.
If you land a big one, don’t stop- keep fishing. Then if the big fish gets away you can still survive. Somebody on the team should always be asking the question, “What if we lose Mr Big?” And everyone should be responding by focusing part of the time on keeping that loss from being fatal. Can you survive the loss of your big client?