Landing a new client is exciting. It can bring in a significant amount of revenue, and propel your business into another world. However, large B2B customers can be demanding, and your organization will need to make some changes so you can support them. You might need extra resources and staff, which will increase your spending - affecting your bottom line.
So, If you’re more used to working with smaller clients how do you make the transition to servicing larger ones:
Aim for Quarterly Projects -
Retainer agreements are great for cash flow. You can make riskier decisions regarding business growth since you have a guaranteed paycheck coming in. You may need to start by pitching short- term projects to your client. Smaller projects are easier to get upper management to sign off on and allow you to showcase your abilities. Once you’re on their radar and know what their business needs are - you can pitch larger projects.
Communicate Regularly - Regular communication is essential, no matter what size the client. Find out what works for them - do they want a detailed account of everything or will a short overview of current work do? Showing that you are a proactive communicator demonstrates your commitment to the project and the success of their company. Open communication is also an opportunity to think outside your scope and offer original ideas.
Think Cash Flow - Payment terms can get overlooked when you are working with larger clients. While big contracts offer financial security - there will be short term pains. Big companies will ignore your payment terms and settle up when it fits their schedule. If not prepared, your cash flow will suffer. Explore different financing options until you get used to the new payment cycle.
Whatever you do, remember that your clients – big and small – picked your business for a reason. Be confident in what you can do. Remember, your values and why you’re in business. Be honest, upfront, and give them the personalized service they don’t get from big corporates.
Interested in learning more? Click here to read Xero’s blog of 11 B2B Tips for Working with Large Clients