Here is another of the rainmaking problems that I offer as topics for discussion. I hope you’ll offer your suggestions in the comments.
One way to make it through this recession, when clients are no longer buying what you have to sell, is to innovate. That is, you figure out what they do want and create a service to deliver it. Doing this not only improves cash flow, it also strengthens the firm by diversifying your offerings. It will help your firm come out of the recession stronger than it is today.
Maybe. But hunger spoils our judgment. Eager to avoid a financial crisis, professionals sometimes overreach, taking on business they shouldn’t. If the work goes poorly, they lose the client and dent their reputations. That makes it harder to get other clients. As the old saw goes, among our most important decisions is deciding what business not to take.
So, how do you tell an opportunity to innovate from an overreach which you will regret making for the rest of your career? How do you know when your need is compromising your judgment?
(Got a problem selling professional services? Feel free to email me your problem and it may become a future “Rainmaking Problem.”)