10 Things To Do When You Are At Risk Of Losing A Big Client

Losing a big client as a freelancer can be a pivotal and emotionally draining moment in your professional journey. 

For many freelancers, these clients represent not just a source of income, but also a sense of stability, recognition, and validation of their skills. 

The departure of a major one can trigger a range of feelings, from anxiety and self-doubt to frustration and even a fear of the unknown. 

When faced with such a possibility, a strategic approach becomes a beacon of light. Reacting impulsively or allowing emotions to dictate your response can lead to further challenges and setbacks.

And mind it well, even with the best intentions and efforts, circumstances beyond your control may lead to the potential loss of a big client. And that’s okay.

This article delves into the crucial steps a business can take when faced with the looming possibility of losing a significant client.

10 tips to avoid losing a big client:

1. Open Lines of Communication

When the clouds of uncertainty gather and the possibility of losing a major client looms large, your initial response should be to open the channels of communication. 

Reach out to your client, not in a panic, but with a desire to understand their perspective. Initiate a conversation, asking for their concerns. 

Express your commitment to their satisfaction and your eagerness to address any issues. 

This proactive step can set the stage for a constructive dialogue. By engaging in open lines of communication, you demonstrate your dedication to the partnership and your willingness to navigate the storm together.

Recommended read: How to Use Project Huddle to Collaborate With Your Agency’s Clients?

2. Assess the Situation

Take a step back and objectively assess the reasons behind the potential loss. 

Is it due to changing needs, dissatisfaction, or external factors? 

Are you not able to deliver due to many commitments at the moment?

By dissecting the reasons, you can gain valuable insights. This process not only guides your immediate actions but also equips you with knowledge that can prevent similar situations in the future. 

Suggested Read: 5 Practical Ways To Deal With Unhappy Clients

3. Offer Solutions

Propose value-added solutions that directly address the client’s challenges or concerns. Present your ideas in a compelling manner, demonstrating your commitment and your willingness to go the extra mile.

Whether it’s customizing your services, adjusting your deliverables, or proposing new strategies, your willingness to go the extra mile can rekindle their confidence in your partnership and potentially tip the scales in your favor.

4. Re-evaluate Pricing and Terms

In the intricate dance of business relationships, pricing and terms play a crucial role. 

As the possibility of client loss looms, consider reevaluating your pricing structure and terms of engagement. While it’s essential to maintain your own financial stability, proposing alternative payment structures can showcase your willingness to collaborate during challenging times. 

Craft a well-balanced proposal that addresses their budgetary constraints while ensuring your own sustainability. So basically find a middle ground. 

5. Diversify Client Base

Use this situation as an opportunity to diversify your client portfolio. Don’t park all your eggs in one basket. 

Relying heavily on a single client can make your business vulnerable. Strengthen relationships with existing clients and actively seek new ones to mitigate the impact of potential losses.

Our Guide To Acquiring New Clients Through Cold Outreach can also help gain new clients.

6. Innovate and Improve

Take advantage of this situation to review your services, methods, and plans. Look for opportunities to improve what you offer so that it matches the changing needs of the market. 

Embrace the idea of being adaptable and willing to change how you work to fit the current trends and what clients want. Showing that you can evolve not only keeps existing clients but also brings in new ones who appreciate your innovative thinking.

7. Network and Referrals

Losing a big client doesn’t have to be the end – it can mark the start of a new phase enriched with strategic networking. When facing possible loss, tap into your professional network for new chances. 

Connect with others in your industry, attend networking events, and engage with your community. Building relationships with fellow professionals can lead to referrals and collaborations that match your skills. 

This active approach not only fills the gap left by the client but also opens up opportunities with a wider range of potential clients and partnerships.

8. Prepare a Transition Plan

While the goal is to retain clients, the reality is that some departures are unavoidable. 

In such instances, a well-structured transition plan is your compass. End it with professionalism and grace.

Document key processes, timelines, and points of contact to facilitate a smooth transfer. By meticulously planning the transition, you showcase your commitment to their continued success even as you part ways. This strategic approach leaves a lasting positive impression.

Learn How To Built Long-Term Relationships with Clients

9. Focus on Remaining Clients

As the possibility of losing a major client looms, shifting your focus to nurture existing client relationships becomes crucial. 

These clients are not placeholders; they form the heart of your ongoing freelance work. By prioritizing their needs, you strengthen your current client base and set the stage for increased stability and growth.

Also, learn 7 Tips For Juggling Multiple Freelance Clients/Projects

10. Self-Reflection and Learning

Taking a moment to introspect allows you to gain valuable insights from the situation, identifying areas for personal and professional growth. 

Analyze your actions, strategies, and interactions with the client to uncover lessons that can be applied to future endeavors. 

Summary

Referrals play a vital role in business growth and are shaped by the impressions you create, even in tough situations. Impulsive reactions can harm client relationships and your reputation. 

In contrast, handling challenges maturely – through open communication, seeking solutions, and prioritizing client success – shows your skill in navigating difficulties. This composed approach not only protects client interests but also strengthens your image as a dependable partner.

Also, try these 8 Smart Ways To Minimize Risk When Working With New Clients

Learn: How To Attract Clients On Instagram As A Freelancer