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O P I N I O N
Sometimes ‘no’ is better than ‘yes’ In a good economy, it’s easy to take on a lot of work and fill the pipeline, but some of that work can be bad for your firm.
I n a robust economy like the one we are now experiencing, it is easy to get caught up in the quick pace of accepting projects and enjoying the bounty of filling up the pipeline. The same often holds true when business is slow and you accept work just for the sake of staying busy. Saying “yes” to every opportunity may feel gratifying or even necessary at times, but it can lead to problems that you might not have anticipated.
Stephen Lucy
PLANNING AND VETTING. From a strategic standpoint, you must know the clients and markets you want and that your team can capably support. Are your clients expanding within those markets, and are you aware of those projects? Are your clients en- tering new markets that you really don’t want to enter? Discerning the scope of your relationship with your client and the viability of your markets are keys to planning and vetting for your team. This will inevitably mean paring down the list of projects or clients you can pursue or maintain so that you can manage the work you secure. By being realistic about your capacity and interest in the work, you will free up time to pursue projects that you have identified as more favorable to the success of your firm. If you follow the easy path and simply accept the work that crosses your path, you can end up with a full pipeline that can disappoint you. When the right project opportunity comes along, you may be too busy to accept it.
BEING HONEST ABOUT YOUR CAPACITY. Do you have the ca- pacity to do the work and deliver it based on your client’s needs? Being honest about your capacity and ability to do the work to the satisfaction of your client is an important step to enhancing your credibility and brand value. Long-term, there is greater benefit to the firm if you are recognized in the marketplace as a firm that performs as adver- tised. When you say “yes” to everything, you may develop the reputation as the “dumping ground” in the market. It is possible that you are not getting the work because your client likes your service, but only because your competitors are turning them down. If you haven’t established your criteria to accept work which should include your capacity to engage in a project, complete it and profit from the work you accept, how can you continue to randomly accept work? Because the economy has rebounded, there is also
See STEPHEN LUCY, page 8
THE ZWEIG LETTER April 11, 2016, ISSUE 1147
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