As an owner of an Information Technology business, I found that we, at times, would accept any client who was looking for the products or services we provided. We were not very selective in who we accepted as a client. There were clients who thought our services were too expensive, took too long to deliver, or were ineffective. After working with a particular client for a number of months, the client informed us that they were filing for bankruptcy. They owed our business over $20,000, which was quite a sum for a smaller business. Needless to say, we had to determine what we could do to overcome the loss of revenue. I hope that you do not have the same experience.
In order for your business to avoid the previous scenario as much as possible, look at each one of your customers or clients to determine if they are costing your business more in time and effort than they bring to your business in income. Just like the idea in the book The Pumpkin Plan, you need to cut of the unproductive clients or customers at the root.
The main idea of the book is: Be an entrepreneur; success with the pumpkin plan (or growing a business in general) depends on having the right mindset…that of an entrepreneur.
Just like pumpkin farmers concentrate on creating the systems and conditions for growing monster pumpkins, entrepreneurs must focus on building what’s needed for a successful business rather than focusing on working IN their business.
“Entrepreneurs don’t do most of the work. Entrepreneurs identify the problems, discover the opportunities, and then build processes to allow other people and other things to do the work.”
If you want different results, you have to take different actions!