GREAT FALL, VA / ACCESSWIRE / October 7, 2019 / According to Rick Rahim, 10% of your customers are likely responsible for 90% of your problems.
Rick Rahim is the President of BusinessVentures.com, and has successfully founded dozens of companies in his career. His current businesses aggregate in excess of $30 million in revenue annually.
According to Rick, the one trend he believes holds true in all industries is the "problem customer." "We all have those "high maintenance' relationships that drain us in business," says Rahim. "Any good business should easily be successful with 90% of its clients. But what do we do about the remaining 10% that seem to demand 90% of our time and resources?"
Rahim says a good CEO can look past the dollars of a single account and more effectively evaluate the overall value of a client. Factors that should carry equal (if not more) weight are the time drain, resource drain, employee morale, and even your personal stress level as the leader of your enterprise.
Rick says he has learned to draw a hard line and set boundaries with his clients. "It's not that we won't do what they want. Of course we will! But we stopped trying to be "everything for the cheapest' a very long time ago." Rahim now focuses on delivering quality and expertise in his various businesses. And he's not afraid to charge a premium price.
Rick explains: "Now, I focus on making sure the client knows the extras cost more, and the last-minute changes won't be free." Rahim says he always bends over backwards for his customers, but no longer without adequate compensation.
"The most powerful business tool I now use," says Rick, "is a polite but firm "no'."
According to Rick, business owners should not fear respectfully telling difficult clients they can no longer be served under the demands unreasonable people sometimes make. Just politely say "I'm sorry, but we simply cannot do that for this price." Rahim says you should not be afraid to respectfully tell a client you don't feel they are a good fit for your business under the terms they are demanding. Rick says "being willing to walk away is a very powerful business tool."
"Respectfully, politely, but firmly hold your line," says Rick. You'll find your client will almost always back off and remain a great customer, at a higher revenue, or with more reasonable expectations. According to Rahim, setting realistic and reasonable boundaries is very important.
Rahim also says not to fear the client that decides to walk. Rick says "If you are at the point where you have to make such adjustments or deal with such problems, then I say let that client go. You'll be rid of the constant stress and can use those same resources to focus on finding better, more profitable clients to replace the overly-needy and cheap one."
To learn more, contact Business Ventures at 703-757-8500 or visit them at BusinessVentures.com
Rick Rahim with former boxing champion Mike Tyson
ABOUT RICK RAHIM
*Rick Rahim is an accomplished airplane and helicopter pilot, who has even had viral success when he pulled his son's baby tooth out with his helicopter. In addition to be a lifelong entrepreneur, Rick is also a successful children's book author, having published "Way Up High In The Big Blue Sky."
Rick is a certified scuba diver, private investor, and adventurer. Rick has also dabbled in television, such as in this clip broadcasting on Fox & Friends.
SOURCE: BusinessVentures.com
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