How to Retain Clients and Protect Revenue During an Economic Downturn
Seven proven strategies to strengthen client relationships, add value, and maintain profits when the market slows.
When the economy slows, your clients feel it—and so will you if you don’t act. The strongest firms spot problems early and help clients navigate them. Do that well, and you protect both your relationships and your revenue.
Seven Ways to Protect Your Revenue in a Slowdown
Sharpen your client focus. Learn about your clients and the forces shaping their world—every day.
Train your team. Build skills in client development and relationship management.
Help clients navigate the slowdown. Ask how their business is tracking and what’s happening in their supply chain or customer base.
Master alternative fee arrangements. Consider retainers or success-based fees instead of hourly rates.
Find a way to get it done. In tough times, clients value creativity and practical solutions.
Don’t reinvent the wheel. Bundle standard advice into affordable packages.
Be part of their business plans. Use your network to open doors and help them win work.
Downturns test relationships. If you stay close to your clients, anticipate their needs, and deliver value beyond your core service, you’ll do more than protect your revenue - you’ll earn the loyalty that keeps business flowing long after the recovery begins.
If you’d like to know more get in touch at sueella@prodonovich.com
Sue-Ella is the Principal of Prodonovich Advisory, a business dedicated to helping professional services firms sharpen their business development practices, and attract and retain good clients.
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