Interim Managers Don’t Lose Customers in Pursuit of the Big Deal
Don’t go chasing the next big deal at the cost of your existing customer base. Interim managers share why it’s a bad idea.
As a business owner, interim managers or C-level executive, it can often feel like you’re chasing the big deal. That sale or business contract that will establish your company as a real contender in the market. Partnering with Starbucks to sell your homemade cookies, getting acquired by an industry giant, or maybe scoring a spot on an episode of Shark Tank. These are the kind of deals that instantly boost revenue many times over and increase reputation points in the industry.
However, as appealing as those deals are the pursuit to get them can often mean losing your customer base. It means keeping your eyes on the prize while making the needs of your loyal customers a priority.
You lose important details
“When you convince yourself that all that matters is signing one Big Deal, talking to other customers seems less important,” writes Aaron Harris from Y Combinator who advises startups. He further adds, “founders justify slow progress on product by claiming that it wouldn’t make sense to spend much time on the product without the Big Deal in place, because that would change everything at once.”
The Big Deal will always remain a possibility no matter how close you are to negotiating one. Some can take months, if not years before closing. So don’t stop paying attention to your product no matter what the circumstances.
Executives focused on the big prize might find routine tasks and improvements unnecessary relative to what can be gained. By not keeping your product or service in tune with the needs of your customers, you are losing out on further growth opportunities that are sustainable and independent of larger deals. It’s important to keep the momentum going and not lose the rhythm of growth.