A couple of weeks ago, I talked about how to determine which of your clients may be worth firing. Now I'm not suggesting a dramatic board room scene like in The Apprentice – "You're fired!" What I am suggesting is letting your client or customer know that your focus has changed and it's in everyone's best interest for you to refer them to some "new blood" – someone who will appreciate (and may need) the business and will add value to the work. Financial advisors do this all the time, but I'm finding that they're not doing it often enough. Certainly, you can maintain a social relationship, be available in case of emergency, and be open for referrals for the type of business you're in the market for – all in good faith.
Of course, adapt this strategy to fit your practice, target market, and business model.
Again, this is tough stuff. But letting the right (or maybe it's the wrong) clients go is one of the great benefits of being a producer who's in a position to take their practice to new heights. Otherwise, how will you ever grow?
