Why You Need to Review Your Client Pipeline
Too often we wish things in our businesses could be one-and-done. But that is never the case! Whether it's your financials, your business practices, or your client pipeline, you want to schedule regular times to review and refine. That is especially important with a client pipeline because - if you set it up correctly! - that document helps you see into the future and plan for your cash flow. So let's take a look at WHY you need to review and HOW you can set yourself up for success!
Just as a quick review - your project pipeline should be a living document. The first page has your projects that are active, highly likely in the sales funnel, those your are going to reach out to and the ones that said no already.
Your second page should take the TOTAL from the first page and break the cash flow out by month.
Compare that with your overhead or monthly burn rate and you see EXACTLY how much money you need to make each month to cover your overhead. And you can see which months will have cash coming in from client payments.
So as you know, nothing in our world is static, right?!? We may have things that impact our overhead - adding an employee, moving to a less-expensive office, etc. And we will definitely have changes in the money coming in the door, too. Hopefully we'll add new clients and projects! So that client pipeline document will need to be updated regularly as things change. BUT - the most important reason to review this document is because it's the CLOSEST thing you have to a crystal ball for your business! As you look at the income you have coming in across those 12 months, you can definitely see right away if it's enough to cover each month's overhead - or not.
Fill the Gaps
The good thing about identifying any income gaps right now is that you still have time to fill them! You can begin to market for more full-service clients. You could consider adding other services that have a lower overhead (like consulting or Design in a Day) and bring in quicker cash. It definitely gives you a better idea of where you need to spend your marketing time and dollars!
Ease Your Stress
For me, knowing what's in store for the remainder of the year helps me control my stress! You may look at your pipeline and realize that 2023 is looking great and any clients you add will be gravy! YAY! But even if you don't see that best-case-scenario, you definitely can control what's coming once you see it clearly. And that is also a GREAT opportunity! Anything that helps you get ahead of challenges and issues is a good thing!
To help you get even more control, download my FREE ROI System Sample Pack here! It will give you some fabulous tools while also showing you what my incredible ROI system can do for your business! Enjoy!