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“Don’t be afraid to say no to projects. Prove that you’re serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service.”
If you focus on doing one thing well and hire specialists in that area, the quality of your work will improve and you will stand out among your competitors.
Relying too heavily on one client is risky and will turn off potential buyers.
Make sure that no one client makes up more than 15 percent of your revenue.
“To sell your business, you need to demonstrate to a buyer that you have a sales engine that will produce predictable, recurring revenue."
Find an adviser for whom you will be neither their largest nor their smallest client. Make sure they know your industry.
Avoid an adviser who offers to broker a discussion with a single client. You want to ensure there is competition for your business and avoid being used as a pawn for your adviser to curry favor with his or her best client.
If you want to be a sellable, product-oriented business, you need to use the language of one.
Change words like “clients” to “customers” and “firm” to “business.” Rid your website and customer-facing communications of any references that reveal you used to be a generic service business.
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