Captain’s log, stardate 20200208
Sent by Jonathan Stark on February 8th, 2020
Having a whale client is bad for your business.
Sure, it’s nice to get those big checks every month, but being dominated by a whale client leads to lots of problems:
I could go on, but hopefully you get the point.
Here’s the thing…
So… what can you do about it?
I think the best thing that you can do when your business is dominated by a whale client is to claw back some time in your schedule. See if you can get them down to 20 hours a week.
Then, use the stability of the regular income from the whale - decreased though it may be - to up your marketing and sales game in the newly available hours.
(NOTE: If you are running things too close to the bone to take an immediate pay cut, sock away some savings for a month or three before asking for the reduction in hours.)
Once you get into a routine with your marketing and sales, you will attract more leads and land new clients, which will make you less dependent on the whale.
Eventually, you can either let the whale go or renegotiate your deal with terms that are more favorable to you (and ideally more valuable to them).