Everyone dreams of bringing in that one HUGE deal that will set your company for a lifetime. It’s the kind of deal that can make you a name in the industry or bring financial security like you’ve never had before. For cabinet dealers in our industry, that could mean signing a contract with a big time home builder, or for a remodeler, it might be a full-home remodel when you’ve previously done one-room jobs.
These kinds of deals do happen, and it’s important as a business to prospect for these deals if possible, but don’t let it consume all of your efforts. Going only for the big break kind of win can lead to missing out on the smaller wins that keep the business running.
Big deals usually mean big money, so why not chase the big money all the time? Because, though the reward of big wins is high, the risk involved is high as well. Some symptoms that occur when you only go after big wins:
- A larger number of valuable resources being tied up
- More time being required of everyone
- A team that is spread thin and vulnerable
It’s also quite possible that a big win might bring in a big paycheck, but not necessarily a bigger profit margin. Even if your end goal is selling your business, it can be very risky going all out for big wins. Betting the future of the company on one shot can leave you with no shot at all if things turn sour.
It’s important to find a balance between hunting for big wins and gathering small wins along the way. By making sure you get those small jobs – those single homeowner cabinet sales or one-room remodels – you can keep the cash flowing and keep your company growing.