How do you rescue 'lost' client relationships?

I see in the business news today that “Oscars will still use accountant PwC despite envelopegate…”

Why? They screwed up, and clients hate that.

Well, it’s because they will have actively, urgently, and very effectively managed the situation to ensure that they retained their client.

This won’t have been easy. Time is of the essence when a key client relationship either threatens to or actually becomes terminal. This itself is at the heart of the challenge – the client will be pissed off – however, if you take too much time to manage situation, then this creates greater risk – so you have to act while they are still pissed off (it’s a toughie).

This is why many firms don’t bother – it’s an extreme sports version of all those difficult client conversations that many lawyers and accountants find so difficult.

However, if you have the right focus, process, support, and levels of creativity to manage these situations head on – then you will not only save seemingly hopeless situations – you may come out on top, having been seen to have done this in the right way (both in the eyes of your client and – certainly in the case of PwC – in the media and, therefore, other clients as well) and (hopefully) properly demonstrated your enthusiasm for the survival of the relationship.

How you manage the process of rescuing a failed or at risk relationship tends to be sui generis and so there is no one-size fits all. In the case of PwC they have clearly taken a number of measures including revised processes (and including the banning of electronic devices back-stage at the Oscars – imagine that paragraph being in your employee handbook!!).

What is important is that you don’t assume that high value, key relationships are lost just because they seem to be – with the right support and approach they can be rescued. They really can. But act quickly.

So, have a think – do you have or have you had any such relationships? Also think about how you would know if you had? As always – get in touch if you would like to discuss.