The Account Life Cycle

You will never stop looking for growth if you keep this in mind each day..

It is easy to get caught up in the daily problems, activities & issues during the course of the day. In today's complex business world this is perfectly understandable. It is when it becomes the focus of the day, week in & week out that one should become concerned.

Many a business development plan has been left in the dust as owners become consumed by these activities. Growth takes a back seat until it is "needed". Unfortunately, more often than not, it is too late by then.

It was not until I started to give thought to the account or client life cycle on a consistent basis that I became more focused on a 12 month business development plan.

Basically the cycle begins & ends as follows:

Prospects

New Accounts

Growing Accounts

Mature Accounts

Declining Accounts

If we keep in mind that declining accounts & those that eventually fall off your radar may have nothing to do with you or how well you handled these accounts over the years. This is just a fact of business life; mergers, bankruptcies, personnel change, etc. You will lose accounts/clients.

Therefore if you are not prospecting & bringing on new accounts & revenue growth on a consistent basis, how can you expect to fill the void as the cycle catches up to you. Again, I have learned, waiting to develop business is not an option. This should be an ongoing function.

Keep your pipeline active ALL the time.