It might sound counterintuitive but if your clients ask for a discount right now offer to do more for less, but put a time limit on the extra support. Say 3 months. There are good reasons why software companies offer free trials at the most expensive level. You either end up with a loyal client for many years or you are forced to review the value of keeping the client.
Having said that, reviewing the value of each client is something you should do in good times and bad.
Adding value right now has other advantages, on top of long-time loyal clients, maybe happy to continue at the higher level, you get to think hard about how what you do helps your client, and how you communicate that to not just potential clients but current clients, staff, investors and suppliers.
You also should take this opportunity to interrogate your core processes for efficiency and risk. If you are doing more for less, you better make sure you get the best miles per gallon you can but also make sure you stay between the lines.
It’s possibly not the time for large scale software implementations but, right now, you can get some of that advantage without the cost. I have always believed one of the greatest benefits of new software systems is forcing the review, testing and documentation of processes. Making your people question the what, why, how, when and who. Current circumstances allow you to do that. Look at how many people tell you how great it is to have zoom meetings and work from home.
There is not much new in the world, a lot of people have been working remotely for years. Now is a great time to look at the way other businesses do things and ask if that suits you.
It will be no surprise to you that I’m a big fan of outsourcing, outsourced CFO services, outsourced payroll, outsourced bookkeeping and BAS, outsourced HR, outsourced marketing and social media. Anything that is not your core business, that is complex, constantly changing, specialised, that responds to economies of scale and, even if you don’t currently add it up, costs you more money to do in-house.
As a marketing client of mine said once, when you try to employ someone to do your marketing in-house you soon realise what good value outsourcing can be.