Don't Just FIsh for Bluefin11/02/2021
Shift your ‘only big deals’ mentality
If you’ve ever watched Wicked Tuna, you know that Bluefin tuna species are some of the biggest fish in the ocean and can be worth a lot of money. They are definitely worth a catch, but take a lot of time, money and effort to catch!
Similarly, smaller, founder led companies are always seduced by the allure of big deals. But whether you are at an initial or critical stage, don’t spend all your time fishing for that one big customer or deal. The stakes are high, if you don’t win that one deal, you may be out of business.
Don’t be afraid to fish for smaller deals
Rather than concentrating on landing one big deal or customer, start with some smaller deals.
This allows you to:
- mitigate risk as you are likely dealing with a company that is much larger than you.
- establish a method of selling to these customers and refine your process
- work towards a larger deal (sometimes referred to as ‘land and expand’).
Winning begets winning
Another reason chasing a “bluefin tuna” deal is bad is that it can be demoralizing, primarily because of the ups and downs involved. But when you are bringing in smaller successful deals, each win becomes a motivation and confidence builder.
Once you start winning, it’s easier to win more.
Smaller deals don’t mean doing freebies
Doing smaller deals does not mean working for free. As a small or growing company, it’s tempting to work for free in the hope of landing more deals or even a bigger deal (see here). In one word: Don’t!
In summary, don’t put all your focus on landing big deals. Rather, be open to starting with smaller deals. The successes from the smaller deals will breed more success and motivate your team.
Oh, And for those of you who don’t fish, but may follow baseball (it is World Series time!)--hit singles and doubles and quit swinging for a home run every time.
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