Regardless of how well your business operates, you are going to eventually lose clients. In business terminology, this is known as “attrition.” Attrition can be a direct result of your company offering poor quality, inadequate services, having high prices, having a poor location, or a wide variety of other reasons.
With companies amalgamating all the time, you can simply lose a client just because the new buyer feels more comfortable with their previous vendor and not because of how you have performed in the past. You can lose a client because they cease to operate and go out of business. The economic climate may have your clients cutting back their purchases.
Over time, you will gain some clients and you will eventually lose some clients. It can be the result of numerous reasons, but if you perform quickly using a variety of production techniques, you just might have a client say to you, “Next month, we will bring over another 400 parts for you to engrave.”
—Richard Korbyl, Columbia Awards