Dear Vicki – We’ve lost a big client. How do I make sure this doesn't happen again?

The first imperative is not to panic but to work out the underlying reasons

When it comes to business, it's important not to put all your eggs in one basket. Photo: Getty

Vicki O'Toole

Q My SME has just lost its largest client and I am now feeling very anxious about our future. Should we try to win this client back, or do we have to try to move on and win new business? And is there any way of knowing whether this is a one-off setback, or if the loss of our biggest client suggests deeper problems within the company?

A Losing your biggest client is daunting, especially for SMEs where the consequences can feel overwhelming. It’s something I personally experienced early on in my entrepreneurial journey.