Some companies experience growth in an instant, an inflection point that takes things from good to great. Therese Fauerbach, CEO and co-founding partner of consulting services organization The Northridge Group, said more than 15 years of running her own business have produced several such moments. And she credits her network with helping her manage them.
In 1999, Northridge could hardly handle the flow of business coming from Internet companies, Fauerbach said. A former executive at communications giant MCI, Fauerbach said her expertise in telecommunications drew clients from across the country. But when the dot-com bubble burst, four of her clients went bankrupt and she nearly didn’t get paid.
Fauerbach said she realized simply having clients was not as valuable as having the right ones.
“If your customers go bankrupt, you feel it,” Fauerbach said. “You need to take a real good look at who you’re bringing in and who you’re investing your dollars in.”