Experience a slight dip in sales this month, and chances are it can be remedied next month. But lose consistent business from a major customer, and even payroll may be compromised.

The loss of a big customer can throw an organization into crisis, particularly if that customer comprises more than 25% of revenues. But the loss doesn’t have to be catastrophic. Oddly enough, it can also present growth opportunities.

Here are eight lessons on surviving the pain.

1. Keep your head. Losing a big client is a critical moment, one that requires rational problem solving, so remove emotion from the equation. The sooner you do so, the sooner you can make effective decisions about what comes next.
   
   
2. Find out why. Every organization loses customers, for a variety of reasons. Sometimes losses are the result of changes to the customer’s business that fall beyond your influence – mergers, acquisitions, closings, bankruptcies, or moves. Other times, the reasons are well within your control, such as service mistakes or product problems. Take the time to explore the reasons behind a customer’s departure and you might unearth some valuable insights about your business.  Listen and learn to prevent future churn.
   
   
3. Position yourself as a backup. Ask to be a secondary supplier. Most companies prefer having alternative resources up and down the line. Even if you don’t receive orders, the arrangement keeps your foot in the door. While waiting in the wings, use the opportunity reinforce your reliability, service, and product benefits, and gently cultivate the relationship. You’ll earn the customer’s respect and may eventually regain the business…or gain a few referrals, at the very least.
   
   
4. Get a professional’s perspective. Seek objective help in evaluating the situation. Your accountant, banking partner, or business consultant can offer guidance on the best cost-cutting moves, along with sound financial advice on getting through the tight spot.
   
   
5. Never stop marketing. When business is good, some companies become complacent and let their marketing initiatives slide. It’s a mistake that puts them out of touch with the marketplace and further behind in the race to replace lost business. While you may need to cut expenses during a lean time, never sacrifice marketing.
   
   
6. Take preemptive measures. By conducting regular quality assurance surveys with a random cross section of customers each month, you can keep a finger on the pulse of your customers and help prevent future churn.
   
   
7. Create a safety net. When one client begins to gradually represent the better part of sales, some organizations stash some cash as a kind of insurance. That way, they can use the funds to jumpstart sales again or cover expenses should the client defect.  
   
   
8. Get more baskets for your eggs. Relying on just one or two key customers makes your organization highly vulnerable. Diversify. Focus on recruiting and retaining a wide range of clients, and develop long-term relationships.