Author: Renée Taylor
Published: 9 August 2024
Firms expect their fee earners to bring in business. And the further you progress in your career, the greater the pressure to do this.
Often, we see business development characterised as a KPI and consultants ticking the box by documenting how many coffees they’ve had with potential clients that month. But coffee alone is not business development, and it’s not a potential client meeting if it’s with a mate from University they’d see socially anyway.
Although the expectation is there, many firms don’t provide BD training. Or worse, senior partners provide a poor example. And many people are simply not comfortable with what they see as ‘selling’.
So, here are three simple tips to help turn those coffees into true business development opportunities.
Think about your intent for the meeting. What do you want to get out of it? If there’s a ‘purpose’ for the meeting, like the person has a new job or has been promoted, or there are changes in the market, or you simply haven’t seen them for a while, so much the better. In any case, consider what the outcome of the meeting should be. For example, you want to tell them about new capability in your firm or provide some key insights into industry changes. Maybe you’d like a referral to another person in their firm, or you have thought of something you could do to help or be of value. Maybe you’re looking for repeat business and you just want to stay top of mind.
If you have a purpose, you’re not just meeting to tick a box and the meeting will take on new meaning. Because business development is a meaningful conversation, not just a catchup with a mate.
Remember the old adage that failing to plan is planning to fail? Planning is the key to great business development. When you come back from a BD meeting, you should record a summary of the key takeaways. If the client is working on a big engagement that is due to finish, mark a future date in your calendar to schedule a meeting to ask how it went. Make a note of what you learned so you can refresh your memory for next time. The information may be useful – if not for you, for someone else at your firm. Information from past meetings is helpful in creating a purpose for future meetings.
Plan ahead so you always have something on the go. Too often, we put BD aside when we are busy and then think about it in a slow period. If we find time for BD when we are busy, chances are there will be no slow period. BD takes time to bring results. So make a schedule, plan who you need to see when, then make it happen.
Business development is a team sport. Some fee earners have an individual expertise that sets them apart, but most consultants need to understand what everyone else in their team or firm is doing. Information you gather from a prospect may be of greater use to someone else than to you – and vice versa. And there’s nothing worse than having a client approached by two people from the same firm in one week. Apart from the clear message that you don’t talk to each other, it can send the impression that your firm is desperate for work.
If there’s a client relationship management system, use it to make notes of your meeting. If not, create a spreadsheet everyone can share – not to rank activity numbers, but for real information exchange.
Networking and business development is your best opportunity for cross referral. If you don’t feel comfortable selling yourself, you can always speak well of someone else in your firm. And they can do the same for you. This is how you make the whole pie bigger, not just your own slice.
Through many years of business development coaching, it’s often been surprising to see how many otherwise confident and brilliant people are uncomfortable in this position or quite simply, do it badly. Firms who invest in supporting their people in this way reap the rewards. Not just in winning work, but in developing a productive culture that builds success.
Author: Renée Taylor
Published: 9 August 2024
Firms expect their fee earners to bring in business. And the further you progress in your career, the greater the pressure to do this.
Often, we see business development characterised as a KPI and consultants ticking the box by documenting how many coffees they’ve had with potential clients that month. But coffee alone is not business development, and it’s not a potential client meeting if it’s with a mate from University they’d see socially anyway.
Although the expectation is there, many firms don’t provide BD training. Or worse, senior partners provide a poor example. And many people are simply not comfortable with what they see as ‘selling’.
So, here are three simple tips to help turn those coffees into true business development opportunities.
Think about your intent for the meeting. What do you want to get out of it? If there’s a ‘purpose’ for the meeting, like the person has a new job or has been promoted, or there are changes in the market, or you simply haven’t seen them for a while, so much the better. In any case, consider what the outcome of the meeting should be. For example, you want to tell them about new capability in your firm or provide some key insights into industry changes. Maybe you’d like a referral to another person in their firm, or you have thought of something you could do to help or be of value. Maybe you’re looking for repeat business and you just want to stay top of mind.
If you have a purpose, you’re not just meeting to tick a box and the meeting will take on new meaning. Because business development is a meaningful conversation, not just a catchup with a mate.
Remember the old adage that failing to plan is planning to fail? Planning is the key to great business development. When you come back from a BD meeting, you should record a summary of the key takeaways. If the client is working on a big engagement that is due to finish, mark a future date in your calendar to schedule a meeting to ask how it went. Make a note of what you learned so you can refresh your memory for next time. The information may be useful – if not for you, for someone else at your firm. Information from past meetings is helpful in creating a purpose for future meetings.
Plan ahead so you always have something on the go. Too often, we put BD aside when we are busy and then think about it in a slow period. If we find time for BD when we are busy, chances are there will be no slow period. BD takes time to bring results. So make a schedule, plan who you need to see when, then make it happen.
Business development is a team sport. Some fee earners have an individual expertise that sets them apart, but most consultants need to understand what everyone else in their team or firm is doing. Information you gather from a prospect may be of greater use to someone else than to you – and vice versa. And there’s nothing worse than having a client approached by two people from the same firm in one week. Apart from the clear message that you don’t talk to each other, it can send the impression that your firm is desperate for work.
If there’s a client relationship management system, use it to make notes of your meeting. If not, create a spreadsheet everyone can share – not to rank activity numbers, but for real information exchange.
Networking and business development is your best opportunity for cross referral. If you don’t feel comfortable selling yourself, you can always speak well of someone else in your firm. And they can do the same for you. This is how you make the whole pie bigger, not just your own slice.
Through many years of business development coaching, it’s often been surprising to see how many otherwise confident and brilliant people are uncomfortable in this position or quite simply, do it badly. Firms who invest in supporting their people in this way reap the rewards. Not just in winning work, but in developing a productive culture that builds success.
