Boost Revenues with More Involvement
If your firm would like to grow, significant revenue growth may require more of your personnel to become involved in marketing. For example, if you’d like to grow by 10-15% over the next year, perhaps your firm can no longer depend on a limited number of partners to generate all the business; they just don’t have more capacity – others in the firm have to contribute!
So, what can your firm do to help ensure success? How can the time and efforts of those involved in your business development (BD) be maximized? These questions are faced by our clients on a regular basis. Here are some ideas to help your firm:
Equip Your Professionals for BD Success
It is safe to say that few professionals went to college so that he/she could learn how to do business development. In fact, most professionals have never had an undergrad or graduate class in marketing, much less formal training in how to generate new business.
Look at it this way – your professionals are intelligent, highly educated and accomplished professionals, so if they are asked to pursue a new area in their professional life (i.e., BD), they will want to be equipped for success. Yet most firms do nothing to help their professionals to be successful in BD, besides allowing expense accounts and encouraging success with some level of reward. But this still does not address the issue of preparing your professionals with professional BD training.
So, is it any surprise that many professionals avoid BD? They would much prefer to be evaluated on their legal expertise, which they’ve been trained to do, instead of being rated on BD success without any level of training. Even if their performance is affected by BD results, don’t you really want them to have success in it?
These key steps can be your secret to success …