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Transcript of 11 Ways to Improve Business Development Rev 040404 Website
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THE WJF INSTITUTE All rights reserved 2013
11 Ways to Improve
Business Development
William J. Flannery, J.D.
The WJF Institute
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THE WJF INSTITUTE All rights reserved 2013
Business Development Comparison
Current BusinessDevelopment Model
Solution Selling WJF InstituteBusiness Development
Responds to RFP or clients
current pro!lem
Competes "or vendor pre"erence
#ithin an e$istin% !ud%et
Compels pro&ect investment
outside an e$istin% !ud%et
Discusses scope o" current
matter's(
)li%ns #ith the prevailin% point o"
vie#
Challen%es the prevailin% point o"
vie#
*arro# vie# o" clients pro!lems )ddresses ac+no#led%ed pain
points
)ddresses unac+no#led%ed an%st
Practice %roup !usinessdevelopment
Tar%ets tactical pro!lems Tar%ets strate%ic pro!lems
u!mits practice %roup
descriptions and !ios
Be%ins #ith technical proo" and
then !uilds a !usiness case
Be%ins #ith the !usiness case
and then provides technical proo"
Discusses current individual
matter
tarts as a !usiness dialo%ue tarts as an e$ecutive-level
dialo%ueTal+s a!out la#yer e$perience
and e$pertise
)s+s uestions to identi"y needs /ses an insi%ht"ul hypothesis to
provo+e a response
Responds to client uestions
a!out e$perience and e$pertise
Responds to issues descri!ed !y
the client
Is proactive and leadin%, "orcin%
issues out
Part o" this comparison chart is a com!ination o" an 0arvard Business Revie# arch 1, 2334 titled, 5In aDo#nturn, Provo+e 6our Customers5, and my e$perience visitin% 173 la# 8rms over the last 27 months.
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THE WJF INSTITUTE All rights reserved 2013
Where To orts
% of Firms
Revenue
Actions
:ey Clients 'Top 1?3( @3A - 43A Client Teams, Client Team eaders
Technolo%y
R;I )nalysis
Client ;pinion urveys
Trainin%, CIP
Industry Con"erences
Clients ;ther Than The Top 1?3
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2. :ey clients o" the 8rm need to haveclient-"ocused teams that havestandard metrics "or per"ormance.
11 Ways To Improve BusinessDevelopment
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THE WJF INSTITUTE All rights reserved 2013
Client Team tatus Report etrics
Brie" Description o" the
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THE WJF INSTITUTE All rights reserved 2013
Client Team tatus Report etrics E Contd.
Clients evel o" atis"action With TheFirm
- Past- Current
- Continuous Improvement PlanCompetitive )ctivity
Resources *eeded
Team tatus*e$t ilestone eetin%
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G.The client-"ocused team mem!ersneed to have e>ective !usiness
development s+ills, especially "ace-to-"ace !usiness development s+ills.
11 Ways To Improve BusinessDevelopment
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THE WJF INSTITUTE All rights reserved 2013
11 Ways To Improve Business
Development
7. The 8rm needs to have a 8rm-#ide!usiness development process in
place to %ro# mar+et share #ithin+ey clients and other opportunities.
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THE WJF INSTITUTE All rights reserved 2013
6our Firms Client and Business Development Process
Pln! "rgni#e in $ems!Reserc! &ols! CSIP
St'les! PcePrioritiesProcess InformtionPerceptions
Client Focused Service ImprovementPlns
Communicte SolutionsAnd Bene(ts In Presenttions!Proposls nd Meetings
Rpport nd $rust BuildingBuild Reltionsips
$rnsfer $rust
Pln
Intervie)
Design
Solutions
Decision
RetinClient *e)
Business*e) Client
Process Huestions
Rule: The Successful Firms Will Need To Adopt and Adapt A Firm-Wide ClientDevelopment andRelationship Management rocess!
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THE WJF INSTITUTE All rights reserved 2013
11 Ways To Improve Business
Development
?. ar+etin% and !usiness development
needs to !e "ully inte%rated.
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+o) Bu'ers Bu' ,) Firms Actions
A)reness
Interest
Desire
+ire
Mr-eting
BusinessDevelopment
Rule: "our Mission #n Mar$eting and %usiness Development #s To Change Th%u&er's %ehavior!
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11 Ways To Improve BusinessDevelopment
. =ach client-"ocused team #ill need tohave a 8rm-#ide standardied
plannin% process "or drivin% to%reater and more pro8ta!le mar+etshare.
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THE WJF INSTITUTE All rights reserved 2013
./ Increse client
stisfction nd
lo'lt'
0/ Increse revenue
nd pro(t
1/ Protect ore2pnd
reltionsip3/ Increse mr-et
sre
Strengts
We-nesses
ClientPerceptions
"pportunities
Pro4lems
Enhance orInhibit
"45ectives (Created from SWOP)
Priorit'ActionPlns
Wo Wen
+617 d's
M687 d's
,6.07d's
*$D
&ol
s
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11 Ways To Improve Business Development
. The client-"ocused team mem!ers #illneed to have a hi%h level o" inter-partner trust, colla!orative team
s+ills, and clear customied servicestandards "or each client.
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11 Ways To Improve Business Development
@. The 8rm #ill need clear data onopportunity !y client, current mar+etshare !y client, practice area, and
%eo%raphy, etcK
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F)**=R6 L F)**=R6, ..P.
)nnual Revenue 0istory in M333
Client
Real
=state
Corp.ecuritie
s
=mploy.a#
=nvironmental
iti%ation
TL=Plannin
%Ta$ T;T)
;pportunity MM
ar+ethare
o%ic olutions,
Inc.
7 1@ 1@3 213 1? 72
)BCanu"acturin%
? 1 G? 22 @ 44 GG?
trate%ic ystems 44 47 4 24 241
N=; Computers 13 1G G? 77 7? 21G
a#
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Client 2011Revene
2012Revene
201! Pro"#Rev#
Client$s%e&al'd&et
Or Piece ofheir'd&et
,ogicSolutions! Inc/ 377 391 177 07!777 /701
ABCMnufcturing 177 11: 077 .7!777 /707
StrtegicS'stems .77 08. 7 ;!777 /777
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THE WJF INSTITUTE All rights reserved 2013
11 Ways To Improve Business Development
4. There #ill need to !e a lon% term"ormal chan%e process in place to
!ecome more client-"ocused usin%client-"ocused teams and otheropportunities.
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Were $o Focus Firm =ortsSteps $o Success
Buildin% stron% relationships "ace-to-"aceDiscoverin% and developin% client needs=nhancin% !usiness and 8nancial s+ills OOOOOOOOOOOOOOOOOO/sin% The WJF Institute CDLR processFirm-#ide !usiness development approach
Client Contact hould Do Client *eeds OOOOOOOOOOOOOOOOOO)ssessment Intervie#s #ith G currentclients o" the 8rm
Trained client-"ocused teamsTechnolo%y support "or teams)ccounta!ility and measurement systems OOOOOOOOOOOOOOOOOOClient intervie#in% and team mana%ementeadin% and selectin% client teams
Increasin% pro8ta!le mar+et sharepeci8c plans "or each opportunityClient, industry and %eo%raphic "ocus OOOOOOOOOOOOOOOOOODrivin% client loyalty
Increasin% the use o" more practice areas
Client team status reportin% systems=valuate team per"ormance and leadership=valuate client pro8ta!ility OOOOOOOOOOOOOOOOOO=valuate reco%nition and compensationFinancial plans and controls
C*R+ Wor,shop$em S-ills
%eadin& Client eams a-
Revie. hree Client /isits
ClientFocused Pln
DevelopmentCSIP a-
,) FirmMngement "vervie)
eam Stats Report
Date o")ction
Individul S-illsC*R+ Wor,shop
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11 Ways To Improve BusinessDevelopment
13.The mar+etin%!usiness developmentpro"essionals #ill need a ne# set o"tools and metrics to %et la#yers to do!usiness development.
11.The 8rms leadership needs to have a
"ormal inspection process and metrics"or !usiness development.
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2G Business Development Huestions
1. What are the !usiness development s+illlevels o" the la#yers in the 8rm
2. What is the re#ard and reco%nitions system"or !usiness development team #or+
G. What is the num!er o" active and hi%h"unctionin% client teams
7. What is the !usiness development processthat each la#yer uses to increase client mar+et
share ?. What are the metrics that the 8rm uses to
determine A o" mar+et share, increase use o"other 8rm la#yers and client loyalty
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2G Business Development Huestions
. What are the competitive analysis toolsincludin% #ho you see most o"ten ascompetitors, !oth lar%e 8rms and niche players
. What is the leaderships role in drivin%
pro8ts usin% !usiness development @. What is your past e$perience #ith
consultants
4. What is your +ey client account plannin%
process 13. What has "ailed in !usiness development
and #hat has #or+ed
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2G Business Development Huestions
11. What is your partners per pro8t tar%ets"or 231G and 2317
12. What is the level o" ener%y and #illin%nessto do somethin% that #ill yield results
1G. What is your 8rms IT support "or !usinessdevelopment
17. 0o# #ill you chan%e the process andmaps "or the "uture in !usiness development
1?. What is your 8rms level o" team s+ills in anon-!illa!le environment
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2G Business Development Huestions
1. What are the 8rms current mar+etin% and!usiness development support sta>headcount and responsi!ilities
1. What is the pro&ected com!ined
mar+etin%!usiness development !ud%et "or2317 as a percenta%e o" revenue
1@. What are the RFP and !eauty contest#inlose rates and #hy
14. What is the num!er o" invitations tosu!mit !ids per month
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2G Business Development Huestions
23. What are the active e>orts to %et on the!idders list and %host #rite the RFPs
21. What are the current and pro&ectedheadcount "or partners, associates, o" counsel,
contract la#yers and other pro"essionals 22. What are the num!er o" committees
involved in !usiness development and roles o"these %roups
2G. What is the avera%e num!er o" hours spentin mar+etin%!usiness development perpartner annually
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Please send us your comments:
William J. Flannery, J.D.The WJF Institute11044 Research Boulevard
Building , !uite 110"ustin, T# $%$&'
&1()**%)1$&%Fa+ &1()(1')1(00lannery-/institute.com./institute.com
Thank You!
mailto:[email protected]://www.wjfinstitute.com/http://www.wjfinstitute.com/mailto:[email protected]