11 ways to improve business development rev 040404 website

7/26/2019 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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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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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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Client Team tatus Report etrics

Brie" Description o" the


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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.



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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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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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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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. =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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./ 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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@. 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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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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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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. 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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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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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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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]

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