Control the controllables
13 Sep 2019
In today’s uncertain commercial environment this idea is worth revisiting.
Many lawyers/accountants/barristers/patent or trade mark attorneys are concerned about how Brexit and the wider economic and political turbulence will impact on their future. Now, I don’t have a crystal ball or a magic-wand but I do have my own thoughts on what you may want to consider in terms of business development.
My belief is it’s time to take a deep breath, accept that we are where we are and focus on these 5 suggestions:
1. Do what retailers do and focus on increasing market share
If the doom-mongers are right the size of many markets could well shrink. However, have you considered how big your share of your market is today? I doubt very much if more than 1% of those reading this blog are part of an organisation with more than a 10% market share (and that’s being generous).
2. Get closer to your existing clients
Have you asked your clients what they want and how you can deliver more value? If ever there was a time to invest in a client listening programme now is that time.
3. Measure BD activity (and understand the difference between Key Performance Indicators and Key Result Indicators)
What gets measured gets done but still far too few professional service firms attach the same importance to measuring inputs (BD activity) as they do outputs (revenue and profit).
4. Make people accountable …
… and have consequences for those that don’t do what they said they were going to do. Not delivering on promises is letting down colleagues simply can’t be tolerated, especially in such turbulent times.
5. Everything you invest in should be designed to ‘make the boat go faster’
If it won’t make you go faster, don’t do it! This means addressing inertia and not accepting scared cows in your organisation.
This blog was one of Bernard’s regular LinkedIn posts but implementing marketing and business development strategies is one of Tenandahalf’s specialisms so if you’d like to discuss how you can improve the implementation of your firm’s plan, please drop us a line and we can find a convenient time to talk.
Posted by Douglas | 0 Comments