Five Road Blocks to Executing Business Development and How to Break Through Them
When it comes to sitting down and actually addressing the challenge of developing a sustaining practice, there are usually hurdles to overcome. Selling yourself and your services might not be second nature. If that's the case, then business development is probably falling last on your task list. Regardless of where it is among your priorities, it is crucial to an attorney's success and therefore cannot be ignored.
Below are five common obstacles that inevitably come up for any attorney looking to make the transition from associate to partner. Read on to discover how easy overcoming these
restrictions can be.
1. Obstacle: “I don’t have enough time”
* At some point, every attorney has to shift from a “worker bee” mentality to that of an owner. Owners focus on business-building strategies and integrate those efforts into each week’s work.
* Consider the importance of delegating work to more junior colleagues – with permission and in cases when you are not essential to the project. Find 30 minutes each day – integrated into required contacts with clients, colleagues and prospects – to take steps to build business.
* Use the “Eat the Frog First” strategy at least one day each week and before beginning substantive tasks, reading email or responding to voicemail. Spend at least 45 minutes on important but not urgent business development activities. These may include setting up feedback interviews with client contacts; considering organizations that may be good places to meet new prospects; updating your professional biography so that it presents a current picture of your achievements and capabilities; etc.
2. Obstacle: “I don’t have the right targets for business development”
* Focus on building more business with former or existing clients – they appreciate your personal “value proposition” and that of the firm, so when the time is right they are excellent targets with whom to build additional business.
* Ask contacts at existing clients and referral sources for introductions to contacts of theirs who fit your target market.
* Actively seek referrals of new business and educate your referral sources regarding the type of business/target that is appropriate to refer. Be sure to reciprocate.
* Recognize that while certain contacts may not be new business opportunities presently, they may still have future potential; put them on your list for cultivation.
* When you attend professional organization meetings and other types of events, set a goal for yourself to meet at least three new contacts; follow up with them to determine business development potential.
3. Obstacle: “I worry about appearing too aggressive”
* Focus on the value that your legal services represent to clients. Because of your training and skill, many of your clients have preserved and maximized high value intellectual property assets. Develop several “success stories” that you may tell to prospects which illustrate that value (rather than focusing on features of your own and the firm’s practice, which may sound like boasting).
* Practice your “sales pitch” with a trusted colleague or advisor. Ask for objective feedback on your approach.
* Practice your sales pitch and approach in low risk situations. This will develop your confidence for higher risk/higher value situations.
* Lawyers tend to be inordinately concerned about appearing aggressive in business development situations. Talk with clients about their impression of lawyers’ sales efforts to get a sense of what they consider to be appropriate and effective.
4. Obstacle: “I might make a mistake”
* Consider the difference between substantive legal work and business development efforts, i.e.: legal work should be as close to perfect as possible, but business development simply needs to be done in a timely way.
* Practice makes perfect, so study the best practices for business development and find a “laboratory” opportunity in which to practice them.
* There are business development strategies better suited to more introverted personality styles and those that work more effectively for extroverts. Focus on the strategies and practices that are most effective for you personally.
* Ask partners and other colleagues if you may attend their business development pitches or sales meetings, as appropriate.
5. Obstacle: “This is a waste of time; it won’t work out”
* Ask yourself: “Are you sure?” How can we know that a business development effort is a waste of time unless and until we explore the potential?
* Another question to consider is “What if I am wrong and this turns out to be an excellent business development opportunity?” We have to explore business development opportunities before rejecting them; once we have more experience with business development we’ll have better judgment about which leads to pursue and which to abandon.
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