By now you have likely read your share of business development books and articles and have heard the concept that “it is all about relationships.” If you are like many people I have coached, you have joined Linked In, have some sort of Facebook presence, have gone to your firm or organization’s sponsored networking events, cocktail parties at conferences and a smattering of meet and greets in your community. You’re doing relationships, right? So where is the business?
In the game of rainmaking, the person with the most sustained, value-based relationships wins. The typical approach to developing relations described above is marred because it is not focused and lacks a plan to develop relationships over a prolonged period of time. In this article we’ll focus on a way to get organized with your approach. In a subsequent article we’ll provide ways to sustain the connections with people you meet.
At Threshold Advisors, we think of the universe of the relationships important to lawyers as divided into four “buckets:” Relationships—inside the firm or organization; past and current clients; personal/professional network; and individuals inside an industry on which you have chosen to place primary focus. Success requires that, throughout your career, you construct an ever-growing list of people you know or would like to know in each of these four buckets and then, as time allows, initiate and deepen your relationships with each one. You can have a list for each bucket, or all of your relationships can be recorded on one list. If you would like a copy of the Threshold Advisors “WHOs Tracking Chart,” send an e-mail to me at Karen@ThresholdAdvisors, and I will get one to you immediately.
Here are some of the ways to think about who to include in each bucket and ways that each category of relationship could benefit your career:
Inside the Firm:
Discover opportunities to increase substantive experience
Explore avenues for “cross-selling”
Learn how your colleagues became successful
Provide introductions to important people inside and outside the firm
Look for opportunities to be on panels and/or co-author an article
Provide colleague-to-colleague accountability to take business development action
Create positive “buzz” about your accomplishments
Past and Current Clients
Provide introductions with a given industry
Gain knowledge about their business and industry
Become connected to an important trade association
Learn about work opportunities inside their organization
Expand your work with them
Personal/Professional Network
Connections for work—you never know who they know
Confidential ideas if you are looking for a new job
Off the record support for work challenges
Industry Focus
Leverage relationships—you see the same people at recurring events
Leverage knowledge about industry challenges and trends
Narrow decisions about what events will have the most value to you
Allows you to say that you have an “expertise” beyond your substantive area
Knowing specifically who you want to develop relationships with, even those names that are inspirational like Bill Gates, helps you select what events will be valuable to you: go to events where you are likely to see you “WHOs.” It also helps you track the development of the relationships and know the names of individuals on whom you need to put more time and focus.
Developing business does require a long-term perspective. Having an ever-growing list of individuals that are important to your career will keep your efforts targeted and efficient.