It’s fall—the time when lawyers are reviewing results and preparing to document their performance for the annual review. Many lawyers find this an arduous activity, and almost as disturbing as being haunted by the ghosts and goblins of Halloween lore. Some of my clients express a sense of dread at the thought of reviewing results, documenting highlights, and reconciling billables and collections, while seeking the best spin on missed opportunities. If this isn’t daunting enough, many firms are also asking for an overview of business development activities for the upcoming year.
As you and your fellow lawyers reflect on business development results and challenges, what better time to set an intention for the future? Current accomplishments can point to strategies for continued success and missed opportunities or regrets can indicate where new focus and action is required. There’s no need to wait until New Year’s Day to create goals that are important to you. In fact, New Year’s resolutions are just that; a to-do list that is often disconnected from a strategy or the authentic motivation needed for success.
Successful rainmakers understand the value of relationships when it comes to business development. Therefore, by setting an intention for business development in the fall, you are well-positioned to take advantage of the holiday season, which is abundant with opportunities to initiate or expand your network of relationships.
Below are three steps that can launch you from today’s assessment of past performance into tomorrow’s mindset of growth, using strategy and tactics that will place you on the road to business development progress and, if consistently executed, eventual success.
Assess: WHAT’s working, what’s not working and most importantly, what do you really want?
While gathering data to assess last year’s results, you are bound to have thoughts about successes, regrets and missed opportunities. Use this analysis and energy to determine WHAT you want for the upcoming year. For example, success with particular clients can be leveraged so you can become a trusted client advisor who is positioned to cross-sell and expand the relationship. Gaps in relationships with former clients, inside the firm or with your professional network or industry focus indicate opportunities to gain influence, elevate leadership, solidify credibility or exhibit industry expertise. This is the best time to consider your accomplishments for the next period and define them for yourself in order to direct your actions in the future.
Discover: WHO are the people that will help you get what you want? What resources are available to you?
Knowing what you need and which relationships are required to achieve desired results is a critical step on the path to business development success. I recently had a client who invested lots of time preparing for a conference networking opportunity. She prepared a strong introduction, researched attendees and prepared to initiate strategic conversations. We role-played a conversation and I asked her, “How can I help you?” She was stumped and speechless. Don’t let this happen to you! Be prepared to help others, but also be sure to let people know what you need or who you want to meet. Think…who inside the firm can introduce you to your ideal clients? Who do you want to meet in the industry of your ideal clients? Who in your personal or professional network can refer you business? You get the picture.
Engage: Where do you start? HOW will you seek out people who can help you or eventually give you business?
This is where the rubber meets the road. It can be challenging to connect the dots between WHAT you want and WHO can help with HOW you will move forward—this is a good time to seek help or collaboration. A brainstorming partner, mentor or coach are all possible supporters. You can go it alone or prepare for these conversations with an exercise called Start, Stop and Continue. Consider what you have been doing in the context of your WHAT and WHO and then make a list.
What could you Start doing that will move you towards your goal?
What could you Stop doing that will move you towards your goal?
What could you Continue doing that will move you towards your goal?
One thing that many of us can start doing is to create a folder to document our wins and sent emails to partners, practice group leaders or office managing partners that tout our success.
Take your list, prioritize based on perceived impact and commit to action.