| In this time of seeming constant change, no | | | | or firm becomes like the American law firm (and |
| professional practices or firms can be complacent | | | | a few leading City ones) where future success |
| about their future. The threats come from | | | | and promotion is almost totally linked to billable |
| various directions, some obvious and visible such | | | | hours and revenues generated with the |
| as larger merged firms or new starts, and some | | | | mega-hours and pushy culture that often goes |
| less so, such as internet services. Unless you take | | | | with it! |
| these seriously, what does your future hold? It is | | | | One early step to take is to identify the sales |
| important that, regardless of size, you look | | | | process which works best for your organisation |
| seriously at what you do to generate fees and to | | | | and in your market. Whether people like it or not, |
| find new clients. This article covers some of the | | | | consistently good performers will follow a process, |
| key aspects you need to think about and gives | | | | albeit with some flexibility. This means that they |
| some ideas for how you can be more proactive | | | | can deliver results consistently. When "modelling" |
| and more effective in generating revenues. We | | | | top performers from an investment bank, this |
| offer some things to think about for identifying | | | | caused something of a surprise as they thought |
| the best ways you can do this for your practice | | | | that their successful people were all more |
| and the type of market you work in. If you start | | | | opportunistic and entrepreneurial! These could be |
| to apply these principles you can build a more | | | | successful - occasionally!! Good sales organisations |
| sustainable business with more guaranteed | | | | are clear about their process and use it for a |
| revenue flow. | | | | number of things. We have examples we are |
| Traditionally, most professional firms have had to | | | | happy to share. |
| grow through forms of networking, referrals and | | | | When you have identified each stage of your |
| personal relationships, because of legal restrictions. | | | | process, then it is possible to break them down |
| However, these constraints have been removed | | | | into best practice activities. From these, you can |
| and, the market dynamics have changed in many | | | | check the competencies needed to be able to |
| areas. The "New World" requires you to operate | | | | work though them. This allows you to provide |
| differently if you want to survive. However, the | | | | any necessary training or development to ensure |
| first prejudice to overcome is your own reaction | | | | that the skills are embedded. |
| to the word "sell" and to rethink what it means. | | | | Those who are going to do the revenue |
| After all, you did not do all of your training to | | | | generation can now plan their prospect and client |
| become a "seller" did you? Why should this | | | | contacts more effectively. They also can be |
| thinking be so prevalent? In our society, one of | | | | better prepared for meetings and assess how |
| the biggest barriers is the public perception of | | | | well they are progressing. |
| selling and sales people. How are they usually | | | | The other major benefit when you have |
| portrayed in our media? No wonder you do not | | | | assessed your process is that you can see where |
| want to be thought of like this! Yet, it is a | | | | the critical control points are. From this, you can |
| misrepresentation if you think about how many | | | | create the sales control system to measure how |
| people are involved in selling jobs every day of | | | | things are going. This tool is vital to any form of |
| the week. They are working in a very different | | | | effective sales management as it puts the focus |
| way, where they are behaving professionally and, | | | | on the activity leading to the results, which is |
| generally, with integrity. | | | | where you can take any necessary corrective |
| What are your concerns about selling? How | | | | action. You can set standards for the various |
| people might perceive you? You do not like the | | | | stages and also work out the ratios needed to |
| idea of pushing people? The good news is that | | | | ensure that you achieve the desired results. This |
| effective, professional selling does not have to be | | | | enables you to measure the right things - and will |
| about this! Dictionary definitions will tell you that | | | | help more accurate forecasting too. |
| selling is about "convincing of value". If you are to | | | | When this is in place, it becomes much easier to |
| do that, you need to establish the right kind of | | | | assign roles and responsibilities. Who will manage |
| relationship with clients and prospects, where you | | | | the process? Who are the doers? Who are the |
| can find what their real issues are and what they | | | | support staff? Pulling all of this together has |
| consider as value - and then show them how you | | | | produced some significant improvements in |
| can satisfy that. The fun part of selling is that | | | | organisations where we have worked. Where this |
| value is an individual perception and will change | | | | particular process was developed (a bank outside |
| according to the circumstances too. Rather than | | | | the UK) they have seen a considerable growth in |
| think of yourself as a "seller", what about a | | | | sales, product retention rather than cancellation, |
| "provider of value", "solution provider", "problem | | | | and staff retention in this area. |
| remover" or similar? Do any of these seem | | | | There is another key element to this. What style |
| better? When we were working with one | | | | or approach to selling will work best for your firm. |
| accounting practice it made a great difference | | | | In the professional services sector you will almost |
| when the main players rethought this and saw | | | | certainly want to have some emphasis on |
| themselves in another light. They became much | | | | relationships and maybe a relationship selling model. |
| more positive and had success with approaching | | | | An alternative to this, which is perhaps even |
| existing and potential clients with this mindset (and | | | | more applicable especially for new business |
| some added skills we had developed with them!) | | | | generation is to introduce a consultative selling |
| Whatever size your organisation is, there will be | | | | approach. This requires an emphasis on |
| threats happening in your market. As many firms | | | | communication skills, relationship building and |
| merge and grow, they can offer wider ranges of | | | | knowledge of your business and the prospect's |
| services to clients. Others look to establish | | | | market place - plus sales skills. Consultative sellers |
| relationships with organisations in different, but | | | | will help clients and prospects to identify the real |
| synergistic, areas where are opportunities can be | | | | issues they are facing and to create a sense of |
| generated for each other. For simple services | | | | partnership in helping to find a solution. In the |
| which can be commoditised, the internet may be | | | | short-term, the solution may not be what you |
| a threat where some clients will think they can do | | | | offer, or someone else could be better positioned |
| things for themselves. There is an answer to this | | | | to supply it. However, getting into the right |
| - decide to become proactive in your sales effort. | | | | "mindspace" of the client or prospect will pay off |
| (Or would you prefer "fee generating"?) | | | | in the future. |
| To move from the more traditional, reactive style | | | | We have seen many professional services firms |
| of your market to a proactive one, creating your | | | | make significant progress when they have |
| own opportunities, does require a number of | | | | changed their attitude to selling and introduced the |
| changes. These start with the people being willing | | | | processes and skills. It is not about selling your |
| to change their attitudes. For those who will not, | | | | soul to the devil, it is about becoming more |
| ask them what is stopping them? What do they | | | | proactive and effective in "convincing of value". |
| think they gain by staying as they are? However, | | | | This will enable your firm to take more control of |
| it is better to start with those who are more | | | | its destiny and to generate the revenues you |
| positive and happy to move in the direction you | | | | need to achieve the plans you have. |
| want. We are not suggesting that your practice | | | | |