Okay, so it's a new year, and the whole cycle of driving business starts all over again.
For many lawyers, the thought of business development is the very bane of their existence. Even the most "gifted" rainmakers occasionally experience a sense of "Oh, my gosh, another year, another mountain to climb." As the legal business becomes more fiercely competitive, it can be daunting--and darn right discouraging--to face the challenge of meeting and exceeding 2017's business goals.
There's hope, provided you're realistic.
Start with your annual business development plan, either formal or informal. Take it out of your drawer, or pop it up on your screen, and look at it...again, realistically. Acknowledge that you are not going to reach that multi-million-dollar target this month without divine intervention.
Instead, break down the plan into bite-size (i.e., weekly) segments. Regardless of the revenue target, turn your business development plan into a numbers game.
Professional salespeople understand the importance of ratios.
- What's a representative value of your key matters?
- Dividing your gross revenue goal by that number, how many such matters do you need to reach your annual goal?
- How many can you confidently anticipate from your present client base? (You know you'll lose a client or two. Everyone does.)
- Is your primary industry segment vibrant enough for you to reach your goal? Is the problem that you solve still occurring with enough frequency and impact that it's still a reliable demand-driver? Or has it begun to slow down?
- What communications channels will allow you to reach the industry segment you serve? (Calling them one by one is an option, but so is attempting to swim the Atlantic.)
Break the plan up into 52 segments. Then, insert weekly bites of activity that help you attack the revenue challenge...methodically and consistently. Do everything you can not to allow yourself "blank" weeks, where you accomplish little. Whatever justification you come up with won't change the fact that you wasted a week.
This approach works. But remember that calling your coach for help will make the job easier and will realistically enhance your chances to win business.
RainmakerVT’s online courses will teach you proven BD skills in an engaging, entertaining way as you manage an avatar through simulated networking events, sales calls, and other BD challenges. You’ll learn by doing, choosing what to say and do through a series of decision points, and you’ll get instant video coaching about each choice you make.
(One course in particular might be timely: Your Marketing Plan: Create One That's Actually Useful.)
Would you be more comfortable under the hands-on guidance of a coach who’s helped thousands of lawyers generate $1.5 billion (yes, that’s a “b”) in new business? Take a look at how our coaching relationship would work.
Questions? Schedule a free call with me.