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Business Development

90% of traditional business development activity is pointless

Lawyers’ scarcest business development resource is time. Most allocate only an hour or two per week to it, if that. And almost all of that is wasted doing things they’ve inherited, i.e., they do them simply because other lawyers do them. Here are some to stop doing, and three things that will simplify biz dev for you.

What you know vs. who you know

You’ve heard the adage, "It's not what you know, but who you know." That reflected the relationship-centric nature of doing business in a Seller’s market. Now that you’ll face a Buyer’s market for the remainder of your career, it’s past time to upend that longstanding belief. Today it's, "It's not what you know. It's not who you know. It's what knowledge people associate you with."

The bright line between Marketing and Sales

Unless you’re helping a prospect inform and make a specific decision about a specific offer, you’re not selling, you’re still marketing. It’s only when you progress to the point where the entire focus is on deciding whether or not to buy that you’re selling. Everything else is marketing. If it’s about your products or services, it’s marketing. You may have some overlap, i.e., where you have to do some ongoing solution discussion during the sale, but the important point is recognizing that if you’re not talking about a decision, you’re not selling yet, which means you’re not getting closer to getting business.