Ideas to Improve Business Development Results 30 Tips in 30 Minutes! Ideas to Improve Business Development Results 10/22/2012

#1: Train Your People: Brand Message 3 things that differentiate your firm ALL staff, admin, partners G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#2: Track Referrals In/Out Center of Influence Last Contact Referrals Given Referrals Received Firm Person   Company Contact Date ABC Bank Bob Smith Sep 1 Acme Mfg Joe Black, CFO June 20 Eco Builders Dan White, owner Aug 15  XYZ Law Jane Doe July 1 Medical Group Dr. Spock May 5 G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#3: Don’t Say You’re SO Busy! G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#4: Set a Detailed Growth Goal Current year revenue: Growth goal: Next year revenue: Net new business goal: One-time projects (20% of revenue): Clients losses (10-year life): Total gross new business needed: $6,000,000 10% $6,600,000 $600,000 $1,200,000 $2,400,000 10% growth goal = 40% gross new business! G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#5: “What Do You Do?” Business Needs Benefits Differentiators G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#6: Prepare Client Service Matrix Providing Opportunity N/A Proposing Client 2 Client 3 Client 4 G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#7: Invite the Local Business Press Seminars Webinars Firm Events G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#8: Communicate Value at Year-End What I get less what I have to pay Throughout this session we’ve touched on the concept of dealing with objections. Let’s talk a little more about that, because it’s a critical part of the process. (Review the points on the slide). An example of a question that could represent a deeper objection is “Have you done this kind of work for companies like mine?” This question may represent a lack of confidence in your firm or expertise. It may also be indicative that you haven’t sufficiently articulated deliverables and benefits. G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#9: Start Proposals with Prospect Proposal Outline I. Prospect/Client’s Current Situation II. Proposed Approach (brief) Services, Process, Deliverables III. Benefits IV. Differentiation V. Business Case (if needed) VI. Fees/Arrangements VII. Appendix (About Us, etc.) G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#10: For Partners Struggling w/BD… 3 Clients 3 Prospects 3 COIs

#11: Evaluate ROI on Time Invested Hours Spent on Activity 24 Cost to firm/hour $150 Total cost to firm $3,600 Needed for 20% ROI $4,320 Revenue required @ 30% margin $ 14,400 G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

When a client expresses satisfaction/ appreciation #12: Ask for a Referral! When a client expresses satisfaction/ appreciation Thank and follow up G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#13: Use a Pipeline Report Business Development Pipeline Client/Prospect Service Fee Close Probability Pipeline Company 1 Audit $ 20,000 25% $ 5,000 Company 2 Cost Segregation $ 15,000 50% $ 7,500 Company 3 Outsourced Acctg $ 24,000 75% $ 18,000 Etc. Total $64,000 Growth Goal $100,000 G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#13: Use a Pipeline Report Business Development Pipeline Client/Prospect Service Fee Close Probability Pipeline Company 1 Audit $ 20,000 25% $ 5,000 Company 2 Cost Segregation $ 15,000 50% $ 7,500 Company 3 Outsourced Acctg $ 24,000 75% $ 18,000 Etc. Total $64,000 Growth Goal $100,000 Increasing? Enough? G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#14: Use Client Testimonials Web site Proposals Direct Mail News-letters G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#15: Control the Next Steps Deliver follow up information Schedule the next meeting, lunch, etc. Schedule time to introduce your specialist Schedule time to meet CEO “I’ll put a note in my calendar to check in…” (Discuss the group’s input and review slide content.) Don’t reduce fees! You’re providing a valuable service. Cutting fees undermines the value you deliver. It also gets the prospect in the habit of asking for reduced fees for subsequent engagements. If your fees are more than the prospect can pay, consider modifying the scope of the engagement, or using a “phase” approach or modified timing of the project (if possible) which may allow the prospect to pay portions of the fees during two different budget years. G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#16: Analyze Your Client Data Client Database Company Industry SIC Code Annual Revenue # of Employees Annual Fees County Client 1 Construction 1521 $ 10,000,000 50 $ 15,000 Orange Client 2 Manufacturing 3411 $ 25,000,000 150 $ 50,000 Client 3 Non-Profit 8322 $ 7,500,000 25 $ 20,000 Riverside Etc. G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#17: Communicate Target Market to Referral Sources Geography Industry/Size Ownership, organization, etc. G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#18 Invite COIs, Ask to Bring Clients Their clients Successful Seminar! G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#19: Ask High Gain Questions Always open-ended Designed to encourage talking Goal is to understand needs G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#20: Do Phone Follow-up Seminar/webinar attendees AND no-shows Divide among your team Objective: set face-to-face appts Use “call blitz” meetings Hold people accountable (Discuss the group’s input and review slide content.) Don’t reduce fees! You’re providing a valuable service. Cutting fees undermines the value you deliver. It also gets the prospect in the habit of asking for reduced fees for subsequent engagements. If your fees are more than the prospect can pay, consider modifying the scope of the engagement, or using a “phase” approach or modified timing of the project (if possible) which may allow the prospect to pay portions of the fees during two different budget years. G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#21: Define Client Service Personal service Proactive advice G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#21: Define Client Service Personal service Ask about family, send birthday cards, know personal financial info? Proactive advice Offer something outside the contract, how often, formal or informal, industry specific or general business? G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#22: Be Early to Networking Events

#23: Use Internal Service Sheets Description of Service 2-3 sentence description of the service Why you should know Brief – why it’s important to clients Who typically needs it The type, size of entity that typically needs service. Diagnostic questions to ask yourself 2-3 specific questions to “test” whether clients are good candidates Deliverables What the client gets from the service Benefits to the client Specific improvements for the client; quantify Real-world examples Any specific cases or projects you can cite and quantify (if possible) High gain questions to ask clients Open ended questions to start conversation with the client Who to call internally Service champion, phone number G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#24: Don’t Avoid Your Referral Sources! Ask them how else you can help Introduce them to a potential client? Introduce them to another referral source? Invite them to an event? Provide them with information? Help get a speaking engagement? Co-sponsor a meeting/event?

#25: Provide BD Training Early Business Development Training: High gain questions Benefits vs. features Differentiation Follow-up Value Business Development Training: G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#26: Don’t Fill Table with Firm People! Clients Prospects Referral Sources

#27: Introduce Staff to COIs At COI lunch, bring a manager, ask COI to do the same Hold exchange events Use firm events, sports events, etc. G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#28: Standardize LinkedIn Profiles Firm brand messages Specific requirements Standard photos G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e

#29: Follow Up with Lost Proposals Find out why you lost Have a neutral firm representative call Focus on how to improve Discuss feedback in firm business dev. meetings G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

#30: Maximize Your Effectiveness Before During After Plan & Prepare Behaviors & Action Follow-up & Reporting G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e Copyright 2009 The Whetstone Group, Inc.

Shareholder and Sr. Vice President Contact Information Lisa Rhatigan Shareholder and Sr. Vice President lisa@thewhetstonegroup.com 319-447-6403 G r o w t h T o o l s F o r A C o m p e t i t i v e E d g e