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

2. #1: Train Your People: Brand Message
3 things that differentiate your firm
ALL staff, admin, partners
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Copyright 2009 The Whetstone Group, Inc.

3. #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
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4. #3: Don’t Say You’re SO Busy!
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Copyright 2009 The Whetstone Group, Inc.

5. #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!
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6. #5: “What Do You Do?” Business Needs Benefits Differentiators
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7. #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.

8. #7: Invite the Local Business Press
Seminars
Webinars
Firm Events
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9. #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.
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10. #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.

11. #10: For Partners Struggling w/BD…
3 Clients
3 Prospects
3 COIs

12. #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 30% margin
$ ,400
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13. When a client expresses satisfaction/ appreciation
#12: Ask for a Referral!
When a client expresses satisfaction/ appreciation
Thank and follow up
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14. #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

15. #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?
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16. #14: Use Client Testimonials
Web site
Proposals
Direct Mail
News-letters
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17. #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.

18. #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.
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19. #17: Communicate Target Market to Referral Sources
Geography
Industry/Size
Ownership, organization, etc.
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20. #18 Invite COIs, Ask to Bring Clients
Their
clients
Successful
Seminar!
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21. #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.

22. #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.

23. #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.

24. #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.

25. #22: Be Early to Networking Events

26. #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.

27. #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?

28. #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.

29. #26: Don’t Fill Table with Firm People!
Clients
Prospects
Referral Sources

30. #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.
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31. #28: Standardize LinkedIn Profiles
Firm brand messages
Specific requirements
Standard photos
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32. #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.

33. #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.

34. Shareholder and Sr. Vice President
Contact Information
Lisa Rhatigan
Shareholder and Sr. Vice President
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