7 Biggest Business Development Mistakes You Should Avoid
An efficient business development process is a key component of a successful legal career. Contrary to popular belief, a business development plan does not have to be difficult, expensive, or time-consuming, and the return on investment can be massive.
So, what is the payoff for business expansion? Aside from the benefits of long, lucrative partnerships and loyal, satisfied clients, BTI Consulting Group surveys help to quantify the results.
According to their research, each hour spent on business development per week can result in an additional $23,400 in fee revenue per year. The benefits of investing just an hour or two per week can be substantial.
The key to maximizing your return is to spend your funds and time wisely and to resist some common and costly errors, such as:
Complicated Sales and Business Development
Many lawyers recoil at the prospect of selling their services. Some even attended law school because they did not want to work in sales. They don’t have to, thankfully.
Influential business developers recognize that they are in customer service and successful business. Finally, consider a sale, a nice byproduct of assisting your clients’ success.
Blinding Marketing and Business Development
While the lines between these two vital revenue-generating activities may appear to be blurred, there is a distinction. Marketing assists in the creation or definition of a need and provides critical assistance for efficient business development efforts.
Personal contact with clients is required to comprehend their requirements and promote an agreement or solution to those needs.
Inadequate Preparation
Clients want to operate with lawyers who comprehend their industry and business. No good lawyer enters a courtroom or a negotiation room unprepared.
Similarly, there is no justification for failing to adequately plan for the business development department. Failure to conduct adequate research and comprehend the Client’s business and industry lowers your credibility and limits your ability to engage with them.
Failing to Understand and Anticipate Client’s Needs
By staying up to date on the latest developments in a Client’s business, you can not only locate yourself as an expert but also predict their deep-seated legal needs. Latent needs are unmet by definition, so they represent significant possibilities.
You instantly position yourself as perfectly qualified to address these needs by assisting Clients in appreciating them – often without having to compete for the business.
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Prioritizing Yourself Over the Client
The world is full of brilliant lawyers from top firms who attended top schools and have received numerous honors. These days, that is practically the price of admission to practice.
Almost any of the candidates on the shortlist could argue that they are the right lawyer for the job. Fortunately, clients do not hire someone solely because he or she is an excellent lawyer.
They hire competent lawyers with whom they have a good rapport. Concentrate on the Client to make this connection.
Talking Instead of Listening
After you pose a question, you must actively listen. Active listening entails paying complete attention to what the Client is saying without interruption.
While it may appear difficult, if you actively listen during a Client needs meeting, you should find yourself speaking only about 20% of the time.
Some people make the mistake of handling an interview like an oral tennis match. They instantly begin positioning themselves for the following volley by considering what they’re going to say next after serving up a great question.
If you do this, you are not giving your full attention to the Client. While it may appear that you will appear prepared and polished, in reality, this will prevent you from interacting with clients and may cause you to miss chances to recognize and address their needs.
Failing to Add Value
When you bring some kind of value to the table, it is easier to secure a meeting. However, to know what a Client values, you must ask because the value is specific to each person.
It could be a positive remedy to a conflict for one client, a proactive approach to preventing business development issues for another, or swift and timely communication for yet another.
Finally, determining and providing value from the Client’s perspective will elevate you from being viewed as an ordinary lawyer to becoming a loyal ally.
Finally, there is no such thing as a one-size-fits-all strategy for the business development process. The key is to figure out what works better for you and stick to it.
Your results will be magnified exponentially if you are consistent, focus on the right things, and avoid simple business development errors like these.