The Monsoon- Making Rain in the Southwest: The Truth Will Set You Free

The Monsoon- Making Rain in the Southwest: The Truth Will Set You Free:               Recently, I was meeting with a prospective client.   Having spent her entire legal career in government practice, she was ...

The Truth Will Set You Free

         

   Recently, I was meeting with a prospective client.  Having spent her entire legal career in government practice, she was reluctant to engage in any form of business development.  As we talked through business development and all the different tools for building relationships with strategic partners and those folks who might actually have problems you can solve (e.g. clients), a light bulb went off for her.   Suddenly she realized that her magic formula for finding new clients is her former career in government. 

During the conversation we talked through the concept of an Ideal Client or someone who you are uniquely situated to serve because you have the exact knowledge or strengths to solve their problems.  We discussed referral relationships and how important it is for others to understand who to refer you.  Finally, we discussed how her background is unique and has afforded her expertise and situational experience that her competitors do not have.  The light bulb went off when she realized that her business development plan could and should reflect who she is, what she brings to the table, and her unique background and abilities.  Further, her business development efforts should center around anticipating and solving problems for her Ideal Client!

 The look on her face as she savored this new found knowledge was priceless.  Somehow somewhere along the way she had come to believe that business development was about gregarious interactions with total strangers as you shamelessly sell a skill set you don’t actually have.  As I explained to my new client, there are 100 ways to build relationships, your business development plan should reflect those things that you do well and are willing to do lots of.  The key to business development is taking consistent and strategic actions while finding ways to add value or be of service to your potential clients.  Just like snowflakes, no two business development plans will be exactly the same. 

The realization that she could develop business by being exactly who she already was and leveraging her strong regulatory background was a huge relief for my client.   So much so that it has me wondering how many other professionals are out there thinking that to build a book of business they should abandon all the successful things that have brought them to this place and follow some prescribed business development method that is not a good fit for them? 

The moral of today’s story is a simple one- the truth will set you free.  Business development is not something you do once or twice a year to satisfy your boss.  Business development is part of the way you practice and run your business.  YOU are the key to a successful business development plan.  Your plan should be a truthful an accurate description of YOU filled with strategies and activities that play to YOUR strengths and solve problems for the clients YOU are uniquely qualified to help.  We are all potential rainmakers. Some of us are just further along in the process.

 If you are struggling to bring in new business-chances are your strategies are not aligned with your strengths.  Need help creating an effective business development plan that works for you?  Well-call me of course!  My strength is seeing your potential and developing business development strategies that work for you.

About Jonelle- Jonelle Vold is a business development coach that is passionate about your success.  A mother of twins, former Assistant Dean at a tier-one law school, attorney, and seasoned sales professional, Jonelle understands the challenges of high-level professionals.  Her coaching philosophy is every person has the ability to be a rainmaker by cracking their own personal code and doing business with intention.  You can reach Jonelle at jonelle@jonellevold.com or www.jonellevold.com.   

The Monsoon- Making Rain in the Southwest: The Fortune is in the Follow up

The Monsoon- Making Rain in the Southwest: The Fortune is in the Follow up:             When I think about the best business generators in the business, they all have one thing in common: Follow Up.  These folks und...

The Fortune is in the Follow up

            When I think about the best business generators in the business, they all have one thing in common: Follow Up.  These folks understand the value of a connection and how to maximize it.  True rainmakers are masters of creating a methodical, strategic, and consistent way to stay top of mind.  They understand the fortune is in the follow up!

            Luckily, anyone can learn to master follow up.  In fact, I believe follow up is more about discipline than skill.  If your follow up leaves something to be desired, here are some easy tips to super charge your efforts.

#1: Make notes on the back of every business card you receive.  Write down the date, location you met, and any interesting tid-bits you learned.  As soon as possible (ideally by the next day) transfer this information to your database.  Note-every rainmaker needs a database.  If you are at a big firm, you likely have a robust database.  Even if it is just you, you need a place to store this critical information.  Your database can be as simple as contacts in Outlook.  Somehow you need to and store your networks critical information.  The stack of business cards in your desk drawer represents dollars that could have been in your pocket.

#2.  When you meet someone, determine when you meet someone what role he or she is likely to play in your business development efforts.  Are they a prospective client?   Strategic partner/Referral source? Future collaborator? Then determine, how often they need to hear from you for you to stay top of mind.  Monthly?  Quarterly?  Weekly?  We are all busy so many of us have a tendency to avoid frequent follow up because we do not want to become a bother.  Resist this temptation.  Instead, make a commitment to provide your contacts with value.  If you are contacting someone once a week and providing him or her with information that solves a problem, you will not be viewed as a bother.  Conversely, even if you only reach out once a year but your contact is pure solicitation with no value for your contact, you will be seen as a nuisance.  Do not be a nuisance. 

#3.  Let your calendar do the heavy lifting.  You are going to meet lots of people.  You cannot possibly keep all the information straight in your head.  Do not try.  Instead put the critical information into your database and use your calendar to remind you when it is time to follow up.  Do not forget to schedule adequate time on your calendar every single week, possibly every single day, to engage in follow up.  Whether it is a hand-written note, an email with a meaningful article, or a phone call to schedule lunch, follow up requires focused, dedicated time.  If you don’t schedule this time in advance, you will be tempted to skip the follow up. 

#4.  Be a connector.  One of the most effective ways to stay top of mind and provide value is to connect members of your network.  Schedule time on your calendar to regularly scan your database and look for people who you can connect.  When you meet someone new find out whom he/she wants to meet.  Be generous with your connections.  Connectors play a valuable role in saving members of their network time and providing expertise.  In the process, they build a reputation for themselves as being the person in the know.  Make a commitment to make a minimum of five introductions per week and watch your network explode!

#5.  Utilize social media.  Many people are still struggling to determine how to use social media in their business development efforts.  An easy way to use social media is to promote members of your network.  Even if you are not ready to begin posting blogs, tweeting, or running facebook campaigns, regularly look for opportunities to promote the members of your network who are.  When you see a network member post something valuable, re-post it, share it, like it, email it, and otherwise contribute to its viral success.  You will look like a social media expert, the original author will appreciate your help, and, if you choose only topics/posts of value, the receiving members of your network will also appreciate it.   You also get bonus points for exponential follow up as you can send to multiple people.

We are in the people business.  People do business with those that they know, like, and trust.   Follow up is the key to building meaningful and lucrative business relationships.  The next time you are invited to a networking event, make a commitment to yourself that if an event is worth your time, then the people you meet are worth your follow up.  After all, we all know, the fortune is in the follow up!

About Jonelle- Jonelle Vold is a business coach that is passionate about your success.  A mother of twins, former Assistant Dean at a tier-one law school, attorney, and seasoned sales professional, Jonelle understands the challenges of being a high-level professional and developing a book of business.  Her coaching philosophy is every person has the ability to be a rainmaker by making strategic choices that play to their individual strengths and skill sets.  Jonelle regularly works with individuals and law firms on business development programs.  You can reach Jonelle at jonelle@jonellevold.com or www.jonellevold.com.   

Women's MasterMind group Are you a woman in business that would benefit from having a personal board of directors?  Do you need a wolf pack surrounding you as your hunt for new business?  The Women's Mastermind groups are open to women from all industries who are looking for peer support and accountability.  Groups meets regularly and work together to propel each other to success.  New groups are forming on a regular basis.  To register: 

Seven ways to fall in love with business development- Yes, LOVE!

Seven ways to fall in love with business development- yes LOVE!  

1.     Take the pressure off of yourself and focus your efforts on being of service to your prospective client rather than on bringing in new business.   If you provide value-the business will come.  

2.     Make it a game.  Keep yourself motivated by creating fun challenges for yourself.  How quickly can you make 10 phone calls?  How many meetings can you schedule in an hour.  All of you brilliant rainmakers know that the key to business development is persistent strategic action. Enjoying the process is essential.  You are much likely to keep at it when it is fun.

3.     Take baby steps.  Do one things business development related each day.  Meet one new person each week.  Learn one new thing about your client’s industry each month.  You get the idea-client development should not be a nebulous task that you dread like the dentist.  It is a series of very concrete and strategic actions.  A little easier-huh?

4.     Give first.  Find out who your potential clients and strategic partners need to know and spend time actively searching your contacts and making introductions.  Trust me-they will be happy to return the favor.

5.     Let your creativity show.   Spend some focused time thinking of fun and zany ways to get in front of the right people.   I know a financial broker who decided to host a jam session for professionals.   You can bet anyone who receives her invite, especially if they play an instrument, will pay attention.  I am going to guess she will get a few attendees who come just out of curiosity.

6.     Find a hunting partner.  Like most things in life, business development is more fun when you do it with someone else.  Find someone you can confide in that will help you brainstorm ideas and hold you accountable to your efforts. 

7.     Focus your efforts on your existing clients.  Many professionals,  hmm, hmm-attorneys, I am talking to you, think business development means going out and meeting new people.  There is nothing wrong with that approach, but if the thought of a networking event gives you hives, skip it and take an existing client to lunch instead.  Not only are your existing clients great referral sources, they are chock full of detailed information you can use to attract your prospective clients.  Find out what keeps an existing client up at night and you will have the key to finding more clients just like him/her.   Pretty fun-huh?

About Jonelle- Jonelle Vold is a business coach that is passionate about your success.  A mother of twins, former Assistant Dean at a tier-one law school, attorney, and seasoned sales professional, Jonelle understands the challenges of being a high-level professional and developing a book of business.  Her coaching philosophy is every person has the ability to be a rainmaker by making strategic choices that play to their individual strengths and skill sets.  Jonelle regularly works with individuals and law firms on business development programs.  You can reach Jonelle at jonelle@jonellevold.com or www.jonellevold.com.   

Women's MasterMind group Are you a woman in business that would benefit from having a personal board of directors?  Do you need a wolf pack surrounding you as your hunt for new business?  The Women's Mastermind groups are open to women from all industries who are looking for peer support and accountability.  Groups meets regularly and work together to propel each other to success.  New groups are forming on a regular basis.  To register: Yes-I am interested in the Women's Mastermind Group

The Monsoon- Making Rain in the Southwest: How to make partner in 5 easy steps

The Monsoon- Making Rain in the Southwest: How to make partner in 5 easy steps: It is that time of year again- time for law firms to decide which of their treasured associates will be given the coveted...

How to make partner in 5 easy steps

            It is that time of year again- time for law firms to decide which of their treasured associates will be given the coveted promotion of Partner.   Walk the halls of any large firm and the floors are likely abuzz with the excitement of the upcoming decisions.  Senior associates can be found checking receivables, billable hours, and lobbying mentors for support.  There are lots of “what if” conversations taking place, a last minute focus on marketing, and even some reliance on superstitions (crossed fingers, lucky ties, favorite lunch places, etc).

While I enjoy the excitement of this time of year as much as the next person, I am also a little taken aback at the level of surprise associated with this business process.  I have had many a conversation with individuals that are “up” for partner who have no real grasp on the criteria of partnership or how their individual performance measures up to the unknown criteria.  Say what?  How is this possible?  These are smart people.  They would not be “up” if they weren’t.   This is your career people. Having a fuzzy idea of what you need to do to succeed is not acceptable. It is like running a race in the dark with a good guess about where the finish line is.  It is absurd! 

            If you are one of those folks “up” for partner this year-you may want to stop reading.  This advice is probably a little too late for you.  I will cross my fingers and toes along with you and hope for your best.  However, if you see partnership in your future in the next year or two-keep reading.   Below is a short and sweet plan to make your candidacy for partnership more like a one-candidate election and less like the NFL draft.

If you want to become a partner-

Find out the Rules:

            Call me crazy, before I sign up to earn, compete, or win anything, I ask questions about what I am winning.  If you think you want to become a partner at your firm, you need to ask questions.  Here are a few that come to mind:

1.     What are the requirements to make partner (get the specifics)?

2.     Do I get to choose whether or not I am considered for partnership?

3.     What is the nomination process?  Is there a nomination process?

4.     What data points are used to make partnership decisions?

5.     What factors other than hard data are considered?  How are they weighed?

6.     How many votes does it take to make partner?

7.     How many associates can make partner in the same year?

If you REALLY want to be informed, ask to see the partnership agreement.  It would be nice to know what you are actually winning.

Analyze the Data:

            Once you know what is required (again we are talking specifics) to make partner.  You need to ensure that you meet the requirements.  So, look at the data, analyze how you currently measure up.  For example, if you need to have a sustainable book of business  (this seems to be the term de jour) roughly able to cover your costs and that of at least 1 associate, find out what your costs and the associates costs are and add it up.  For simplicity, lets say this means a book of roughly $1million from clients that you can reasonable expect will have additional work in the future.  Now look at your current book and do the math.   Go through this process with every known criterion.  Don’t get too caught up with the numbers, back of the envelope math will do.  Just give yourself a realistic picture of where you stand against your firm’s requirements.

Write the Plan:

            Once you know the requirements and you know how you currently measure up, it is time to get laser focused and craft a plan to fill the gaps.   If your book of business is too small, go see your marketing professional and create a revised marketing plan.   If your receivables are too low, go talk to all the partners writing down your work and come up with a plan to fix the problem.   If the firm wants leadership, and you are not engaged, look for ways to get engaged.   Craft a plan to meet all of the requirements to make partner.   Hint-doing it in your head, doesn’t count.  Put it on paper.

Share the Plan;

            You know me, I am a big fan of self-promotion.  When you do something great you should share it.  Share your plan with your mentoring attorney, your department chair, your marketing partner, and anyone else who will listen.  Sharing it serves two purposes: 1-the reader may have some great suggestions of things you missed, need to tweak, or ideas to add to the plan and 2-it lets them know in advance that you are serious about becoming a partner and taking the initiative to make it happen. 

Execute the Plan:

            If you are really serious about becoming a partner you need to show your firm you are partnership material.  So, take the handy dandy written plan that you spent time creating, and begin allocating appropriate time on your calendar to start executing.  That is right- actually schedule the activities.  And, when the reminder for one of your partner activities pops up, resist any temptation to cancel or move the activity.  You are a lawyer.  You will be just as busy next year as you were this year.   Busy doesn’t count-progress counts.  So, take control of your own destiny now and schedule the time to execute your plan.

Voila!  If you follow the strategy at this time next year, you will know exactly where you stand in terms of becoming a partner.  If you craft a good plan and execute your plan you will dramatically increase your odds of winning the partnership prize.  The best news, when your time comes, it won’t take a lucky tie, rabbit’s foot, or begging to help you get the needed votes.

About Jonelle- Jonelle Vold helps professional service providers build thriving books of business by aligning their daily activities with their personal goals and career aspirations.  A mother of twins, former Assistant Dean at a tier-one law school, attorney, and seasoned sales professional, Jonelle understands the challenges of high-level professionals.  Her coaching philosophy is every person has the ability to be a rainmaker by living with integrity and doing business with intention.  You can reach Jonelle at jonelle@jonellevold.com or www.jonellevold.com.   Women's MasterMind group starting in January, 2012. Are you a woman in business that would benefit from having a personal board of directors?  Do you need some help holding yourself accountable and staying motivated?  Would you like to have a support system of brilliant professional women to bounce ideas off of?  If so, the Women's Mastermind group may be exactly what you need.  Contact jonelle@jonellevold.com for details or go to http://tinyurl.com/4xhchav Labels: