Reigniting your commercial focus
Have your BD efforts become stuck in a rut? Or has your business lost its drive? It happens. But, as Duncan Edgecombe, founder of DJE & Associates explains, there are some tried and tested ways to reignite your commercial focus.
Why worry about tomorrow when you are busy today? Even with the best intentions in the world, business development priorities can quickly slide down the priority list as we become engulfed with today's workload. Months pass - before you know it, you are a year on, probably setting the same objectives again. Does this sound familiar?
If this scenario strikes a chord, you are not alone. I have spoken with many people from many industries, and these issues are much more common than you think.
Embedding a Culture of Transparency and Accountability
The importance and purpose of setting short- and long-term business objectives is generally accepted. However, some businesses do not have a structure in place to maximise results. Everyday pressures mean that many still need help to stay on track and achieve their targets. In my experience, a vital issue can be the commercial culture of the business. A targeted shift to improve behaviours can unlock efficiencies and make a significant difference to business development.
Businesses that embed a culture of transparency and accountability are better positioned for long term, sustainable growth. Here are my tips to help firms move from a culture of surviving to a culture of thriving.
Communicate
Open and honest communication is vital. Carefully consider the impact of how you choose to communicate your firm's objectives and to whom. A common mistake is only sharing the firm's objectives on a 'need-to-know' basis. This approach assumes partners or senior staff will share it succinctly with their teams, and the message will cascade throughout the firm. My experience tells me this approach can leave both an inconsistency of message and uncertainty about who hears it. This can erode trust in the organisation, which is never a desirable outcome.
Create Purpose
Communicating your objectives firmwide will make people feel part of the vision. Include everyone, from the fee earners to those in business services, as each person has a crucial role in your firm achieving it goals. It’s also a valuable opportunity to demonstrate your implicit trust and confidence in them to make it happen. Bring the whole firm together, perhaps with a 'town hall' type of event, or if you are a larger organisation, try a live webinar or pre-recording a video. Share your growth targets and express your strategy; excite people about where the firm is heading. Do not make this an isolated annual event but quarterly to highlight progress and reiterate priorities once more.
Give Responsibility
Instilling a culture of collective and individual responsibility is paramount. Establish metrics to reinforce the firm's expectations for each team and individual. The accountability metrics should be two-fold. Not only fulfilling their commercial targets but also demonstrating the values of the firm in the way they interact with one another and the service they provide clients. Behaviours build cultures. We all have different motives for the work we do with most of us relying upon the financial income it provides to sustain our lifestyle and commitments. Therefore, a financial reward should be attached if the commercial and cultural targets are met or exceeded.
“Remember that each person is different, and what acts as a carrot for one may serve as a stick for another. Team leaders must first strive to understand their individuals and then create a plan to achieve the best from each person and the whole team.”
Utilise Technology
While this can be done manually, technology offers the most efficient method. A CRM (customer relationship management) platform is the most common solution. It can automate the process and provide customised reports and dashboards to pinpoint individual, team, and firm performance. Use these reports to form an integral part of the agenda for all your meetings. Data driven reporting offers the presentation of the facts, removing speculation for what is being achieved and by whom.
Review…and Remain Strategic
Markets, circumstances and personnel change so your business objectives and strategy should be flexible and reactive when required. Organise regular sessions to review progress monthly or quarterly amongst the senior staff. As a note of caution, try not to take the easy way out and make soft excuses for a lack of commercial performance. Sensibly review and remain strategic - don't let emotions sway your decision-making.
Celebrate Success Together
Regularly share your firm’s wins and highlight the lessons learnt. Success is a robust motivational tool and is proven to build momentum. The most effective organisations celebrate their achievements together, making it part of a supportive and collaborative culture where people can take ownership of their success and share in collective triumphs.
Remember, Your People are Your Brand
I firmly believe people buy people, and this is no more true than in professional services. Before forming DJE & Associates, I worked for 15 years in-house and learned all firms have unique cultural nuances and intricacies. Still, those with a culture focused on supporting and enriching people to do their jobs to their best ability are generally those who succeed.
I created DJE & Associates to offer clients empathic and pragmatic business advice and marketing services that empower organisations and individuals to realise their commercial potential. The notion that businesses can continue to adopt a ‘one-size-fits-all’ BD strategy to engage their staff and reach prospective clients is outdated and inefficient.
Need help reigniting your commercial focus, speak to us today.
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