How Will Your Firm Hit Revenue Targets for Next Year?
For some lucky professional firms, you can just keep doing what you did last year to hit your targets. Rather like buying a property in a good area and waiting for the real estate prices to go up,. you can just sit there, do little and get a return.
Other firms in markets like law and accounting have to fight hard for their growth. The good clients are worth fighting for, and it’s not a given that you’ll get them. Your competition are predatory and skilled. If you’re going to hit your growth targets, you must rely on your technically gifted but sometimes BD deficient professionals to bring home the bacon.
- Have you got an army of confident and highly effective work-winners driving your growth?
- Do you rely on a few senior partners and experienced hands to bring in the work and feed the machine below them?
- Perhaps you’ve got a dedicated BD specialist or team that go out hunting to bring back a few kills?
Which of these will give you year on year sustainable growth? Which of these is scalable? Which one also solves your succession plan by equipping a cohort of technically strong below-partner level professionals to bring in new business for the firm? Only one.
Not Many Options Work When It Comes to BD Training
Winning work is the #1 challenge facing professional firms today. If you’re even going to stand still from last year, somehow need to upskill your people in the area of winning work. There are plenty of training options to do this. They include the following:
- External training workshops
- Online learning
- Internal training workshops
- Informal coaching
- Self-directed learning
All of these have severe drawbacks, as shown here. The only one we’ve found to work (as proved by lasting behavioural change, embedded work-winning habits, confidence and strategies to go out there and win work, plus good old fashioned ROI) is an academy approach over a period of time.
“Despite revenue growth being job number one, the capability for companies to win business is now lower than pre-2000 levels.” Sales Performance International White Paper
Overview of a High Performing BD Training Program
The BD Academy (BDA) is a bespoke one year training program with a proprietary process that turns your rising stars into confident, effective rainmakers. With an optional year two and three, the BDA focuses on the key skills of high level networking, referral generation, reputation building and selling. The training is engaging, real world and practical in nature. ROI is significant and long lasting. Here is an overview:
- Content. The BDA has three phases of BD training – BUILD (relationships, reputation and networks) LEVERAGE (referrals, introductions and relationships) and SELL (proposals, RFPs, cross-sales and pitches).
- Topics. The BDA focuses on the key BD skills of high level networking, profile raising, authority marketing, referral generation, reputation building, pitching and selling.
- Duration. After initial positioning and prep work, the BDA comprises a one year program called FOUNDATION, with an optional year two (MASTERY) and three (LEGACY) to graduate.
- Commitment. The F2F option is 10 half day F2F sessions. Light homeworks, short online videos and other touch points reinforce learning.
- Rainmaking DNA. Students need the SKILL (style, strategies, scripts), the WILL (appetite, motivation, ambition) and the SYSTEM
(processes, habits, CRM) to win new work.
- Philosophy. The BDA proprietary approach preps your people for learning, delivers engaging F2F or remote training and offers lots
of tracking and incentives to ensure execution.
- Benefits. The BDA gives you more revenue, confident rainmakers, strong success planning, attractive recruitment, more market share and the means to serve your clients better.
- ROI. Expected ROI is around 10:1, going up to 20:1 by year 3.
If you wanted to add up to £5m of new revenue to your business over the next 3-5 years, how would you do it? You can spend on email marketing, advertising, PR and telemarketing, but it’s not sustainable. For high ticket professional services, you need strong relationships, powerful networks, a formidable reputation and an army of rainmakers to win the work. The BDA program delivers on this and builds you an engine room of confident, effective rainmakers and work winners to sustain your future growth. Might it be a fit for your firm? FInd out by contacting us for a chat…