Effective business development for lawyers and other expert professionals is much more about leveraging synergies and “fit” than mere persuasion.
Business development requires time and resources. It’s all about making good choices about where to invest scarce time, energy, and financial resources.
Yet still we observe far too many lawyers running after any opportunity to make their sales pitch. Those same lawyers often complain that they’re far too pressured and “time-poor” to do any homework.
Just like any financial investment, to make a sound business development investment, your decision should be based on sensible due diligence.
And, like financial due diligence, your due diligence process will comprise a series of questions.
- What are the legal issues the prospective client faces?
- Do they recognise the issues?
- Are there compelling reasons for the prospective client to take action?
- How soon? Now?
- Or, will they simply talk about the problem and live with it?
- Is the issue more important to them now than in the past?
- What are the financial, competitive, and compliance impacts of the problem?
- How will your solution improve their situation and positively impact the client?
- What alternatives does the prospective client have to engaging your services?
Negative answers to these due diligence items are indicative that the prospective client may have a long way to go to become a client at all - let alone yours.
Before you invest your precious time, energy, and resources in demonstrating that you’re the right lawyer and best choice, do some disciplined due diligence to check their need recognition and propensity to buy professional support at all, and from you.
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