Measuring more of what matters in your professional services firm
Too often the “feel good” factors and recency of wins overtake facts when it comes to measuring the success of business development initiatives and financial health of many professional services firms. Properly dimensioning real individual contribution to financial success of any professional services firm requires assessment of more than simply personal fee production. (Measuring personal […]
Continue ReadingMeasuring client satisfaction – a win-win-win situation
Preliminary results from our research study with ALPMA, Winning work in a digital world, indicate that 64% of Australasian law firms do not have formal processes in place to measure client satisfaction. This means more than half of firms surveyed spend time, money and effort to win work and clients, but fail to follow-up in […]
Continue Reading7 marketing and business development musts for law firm prosperity in 2015
Our recent Taking the Pulse research with ALPMA found that firms with “well-developed” or “sophisticated” marketing and business development (BD) functions were generally more successful and had a better financial outlook (51% reported fee revenues of $10M + a year, and 43% expected more than 10% revenue growth) than firms with less sophisticated, or “under-developed” […]
Continue ReadingMeasuring business development success
Too often, the “highs” generated by recent wins can over-shadow the facts when it comes to evaluating the success of business development initiatives. It’s a great idea to develop some formal metrics for measuring business development success. Tracking these will be useful: number of proposals to established clients number of proposals to established clients for areas beyond […]
Continue ReadingBusiness development metrics
So many professional service firms we meet bemoan the track record of most of their folk in developing new work and new clients in attractive niches. More than occasionally a practice leader confides that their technically competent team knows only how to “feed on the carcasses I kill” or “live like a leech on me”. […]
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Closed or invitation only tenders, bids and proposals
Firstly, what are closed or invitation only tenders, bids and proposals? In addition to the generally well-understood terms ‘tender’, ‘bid’ and ‘proposal’, there are ‘open’ and ‘closed’ processes, and then variations within each that can apply to professional services procurement. Open or public tenders, bids and proposals An open tender is just that, open to […]
