BD ≠ networking drinks
If Family Fortunes (for those born post 2000 – explanation here) surveyed 100 professional services practitioners on what activities are involved in Business Development (BD), then we’re pretty sure that networking drinks would come in as one of the top answers.
We think that’s a shame. It’s obviously not a wrong answer. But why focus on the one activity most people in the professions fear more than the dentist when there’s a whole panacea of other options available to you.
This week, we’re getting personal. Done well, BD is an extension of your character. You have to mould your BD activities to reflect you as a person. Here’s three tips to get you going. Enjoy.
#1. Find your splendid splinter
Whether you are an accountant, lawyer, BD professional or engineer, becoming the very best you can at something is a brilliant way to get you noticed by customers and peers alike.
For those reading this week at the more junior end of their careers, pile into Gen AI, learn everything you can and become the go to expert within your firm to solve AI related questions.
For those more advanced in their career journey, there’s still hope! Get to grips with a new market dynamic, international regulation, updated code of conduct, revised accounting rules etc.
Once you have found your splendid splinter, make sure EVERYONE else knows about it. Use your BD techniques and activities (see below) to inform customers and peers that you are the go to person for advice on your topic of choice.
#2. BD your way
The range of BD activities available means that there is something for everyone. FACT. To say you’re not good at BD means you’re either very narrow in your view of the BD tools out there or you’re simply not trying hard enough.
The reality is that whatever BD activity you choose, it has to be authentic and suit your own style and personality. So, if you don’t like networking functions and having to make conversation with complete strangers, DON’T DO IT!
Our advice is simple:
- Choose 3-4 business development activities from the list that you enjoy (or, at the very least, don’t hate). Ensure that at least one activity is outside of your comfort zone.
- Set yourself a challenge to conduct each activity at least once per month.
- Maintain a record of which activities:
- You enjoy most
- Generate greatest Return On Investment (ROI)
#3. And repeat. And repeat. And repeat. And repeat. And repeat. And repeat. And repeat. And repeat.
An ex-colleague of ours once compared the memory of most General Counsel’s to that of a goldfish. What he meant by that was that they will likely use the person they last saw or received something from when instructing outside counsel.
Once you have your stable of go to BD activities, be rigorously efficient in performing them consistently. Do not get disheartened if your updates receive no replies and your social posts are not given a thumbs up. Persevere safe in the knowledge that the process works. Remain front of mind and you will win work.
Business Development activities
We’ve given it a go to compile as many BD activities as we can. Have we missed any? Let us know.
Client Relationship Management
- Regular client check-ins
- Client entertainment
- Client feedback surveys
- Client alerts & updates
- Client training
Networking and relationship building
- Industry conferences
- Professional associations
- Referrals & introductions
Content marketing & thought leadership
- Writing articles
- Blogging
- Case studies
- Newsletters
- White papers & reports
Social media
- LinkedIn articles
- Engage with others’ posts
- Podcast guesting
- Webinars
Client acquisition & pitching
- Pitch presentations
- Proposals and RFPs
- Cross-selling services
- Client “cold” outreach
Internal firm initiatives
- Collaboration with other departments
Personal brand development
- Speaking engagements
- Awards & recognitions
- Media contributions
