Blog
Category: Strategy
Common mistakes when creating a business development plan and how to avoid them
While most BD plans are very impressive looking documents, the hard truth is that few work effectively and most never make it out of the top drawer of the partner’s desk. What fails isn’t in the idea of business development - it’s in the way the firm’s business development plan is designed, governed and lived.
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Why your cross-selling efforts might not be working and what you can do about it
Most professionals fail miserably at cross-selling. Their firm’s cross-selling efforts feel ad hoc, dependent on individual rainmakers or are overly reliant on enthusiasm rather than strategy. So here are some identifiers of what might be holding back your firm’s cross-selling, as well as some steps you can take to fix it.
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Trust-based pricing: when relationships set the price
For some time now we have been told that the onset of artificial intelligence (AI) will doom the billable hour and that value-based pricing is the future. But, what if they are wrong?
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Strengthen client loyalty and staff development by introducing junior team members early
We often hear feedback that clients wish they had the chance to meet all the professionals on the team. But, as anyone who has worked in professional services can tell you, client relationships are carefully cultivated and often closely guarded by senior partners and/or client relationship partners.
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How to attract high-value clients
High-value clients gravitate toward firms that are intentional about how they present themselves, what they do, who they serve and what value they are delivering to their clients.
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10 ways AI will change your firm’s pricing
Fundamentally, AI will bring discipline to pricing by offering firms real-time insights, automating routine processes, and revealing patterns that help partners and pricing teams make better decisions.
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How do you attract more clients like your most profitable clients?
Knowing the 80/20 Rule applies to most professional services firms, why aren’t you doing more work for the 20% over the 80%? In this article, we look at five key strategies to do just that.
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Why you should niche: the power of specialising
While it is always nice to hang out with the high rolling “full service” firms; today, if you want a chance of maximizing your profit opportunities, it is a far better strategy to market yourself as a niche practice.
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Blended rates and how they can help with your pricing strategy
Adopting and implementing the right pricing strategy is critical for any business looking to balance profitability, competitiveness, and stay in business. A pricing approach that often gets overlooked in this discussion is blended rates.
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Why horizon scanning is critical to the success of your business development efforts
Horizon scanning is a critical strategic tool used to identify and analyse potential future trends, opportunities and threats. It is the process of systematically identifying and assessing potential future developments that are likely to impact your professional practice.
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The law of supply and demand doesn’t apply to the pricing of professional services
It’s a foundation principle of economics: Supply and demand determine price. Oversupply will reduce prices. Increased demand will increase prices. However, this fundamental principle – that drives most of the world’s economy – doesn’t apply to professional services!
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10 benefits of having a Key Client Program
In a recent post, we discussed implementing a Key Client Program (KCP). In this post we want to expand upon that and discuss what the benefits are of having a KCP – and trust us, there are plenty more than the 10 listed in this article.
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