Questions & Answers

1. Question: Why should I have to be responsible for bringing in new business?

   Answer: Here’s a new way to think. Business doesn’t just show up at the doorstep. Everyone who is in a profession, whether working on their own or with others, has a responsibility to bring in new business. As a professional, you really are responsible for bringing in roughly 3.5-5x your salary + benefits (including bonuses) to make the math work for the firm’s continued success.
   
   The real question is not whether or not you need to do it, it’s HOW can you do it best? Some people thrive on being highly visible, by writing articles and serving on speaking panels. Some professionals attract new business because of a very unique and narrow niche. If I’m the #1 attorney for getting approvals for new medical devices, that’s where I should concentrate my expertise. If I’m known as an expert in highly contested divorces between dual professional parents, that’s where I should find ways to showcase what makes me the best fit for that type of client. Once you understand EVERYONE needs to bring in business, it’s easy to shift the focus to: What business could I bring in better than others?




2. Question: I’ve taken some assessments and found out (not too much of a surprise to me) that I’m an introvert. How in the world can anyone expect me to be a rainmaker?

   Answer: Many introverts become highly successful rainmakers. What it really takes to be successful at this work is the confidence and the competence that you demonstrate daily in the work that you do. There’s nothing “different” about winning new business than there is about solving big problems. You just need to learn a sustainable system, be clear about your own strengths and how to use them in the context of that system, and, keep yourself accountable for results. Having an accountability partner (someone you designate, who you know will hold you to your goals) is one of the best ways you can make sure you stay on task.




3. Question: How can I ever balance the need to serve clients (and be billable) AND still do the kinds of meaningful business development that you talk about?

   Answer: You’re going to plan out a practical approach that draws from your strengths to identify potential new clients, learn more about them, help them learn more about you and interact. There are all sorts of ways that you can plan your time so that this fits, and in doing that, you’ll get some balance. Three quick ones: Plan out your month and your week as far ahead as you can and only plan 70% of a normal day. Set a timer on work that you know will be intense --- see if you can learn to shave 10-15% off it, and then kick in more time for business development. Set up some systems (writing personal notes to people on Sunday nights, early morning phone calls, regular attendance at meetings where people who fit your ideal client would attend) and plug those in to the standard schedule. What you’re really doing is taking control of this responsibility and not letting the pressures of your client work overwhelm you.




4. Question: Everyone talks about referrals. I’m so uncomfortable asking for them. HELP!

   Answer: This important question needs to be turned upside down.

   • First, get crystal clear about your ideal client. Who do you serve best? Describe them in terms of demographics (If it’s a company, how large? In what industries? What geographies?). Next, try describing what they want and need? Be careful here --- it’s doubtful that they “want a CPA,” but it’s probable they want an outside expert to help their company achieve higher profitability.
   • Next, think about people who are connected to those types of people, who know and respect you and your work, and are close enough to you that you feel comfortable calling them.
   • Now, connect with them. In person is best. Describe to them your intention to grow your business, the kinds of people you serve and how you’d deeply appreciate their help. Don’t ask for referrals though. Ask for in-person introductions (I call them invitations) where the three of you can get together.

   If you follow this approach, and have at least 3-7 of these people on a regular communications list, your referral results will soar and they will be extremely grateful to have been able to help someone they know find a terrific professional to work with. The reason we say “turn it around” is because the traditional way of asking for referrals is all about you… this way, it’s all about giving someone who knows and respects your work a chance to help someone that’s important to them.