bd blackbelt alliott 010412 alliott group 2012

www.convergencecoaching.com©Copyright 2000-2012

ConvergenceCoaching, LLC All rights reserved.

Becoming a Business Development Black Belt

Facilitated byJennifer Wilson

January 12, 2012


ConvergenceCoaching, LLC All rights reserved. 2

Our Objective

• To give you confidence and ideas for specific actions you can take to develop your business development skills and that of your team to really impact the firm’s top line



What Are Your Biggest Biz Dev Issues?• What are your firm’s most significant business

development issues?

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Level Setting

• In public accounting, we often use “mixed” terms when describing marketing and sales activities– Many call the combination of marketing and sales activities “business

development”

• You may have opportunities to develop further in all 4 “main” areas:– Corporate marketing– Personal marketing– Sales methodology and approach– Sales process and reporting

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Your Marketing And Sales Activities • For purposes of this workshop, we’re going to focus on

personal marketing activities that generate new opportunities and fill your pipeline– Versus organizational branding and firm-wide lead

generation activities • When there are personal marketing behaviors or

activities that you want people to exhibit or undertake …look to see if you’re doing them yourself first– People approach change differently and they will mirror your

behavior



Change Management Success Factors• Lead by example

– Be open to new ways of doing things – Embrace the change yourself – Stay positive in the face of change

• Keep your commitments – No surprises!

• Communicate, communicate, communicate – Set expectations and be honest about the good and the bad– Provide updates and status – Use different mediums to address the different communication and

learning styles of others



Kinds Of Business Developers• First, identify what kind of business developer you

are and then work to understand the business development acumen of each your professional services team members: – Sales supporter -- responding to opportunities generated

for them• They support sales activities, including following up and closing

them on their own at some point, to generate new clients– Client server -- focusing on delivering services and adding

value-add services to existing clients • Their business development focus will consist of retaining existing

clients and uncovering new opportunities to serve them



Kinds Of Business Developers

– Community developer -- generating prospects in the communities they currently serve • They’ll share what they do for a living and the difference they

make for your clients • During some of these interactions and building relationships over

time, they’ll generate new opportunities for your firm – The “big dog”– acting as a “thought leader” and rainmaker

• Conducting activities in their current communities and clients and expanding their communities where you can become known as an “expert” in specific niches, industries, technical areas, etc.

• Participating in marketing activities such as speaking, teaching, gaining “ins” in new associations, tweeting, etc.



Your Focus As A Business Developer• What kind of business developer are you?

– Sales supporter– Client server– Community developer– A “big dog” business developer and/or thought

leader• What insights do these categories provide you

related to your shareholder group?



Create Personal Marketing Plans• Once you’ve identified each individual’s business

development acumen and aspiring capabilities, you can help them develop one-size-fits-one personal marketing plans and goals

• These plans should be developed annually and reviewed quarterly (with your marketing professional or their career advisor with some feedback loop to marketing) – Incorporate them into the performance review process,

too



Your Rainmakers And Thought Leaders• Then you can identify those who are “special” so you can:

– Help those with specialty technical or industry expertise become thought leaders

– Understand those who are your potential “big dogs” and cultivate and support their efforts

• Certain partners and managers have the interest, ability, and tenacity to be your true business developers – The first trick is to identify who they are! – Doing so allows you to differentiate your investments between your

business developers vs. your entire team– Plan to develop programs and focus your attention and time on those

truly capable of generating revenue for the firm



Goal Examples – NewBusiness Development• Bring in X new audit clients from contacts generated by me worth

$XX,XXX by XX/XX/XX • Refer $XXK in new business for our OTHER SERVICE LINE by

XX/XX/XX• Conduct an average of 4 referral source or prospect meetings per

month, or 48 meetings in total by XX/XX/XX; track these meetings and their outcomes/next steps in our CRM or in Excel

• Increase revenue per client for my top 10 clients by XX% by XX/XX/XX



Defining And Targeting Your Firm’s Ideal Clients



Anyone that walks in the door willing to engage your services is not necessarily

the next RIGHT client.



Why Sell Strategically?

• Because strategic selling starts with defining your ideal target client, allowing you to focus your scarce resources on opportunities that make a positive difference for your firm– Identifying ideal clients and targeting them enables you to

build niches or service lines more effectively– Landing ideal clients enables you to say no to the less-

than-ideal clients and projects– When you sell with intention, into your sweet spot, you’re

more efficient and productive



Your Ideal Client Vision

• To sell strategically, the first step is to define your ideal target clients

• Each service line and industry group should define their ideal target client by focusing on segments where you show the most success by:– Size– Type of entity– Industry or sub-industry – Needs– Location– “Psychographic” factors (culture, ownership make up, etc.)



Some Examples Include…• Tax –

– Focus mainly on business returns for corporations, partnerships and not for profits where that generate $X,000 - $X,000 in fees per client

• Construction – – Large commercial builders of $XX million or more in revenues or

residential builders of $XX million or more in revenues• Healthcare –

– Multi-state integrated healthcare delivery systems, skilled nursing facilities, long-term care facilities, home healthcare agencies, physician practices, senior housing facilities, and mental health clinics

• Family Businesses – – Family-owned businesses that have growth opportunities with a

variety of needs from corporate and individual tax planning and compliance, estate planning, retirement planning, etc.



Who Are Your Ideals?

• Who are your ideal target clients for your particular industry, service line or niche? How do you define them?



Finding Your Ideal Target Clients• Determine where you will find and reach your ideal target

clients – Within your existing clients (unless you’re conflicted out)– Within your firm – Client referrals, referral sources and other CPA firms– Trade conferences, associations and/or publications– Social media sites– “Top 25” lists

• Most cities have a top 25 doctors, construction companies, etc.– Web searches including Google, LinkedIn or other niche or social

media site – National list brokers, such as Hoovers or Dun & Bradstreet– Niche list brokers



Narrow Your List

• Next, determine which accounts you will proactively pursue– From your entire pool of potential prospects, narrow first

by geography or relatedness (warmest first)– Then identify accounts that fit (or you think may fit at this

point) your ideal target client profile– Create a “short list” of possible target accounts and send it

to your partners and managers (or entire team) to see who they know in those accounts• LinkedIn can help with this if you’re all connected to each other

– From there, you should be able to identify a list of target accounts that you can assign, prioritize and work



Define Targeted Account Selling Expectations• The sole job of the relationship manager is to build

strategic relationships with the key contacts of the account

• Each relationship manager assigned to targeting accounts, should: – Be the primary interface for the target account at the

“corporate” level– Define the activities and approach to “work” the account– Develop strategic relationships within the organization – Keep your partners and others informed about the status– Act as the “go to” person within your firm regarding any

questions about the account



Building Relationships

• Find out who you may know at your target account or who you know that knows someone – When you’re conducting research and asking around,

always look for people you know who know key people there

– Search the contacts of your target account on LinkedIn or other social media tools



Using Social Media To Target Accounts And Build Your Brand



Question

• Which have you done?– Created a LinkedIn account but haven’t done much since– Added over 100 connections on LinkedIn – Created your firm’s profile on LinkedIn– Have a personal profile on Facebook and have made some

friends– Created your firm’s profile on Facebook– Sent tweets on a weekly basis (at a minimum)– Have a firm or specialty blog– Posted a video on You Tube



Why Do You Have To Be There?• Your competitors are out there gaining strength

by using social media to: – Build brand recognition through thought leadership

– especially in defined niches • Writing blogs• Joining groups on LinkedIn (or starting a group!) • Replying to discussion forums• Sharing information by tweeting it

– Build their networks and therefore find “warm” ways into potential clients



Why Do You Have To Be There?• Use it for target account selling• Win more opportunities using information gained about

contacts to influence pursuit strategies• Recruit candidates

– LinkedIn is THE place professionals are going to find new career opportunities

– Facebook is effective in recruiting college graduates and Gen Yers • Improve firm search engine optimization

– Your social media pages drives more traffic for your firm and ultimately increases your “page ranking” in searches



Building Sales Relationships



Build Relationships With Your Targets• The next step after you identify your target accounts and key

contacts is to build a relationship with them• Extend an invitation- you’ll be surprised at the yes answers

you’ll get! – Invite a key contact to lunch, golf or to meet at their office – Express your interest in exploring ways to collaborate and share

ideas that could help them on issues facing their company or industry

– Work to position yourself as their “2nd” choice



Understanding Your Target’s Business• Learn about your target account’s industry and their

business – Conduct research online

• Their web site, social media and industry blogs • Google for other news and associations

– Subscribe to industry publications, join trade associations, join LinkedIn groups, subscribe to blogs and Twitter feeds

– Ask around • Within your firm• Within your referral network• Within your social and personal networks



Building Relationships

• What actions can you take or activities can you engage in to start a relationship with your target accounts?



Stay In Touch

• Create opportunities to stay in communication with your target accounts – Ask permission to add them to your newsletter distribution or firm email

lists– Invite them to join a group on LinkedIn or subscribe to your blog– Offer to help them on a project – let them “test drive” your services– Send personal notes or articles relevant to their industry or business – Introduce them to people in your network – Invite them to firm events– Participate in associations, events or social causes

• But be careful – only do so if you are genuinely interested • Remember, trust is based on motive and people don’t want to be sold



Share About Your Firm

• The number one mistake you can make is to not get to know your contacts and understand their strategies and challenges and demonstrate how you can help them

• Be proactive in sharing with your target account about the services you can provide and the difference these services can make – Be sure to tell them how you can help them achieve their goals or

solve their problems and relate this to other clients they may know– The more related you are and the more you know them and their

business, the easier this will be to do



Applying These Ideas To Other Constituencies: Networking And

Referral Sources



“Get around the right people. Associate with positive, goal-oriented people who

encourage and inspire you.”

Brian TracyBestselling Author



Motivate Yourself ToGet Started• Some people view networking as “old school” and

“un-cool”• Encourage your people to participate in organizations

that reflect your interests and activities• Each person must look within their own life for

places to make contacts and explore one of these areas within the next year to begin developing their network



Re-energizing Your Networking Strategy• If you were an active networker in the past, or are

recommitting to networking because it has become “worn and tired,” consider these ideas:– Identify any groups that you should discontinue in favor of

new networking avenues• Invite another member of your firm to join the group and take

over your role or presence there if it still offers value to the firm– Take on a leadership role in one of your existing groups– Pioneer your firm’s use of online technologies– Change the “rules” you follow at existing networking

functions



Networking Avenues

• Which networking venues have you found to be the most successful? Why?

• Are their networking associations that would be beneficial for your firm to be represented at that aren’t covered?



Ensure Accountability

• All of the networking goals and tracking grids in the world won’t make a difference unless you are disciplined and accountable to an accountability partner

• Share and/or publish networking goals with other members of your team

• Consider storing a firm-wide referral source tracking grid on your firm’s intranet– More on this later…

• Share goals and “return and report” to other members of your team during regular marketing and/or sales pipeline meetings



Developing Referral Relationships• Through your participation in networking

groups and in your communities, you’ll identify potential referral relationships to cultivate

• Just as with target account selling, you’ll have more success when you’re strategic about these relationships



Consistent And Persistent• Be sure to meet with existing and potential referral sources

regularly – even during “busy” periods– If you’ve been doing this awhile, make a plan to reach out regularly to

your existing contacts– If your relationship has waned or not beneficial anymore, consider

adding new ones• Add them to your marketing database to ensure they receive

your firm news, invites, etc.• Find out what’s going on in your referral source target’s

profession – Ask questions, read their trades, and keep current– Keeping up with what’s happening with them and their profession will

give you a good reason to outreach ongoingly

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Personal Meeting Tips

• If you can’t readily see the benefits, they may not be there– Don’t try to make things that don’t seem right

work – trust your intuition• Agree upon next steps and document them in

writing – Send them a thank you after each meeting!

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Clients Are Referral Sources And Targets, Too• Sometimes we make the mistake of thinking that it’s enough to:

– Deliver what we committed, when we committed it for the budget we committed

– Have our work be accurate– Be accessible (available) and responsive (returning calls and emails)

• We have to ensure we’re meeting these minimum expectations and then explore ways to go deeper and deliver more and to be different– Use a “keep, stop and start” approach to conversations to understand

how you’re doing and what more you could do



Clients Are Referral Sources And Targets, Too• We have to ensure we’re meeting these minimum

expectations and then explore how to go deeper and deliver more and to be different

• Meet with your clients outside of an engagement and ask: – What should we keep doing? (things you’re doing well or that are of

great value)– What should we stop doing that we are doing now? (things that

aren’t working)– What should we start doing that we are not yet doing? (new things

that will benefit them, their team or their organization)



Asking For Referrals

• If all is well with your clients, you can remind them that the best compliment that they can pay is to make a referral

• You can ask who they know or if they can make an introduction to any of your target accounts on your list– Check LinkedIn to see who they are connected to at your

target accounts or other similar organizations to theirs– Consider asking for referrals by name



Client Meetings

• Who has had recent meetings with client who didn’t have an active engagement connected with the meetings? – What were the results?



Networking And Referral Relationship Goals• As with all personal marketing activities, establish specific,

measureable and realistic goals for your networking activities• These goals may include:

– Joining (or starting) a specific association or group– Attending a certain number of networking meetings per year/per group– Gaining a certain number of online network contacts– Having a specific number of follow up meetings via phone or in person

with contacts you met while networking or targeted as a referral source– Scheduling a certain number of referral source meetings a month– Closing a certain amount of new business as a result of a referral from a

network contact or referral relationship– Conducting a certain number of check in meetings with clients



Setting Your Goals

• Use the Personal Marketing Plan to document your commitments in the area of client meetings, networking and referral sources– Take a moment to complete it and be prepared to

share – Also, consider sharing it with someone that will

help hold you accountable



Use A Pipeline Process To Track Your Opportunities And Close

More Business



Sales Pipeline Process

• Who has a sales pipeline process in your firm? – What’s working about it? – What would you like to see improved?



Managing Sales Opportunities• Implement a sales pipeline using an Excel spreadsheet

or CRM solution for all sales opportunities for your firm, which will give you visibility to: – The health of your sales opportunities – a leading indicator

for your firm– Resources needed to support your sales efforts and

ultimately to serve clients as new engagements are closed – Your priorities and the priorities of others in the area of

marketing, lead generation, and sales – A form of accountability for business development activities

by the partners, managers and business development and marketing professionals



Managing Sales Opportunities

– Eventual win/loss analysis to gain insight into what’s working and not working in your marketing and sales efforts

– Time priority in your planning process for opportunities and relationship management

– Big picture information and raise “red flags” that need to be dealt with quickly

• Consider one for prospective opportunities, referral sources and target account management



Using A Sales Pipeline To Close More Business• Each sales opportunity should be assigned an owner

– Each prospect should be rated A, B, C and have a single owner, next follow-up action, and a next follow-up date

– Owners should move their prospects through your sales methodology and regularly update the pipeline PRIOR to your pipeline meeting (which an admin can own)

– Sales management (often the practice leader) should meet with the “sales team” regularly, such as monthly during busy season and bi-monthly during slower (selling) seasons

– In your pipeline meeting, review and discuss the A and B opportunities and identify ways to move things along or remove road blocks



Sample Sales Pipeline

ConvergenceCoaching, LLC Sample Pipeline

Owner Prospect Co.

Contact Name

Lead Source

Primary Interest

Last Date of Contact

Next Follow-Up Date

Next Follow

Up action

Approx. Services

Value

Close Proba-bility

Est. Close Date

If Deal Lost, Why?



Target Account Pipeline

ConvergenceCoaching, LLC Sample Target Pipeline

Rel.Mgr.

Target Co.

CEO/ President Contact Name

CFO Contact Name

Current CPA Firm

Current Auditor

Primary Interest

Last Date of Contact

Next Follow

Up Date

Next Follow

Up Action

Notes



Sample Referral Pipeline

Referral Owner

Referral Source Company Name

Contact Name

Telephone E-mail Last Date of Contact

Next Follow-up

Date

Clients Referred to

You



Next Steps



Next Steps

• Identify what kind of business developer you and your team members are committed to be

• Refine your ideal clients for each service line and industry group• Identify your possible target accounts for each service line and

industry group• Develop a plan to build relationships with your target accounts • Stay in communication with your targets and find ways to make a

difference • Refresh your firm’s networking strategies• Evaluate your referral source management process• Track and measure progress regularly



Making Your One Commitment• Choose 1 idea from this session that you will

personally commit to apply to enhance your business development skills and close more business – Be prepared to share– Document what you’re willing to commit to on the “one

commitment” form and identify who will help hold you accountable



Thank You!

• Provide me your business card to be added to our distribution list for e-newsletters and web seminar invitations

• Contact us at any time!

Jennifer Wilson(402) 933-2900

[email protected]://www.linkedin.com/in/jenniferwilsonprofile

http://twitter.com/JenLeeWilson



Exercises, Tools, and Resources



ConvergenceCoaching Resources• ConvergenceCoaching’s web site includes information at:

– www.convergencecoaching.com • Read our Coaching Concepts newsletter:

– http://www.convergencecoaching.com/Current_eletter/wilsons_writings.htm

• Visit our blog for posts on these topics: – www.convergencecoaching.com/blog

• Visit our learning center for access to additional courses:– http://www.convergencelearning.com

• Visit us on Facebook: – http://www.facebook.com/convergencecoaching

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Sales And Marketing Resources• AICPA Marketing Toolkit

– www.aicpa.org/cpamarketing • American Institute of CPA’s PCPS

– www.aicpa.org/pcps • American Marketing Association

– www.marketingpower.com• Association for Accounting Administration

– www.cpaadmin.org • Association for Accounting Marketing

– www.accountingmarketing.org

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Sales And Marketing Resources• At the Crossroads: The Remarkable CPA Firm that Nearly

Crashed, then Soared by Gayle Crosley• The Art of Partnering by Ed Rigsbee, CSP• Breakthrough Business Development by David Miller and

Duncan MacPherson• Clients for Life: How Great Professionals Develop Breakthrough

Relationships by Jagdish Sheth and Andrew Sobel • Contemporary Marketing by Louis Boone and David Kurtz• Creating Rainmakers: The Manager’s Guide to Training

Professionals To Attract New Clients by Ford Harding

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Sales And Marketing Resources• The Discipline of Market Leaders by Michael Treacy and Fred

Wiersema• How To Establish a Unique Brand in the Consulting Profession:

Powerful Techniques for the Successful by Andrew Weiss• Love is the Killer App by Tim Sanders• Management by Bartol & Martin • Marketing and Sales Roles In Accounting

– http://accountingmarketing.org/pdfs/AAM_2010_Marketing_Sales_Roles.pdf

• Marketing Management by Peter Dickson

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Sales And Marketing Resources• PartnerShift: How to Profit from the Partnering Trend

by Ed Rigsbee, CSP • Practitioner Making Rain: The Secrets of Building

Lifelong Client Loyalty by Andrew Sobel • Rain-Making: The Professional’s Guide to Attracting

New Clients by Ford Harding

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Social MediaResources

• 100+ Resources to Boost Your Social Media Savvy: Top Tips & Advice from the Experts– http://www.interactiveinsightsgroup.com/blog1/100-resources-to-boost-

your-social-media-savvy-top-tips-advice-from-the-experts/• “A Brave New World With Social Media”

– http://www.accountingweb.com/blogs/sueatcpelink/continuing-education/brave-new-world-social-media

• “CPAs – It’s Time to Get LinkedIn” by Barry MacQuarrie– http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/

Newsletters/Articles_2010/CorpFin/LinkedIn.jsp• Groundswell: Winning in a World Transformed by Social Technologies

by Charlene Li and Josh Bernoff (Harvard Business Press, 2008)

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Social Media Resources• “Just a Tweet Away: Social Media In Accounting Firms”

– http://www.cpapracticeadvisor.com/article/10268147/just-a-tweet-away-social-media-in-accounting-firms

• “LinkedIn Tips for CPAs” by Robin M. Hensley– http://www.journalofaccountancy.com/Issues/2011/Mar/

20103310.htm• “Seven Essential LinkedIn Connections”

– http://www.socialcpas.com/2011/02/seven-essential-linkedin-connections.html

• Social CPAs – http://www.socialcpas.com/

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Social Media Resources• Social Media Governance: Empowerment with Accountability

– http://socialmediagovernance.com/policies.php– http://greatworkplace.wordpress.com/2009/09/22/200-sample-social

-media-policies-and-idea• Social Media Strategies for Professionals and Their Firms: The

Guide to Establishing Credibility and Accelerating Relationships by Michelle Golden

• Top Accounting Blogs– http://thedailyreviewer.com/top/accounting

• Twitter Etiquette– http://www.pcworld.com/article/169137/twitter_etiquette_how_to_t

weet_politely.html

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http://greatworkplace.wordpress.com/2009/09/22/200-sample-social-media-policies-and-idea

http://greatworkplace.wordpress.com/2009/09/22/200-sample-social-media-policies-and-idea

http://www.pcworld.com/article/169137/twitter_etiquette_how_to_tweet_politely.html

http://www.pcworld.com/article/169137/twitter_etiquette_how_to_tweet_politely.html



Networking And Referral Source Articles

• “Get Networking on the Net,” by C.J. Hayden, http://sbinfocanada.about.com/od/networking/a/netnetworkingch_2.htm

• Get Noticed…Get Referrals Build your Client Base and Your Business by Making a Name for Yourself, by Jill Lublin

• “Get Safe Online Expert Advice for Everyone,” http://www.getsafeonline.org

• “How to Profit from Networking,” Kelley Robertson, http://entrepreneurs.about.com/cs/networking/a/uc071703.-05z.htm

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Networking And Referral Source Articles

• “Networking is Even More Important and More Powerful for Business than for Personal Business,” by Wayne Baker, Ph.D., http://www.humaxnetworks.com/Print/p-boardroom.html

• “Online Social Networks Go To Work,” by Xeni Jardin, http://www.msnbc.msn.com/id/5488683

• “Sell Yourself with Networking,” by Ron Coxsom, http://career-advice.monster.com/job-search/professional-networking/sell-yourself-with-networking/article.aspx

• Workplace Politics and Personalities, by Gerald A. Vanim, Ph.D

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Networking Avenues

• Potential areas to evaluate when choosing your networking venues include:– Trade association meetings – Professional associations

• CPA state society and local chapter events, bar association meetings and financial organizations

– Board meetings• Include non-profit boards where you can meet bankers, lawyers

and other community influencers– Alumni organizations

• College alma mater events– Your own organization



Networking Avenues

– Sports or coaching affiliations• Sporting organizations include the health club, yoga class and

youth leagues, gymnastics, soccer, baseball and others– Country clubs– Civic organizations

• Chamber of Commerce• Rotary• Kiwanis

– Community service activities– Religious/philanthropic organizations– Non-profit functions– On-line social networking venues

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