Bd blackbelt alliott 010412 Alliott Group 2012

Becoming a Business
Development Black Belt

Facilitated by
Jennifer Wilson
January 12, 2012
www.convergencecoaching.com
©Copyright 2000-2012
ConvergenceCoaching, LLC
All rights reserved.

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

All rights reserved. 2

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


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


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 – New
Business 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 Tracy
Bestselling Author


Motivate Yourself To
Get 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

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!


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
Sample Pipeline
Owner Prospect Contact Lead Primary Last Next Next Approx. Close Est. If Deal
Co. Name Source Interest Date of Follow- Follow Services Proba- Close Lost,
Contact Up Date Up action Value bility Date Why?


Target Account
Pipeline
Sample Target Pipeline

Rel. Target CEO/ CFO Current Current Primary Last Date Next Next Notes
Mgr. Co. President Contact CPA Firm Auditor Interest of Contact Follow Follow
Contact Name Up Up
Name Date Action


Sample Referral
Pipeline
Referral Referral Source Contact Telephone E-mail Last Date Next Clients
Owner Company Name Name of Contact Follow-up Referred to
Date 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
Jennifer@convergencecoaching.com
http://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


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


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

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_Role
s.pdf
• Marketing Management by Peter Dickson


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


Social Media
Resources
• 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/Newslet
ters/Articles_2010/CorpFin/LinkedIn.jsp
• Groundswell: Winning in a World Transformed by Social Technologies
by Charlene Li and Josh Bernoff (Harvard Business Press, 2008)


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/201033
10.htm
• “Seven Essential LinkedIn Connections”
– http://www.socialcpas.com/2011/02/seven-essential-linkedin-
connections.html
• Social CPAs
– http://www.socialcpas.com/

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_
tweet_politely.html


Networking And
Referral Source Articles
• “Get Networking on the Net,” by C.J. Hayden,
http://sbinfocanada.about.com/od/networking/a/netnetworki
ngch_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

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

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

Bd blackbelt alliott 010412 Alliott Group 2012

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Bd blackbelt alliott 010412 Alliott Group 2012