consider what the next generation of practice leaders faces.
by martin bissett
passport to partnership
the passport to partnership study collated a number of responses in a conversational style. the need for professionals who can remain calm in the storm is showcased below and was repeated many times in various different ways.
more: keep business development going during busy season | health, wealth, stealth: challenges on the path to partnership | don’t let recurring fees kill your practice | rate your personal purpose | five ways to make selling easier | six keys to getting a proposal accepted | tell the world your worth | four surprising keys to communication | culture can’t be ignored
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the expert council
what is going to be the single biggest challenge for the next generation of practice leaders?
“my experience is that it is two things.
“firstly you’ve got to get the fundamentals right. there’s no point in trying anything clever if you’ve got giant leaks in your business development pipeline. if you find yourself saying ‘we get all our business from word of mouth,’ if you haven’t built detailed profiles of your ideal clients, if you don’t understand the business triggers that cause them to change suppliers, if you don’t have three or four lead generation strategies you’ve mastered or you don’t have a pre-planned process in place for follow-up then you’re probably in trouble.
“once you do have those fundamentals in place then your advantage, by its very nature, must come from something that’s unique to you.
“every firm and every individual is different. we all have a unique set of skills and capabilities. by systematically reviewing what it is your ideal clients really value and matching that with your specific capabilities you can almost always find something that sets you apart from your competitors.
“and the truth is that most of your competitors aren’t really that great at marketing. so even if they could reproduce what you’re doing, it’s highly likely that they won’t.” – ian brodie, marketing strategist
“the bottom line is that we are set for more change in the next five years than we have seen in the last 20 years. those changes will be driven externally compared to the last 50 years when change has largely come about because of ‘internal’ change driven by regulators. i foresee access barriers being removed and geographic boundaries being widened.
“what to do? now isn’t the time to bury heads in the sand or procrastinate. now is the time for innovative planning and implementation. now is the time to advance the quality of client service. now, more than ever before firms need to be clear regarding their roi proposition to clients. now is the time to specialize – by industry and by service.
– mark lloydbottom, practice management strategies
“early adopters for the amazing it that is driving efficiencies for compliance work would lend itself to increasing market share at low prices for that compliance work. aggressive acquisitions to complement this is a massive opportunity.
“additionally the insatiable appetite to broaden the range of services building on client loyalty is equally as opportunistic. right now tax strategies, wealth management and general insurance opportunities are the winners.” – gordon gilchrist, 2020 group
