Loading...Growing Your Book Of Business – Multiplying Scales
May 9th, 2012 in Business Development, Leadership
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Tags: Business Development, Leadership, Leading in a Downturn, Leading Teams, Personal Effectiveness, Strategy Development & Execution
Accounting partners know how to multiply and divide. Unfortunately, they don’t always know what choice to make when it comes to growing their book of business. Seth Godin’s simple example shows the clear choice. I will borrow his language and his logic and tailor my example to the professional services firm.
Let’s say you have a list of 30 prospects (made up of current clients and other potentials with whom you haven’t worked yet but would like to). You have a choice to make.
1) You can create stories and options and benefits that naturally spread from this group to people they know, and your core group can multiply with 30 growing to 60 and then 600 (Some partners succeed in building a name for themselves by becoming a subject matter expert and becoming known through speaking engagements, writing etc. It takes some great stories, options and benefits to make this work).
OR
2) You can put the original group through a sales funnel, weed out the ones that don’t fit your “ideal client” type and monetize the rest. A 30% conversion rate means you just turned 30 prospects into 9 new engagements.
Multiplying scales. Dividing helps you make this quarter’s numbers (and keep your equity partner status!). We know you are great at math but let us know if you need some coaching help on this equation.
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