business

Why having a watercooler in your office is critical for Business Development

You’d be amazed at the amount of work I have won for my partners just standing next to the watercooler chewing the fat!

To many it seems like a waste of time, so for this week’s BD Tips Wednesday I thought I’d outline ‘5 Reasons You Need To Have A Watercooler In Your Office‘.

1. The Icebreaker

The biggest benefit of small talk is that it serves as a buffer, an icebreaker.

Small talking around a watercooler allows you the double-whammy of not only being able to chat freely, but do so knowing that you’re very unlikely to be judged for the whacky business development ideas you throw out there!

QED: the watercooler is a great place to road test some of your more bizarre business development ideas!

2. The Power of Small Talk

Everyone loves to chat – it’s human nature (trust me, I know – and anyone who knows me well will gladly verify)!

But, small talk is a lot more than just causal chat. It can be the start of a meaningful relationships. It’s also the start of great insights. Because chit-chat/gossip helps break down barriers – you become human to others and that makes people more comfortable talking to you – which in turn makes them more comfortable doing business with you!

3. Common Ground

Ever wondered where you’re going to turn to next, only to have a chat with some of your colleagues at the watercooler and come away inspired?

Yep, common ground. Common interests. Common desires. Really, really important in the early phases of a business development pursuit.

4. Network

Central to the success of your business development initiatives is the ability to start, develop and grow a network. This network of shared interests starts by developing relationships with people – and a good place to start that is at the watercooler!

5(a). The Trusted Advisor

Every watercooler has a trusted advisor – the person we all wait to go and speak to.

The font of all knowledge is found at the watercooler.

Become that font of all [BD] knowledge!

5(b). Small business enterprises

For the SME firms out there – the watercooler is a coffee shop. It’s a chamber of commerce. It’s a gathering point.

Because small talk acts as a bridge between formal business objectives and an individual’s need to build trust!

As always, get in touch if you need help with your business development strategy and activities.

Richard & GSJ

5 Reasons why your business development team should be working on your business strategy and not just putting out fires!

A recent article in the Global Legal Post by Ben Edwards: ‘Law firm marketing and business development teams spend more time firefighting than on strategy‘ threw up some very interesting – if not predictable – stats:

  • Two thirds (65%) of marketing and business development teams [in law firms] are spending more time firefighting then developing strategy
  • 80% of that 65% spend at least 2/3rds of their working year extinguishing fires, over providing strategic thinking
  • Just over half (57%) have a seat at the head table [when it comes to strategy input]
  • 69% of respondents said they spent most of their time on addressing short-term issues rather than focusing on long-term initiatives.

And the number #1 reason given for why law firm marketing and business development teams were running from one fire to another – a lack of investment in resources.

All of which leads me to ask this question:

Do law firm partners value the service they get from their business development and marketing teams?

Another way of putting that question is this:

Do law firm partners understand the strategic value that their business development and marketing teams can provide?

Because the evidence would suggest that they don’t.

By putting – let’s be frank – high paid personnel on firefighting tasks, your firm will not be getting good value for money.

So here are my 5 reasons why your business development team should be working with you on your firm’s strategy and not just putting fires out:

1. Industry focused

    Most business development professionals are laser-focused on industry expertise. They understand a particular industry sector – such as energy, resources, financial services, FMCG, property – and by and large stay in their lanes. As such, many have a deeper understanding of what is happening in that industry sector than the partners they work with.

    2. Market knowledge

    Really good business developers are on top of market trends and competitor intelligence. They should be able to tell you what your competitors are up to, how your competitors are ranked in the market, which clients your competitors are acting for and the relevant lateral movement in your sector.

    3. Relationship Building

    A critical skill of good business development professionals is building relationships. They should be able to not only tell you who the General Counsel at client and target clients are, but also who the lead procurement team will be on a pursuit or tender opportunity.

    4. Data analysts

    A good business developer should be able to look at a set of data and provide you insights. For example: should you be worried if the number of instructions you are receiving is on the decrease, but the value per file is significantly increasing?

    5. Results driven

    Every good business development professional will tell you they are only as good as their last result! By nature, they are very results driven and don’t rest on their laurels.

    So there you go, my 5 reasons why you need your business development team working with you on your next strategy day rather than just putting out fires!

    Also, get in touch if you need help with any of the above.

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