will not be well suited nor have the desire or aptitude to market the firm or develop business. For example, an accountant may be able to perform his or her work functions proficiently but have no desire and little ability to market the firm or develop business. However, so long as the decision makers understand that every team has its utility players and that certain professional staff are not well suited for developing business, this obstacle can be overcome.

The inherent inefficiencies of the partner model, while oftentimes outweighed by the benefits, should be evaluated by the firm. Many professional services firms adhering to this model are concerned that their human capital will, at the expense of servicing their clients and driving revenue, spend too much time marketing the firm and developing business. While you can never lose sight of the fact that the firm drives revenue and succeeds as a result of the work effort put forth by its personnel, you have to complement those efforts with a diligent marketing and business development strategy. If the firm does not continuously build on its existing relationships and work to develop new relationships, it will eventually collapse. Successful professional services firms are able to maintain a constant flow of new business.

Techniques Associated with the Partner VModel* Two central techniques are used to develop business and drive revenue with the partner model. The first technique focuses on the firms ability to demonstrate expertise in specific practice areas. This technique concentrates on the exhibition of substantive, relevant proficiencies of interest to clients.

The second technique focuses on your ability to develop relationships as a means of driving business. The relationship approach is controversial in that some believe it the most efficient way to develop business while others question its effectiveness. However, most professionals would agree that clients typically hire firms or specific professionals that they like and trust. The techniques are complementary and not mutually exclusive, and in fact, work best together.

Developing Business by Demonstrating Your Expertise and Competency

As with any marketing effort, it is critical to define the target market before implementing any strategy. After defining the target market, there are several ways to ensure that potential clients understand the focus of the firms expertise and services, including:

It is important to write well and often. People believe what they read and recognize authors as authorities on a given topic. Further, writing is an effective means by which you can display your analytical skills. Publishing an article on a specific area or focus of your practice allows you to build your reputation as an expert in that field. Additionally, writing an article and publishing it in a reputable venue, such as an academic journal or industry publication, provides instant credibility with the audience.

It is important, as we have discussed, to focus business development efforts on the target market. It is most efficient, and a better use of resources, to publish in the trade journals or periodicals most often read and relied on by existing and potential clients in the target market. Establishing expertise within the target market builds reputation and leads to more business. However, many professionals argue that there is an additional tangible benefit to publishing in journals and periodicals within the profession. By establishing the firm as an expert or an authority on a given topic, the firm is in a position to receive referrals from peers when issues arise within the specific area of expertise.

In addition to writing, members of the firm can enhance the reputation of the firm by speaking on issues central to the firms expertise. Most people are uncomfortable speaking in public, and therefore such opportunities are well suited to separate the firm from the competition. However, as with every technique discussed in this chapter, the firm should focus its efforts on the target market. It is more productive to speak to a room full of potential clients than to a room of existing and potential competitors. Being in front of the target market and speaking on issues important to the audience, makes the firm a reliable and respected authority on the topic. Secondarily, it helps establish expertise in a unique area of practice, and puts the firm in position to receive referrals from others in the profession.

Market your proficiencies and assist your clients and prospective clients by offering periodic seminars or discussion groups wherein recent developments or important areas of the profession are discussed. Rather than arranging to speak at a function organized by another (possibly competitive) group, you may consider hosting round-table discussions or seminars at your offices. A large accounting firm in the Southwest believes in this marketing strategy. In fact, this particular firm invites all of its clients as well as many prospective clients to monthly luncheons where its members discuss recent developments in the accounting profession. By providing a forum for the free exchange of ideas and the presentation of recent developments affecting its clients, the firm is able to assist the community while developing its

reputation, securing its existing client base, and developing new clients who become aware of the firms competency based on their participation in the discussion groups. It is important to stay in front of existing and potential clients and to continually remind them of your services, reputation, competency, and abilities.

Publishing periodic newsletters is another way to provide clients and prospective clients with valuable information while displaying the firms competency and focus. Remember, it is critical to continually develop the firms reputation within the target market. Further, and more specifically, it is important to keep the firms reputation in the forefront of clients and prospective clients minds.

An additional technique is to help clients and prospective clients by assisting them with their business. By sponsoring an activity that brings together clients and prospective clients who can work with or assist one another, you become known as a facilitator. If you can help your clients and prospective clients accomplish deals and drive business, they will likely want to help by giving you their business. A large consulting firm in the Southeast exemplifies this strategy by sponsoring an annual retreat attended by bankers and business owners. The synergies of this connection are obvious, and the firm has experienced a great deal of success in pairing up its clients and prospective clients. By assisting the members of its target market with their respective businesses, the firm ensures its place at the forefront of their thoughts and has driven extensive business from these outings.

Developing Business through Relationships

Developing business for a professional services firm is not a function of merely selling the firm and the skills of its human capital. Rather, business is driven by developing relationships of trust and confidence with existing and potential clients. Several years ago, professionals experienced substantial success by merely befriending clients and potential clients. However, competition today mandates that you do much more than just be a good friend. In todays competitive market, it is critical that you instill in your clients and potential clients a sense of trust and confidence in your abilities. The combination of a strong, competitive service offering and a personal trusted relationship is a powerful driver of successful professional services business development.

When considering the strategies outlined here, keep in mind a few basic rules:

Make sure you have sufficiently defined the firm, the services, and the target markets.