Profiting from Pleasure

You are responsible for business development in your part of the practice.  In recent years, bidding has increasingly become a way of life in winning new business: as a result, your bid management process is much improved and success rates have risen.

Yet winning work through competitive pitching is expensive, time consuming and often a gamble. In particular, you are frequently frustrated as the competition appears to have the 'inside track' and be that crucial step ahead of you.

So, how well do your people use strategic networking to develop business for the practice? The fact is, for too many accountants, corporate hospitality events are seen as uncomfortable social events to be endured.  And, even if they are enjoyed, discomfort kicks in the following day when all that's been secured is a business card, with no other basis for follow-up. And too many accountants see the primary purpose of social events as a 'thank you' to existing clients; even worse, they stay in the 'comfort zone' of sticking with their colleagues or the people they know.

Little wonder then that so little return is typically made on expensive investments in client social events, whether cultural or sporting events, seminars or lunches.

Put simply, corporate hospitality events should be seen as just as important as pitching when it comes to the business development mix. These events often provide the opportunity to develop both personal and business relationships, by:

• Extending your network of contacts;
• Uncovering client issues early in the decision-making process;
• Creating openings for more formal sales conversations, to influence and develop the client's thinking;
• And, as a result, become the author of the tender document rather than simply its recipient.

Every contact made at a social event should be recognised as a selling opportunity, whether an existing or prospective client, or an established or new intermediary. 

The attached article - 'Party Gain not Party Pain', reprinted from Accountancy Age - offers a structured series of steps to help you guide or audit your people's social influencing skills. In particular, it covers,

• Planning and debriefing social events;
• Practical skills for use at social events;
• Social influencing skills to make events more purposeful.

• Do they know how to plan and ask the kinds of questions that will actually build value for the services they are trying to sell?
• Do they know how to navigate their way to the influential and powerful people within the client, or know what to say when they get a precious half-hour with them?
• Do they know how to assess what is happening inside the client's organisation at a given time and how to resolve any concerns they might be having about your service proposition?
• Do they know how to out-wit your competitors?
• Do they know how to protect your margins in negotiations?

In fact, has anyone ever checked to ensure that the sales skill levels are common across your part of the practice? To establish precisely where you are today, please complete the attached on-line questionnaire.  It takes no more than 10 minutes and generates an immediate, personalised on-line report.

In addition, it could win your part of the practice, a half-day of free sales skill diagnostics from Huthwaite International. Or, if you prefer, a free place on a Huthwaite open training programme.

Either way, it is the first step on the way to making sure that, for all client-facing staff across your practice, no contact is wasted contact.