Changing Your BD Culture from Selling to Helping Presented By Sam Allred,

1. Changing Your BD Culture from Selling to Helping Presented BySam Allred, Director, Upstream Academy

2. Business development is a vital part of a firm’s success and organic growth creates opportunities for everyone in the firm. A strong culture of business development that results in consistently strong organic growth is one sign of a healthy firm. 2

3. Why Is BD Such A Big Deal Now? • Many of our best business developers in each office and market are headed towards retirement • We have fewer rainmakers in the wings • Our key client contacts and referral sources are also headed towards retirement • Competition is increasing every year • Client loyalty is declining • The recession is lifting

4. Presentation Roadmap • Our profession’s long-term connection with selling • Selling creates discomfort and discouragement • Changing your BD culture from selling to helping • Questions and answers Email questions tosama@upstreamacademy.com

5. Our Profession’s Long-term • Connection With Selling

6. Observation #1 • For decades, the BD courses designed for our profession have focused on selling: • Smiling and dialing • Handling objections • Advancing the deal • Going for the close 6

7. Observation #2 We tend to measure the success of business development efforts based on the size of the client landed rather than the quality. The bigger the new client or engagement, the bigger the celebration. 7

8. Observation #3 While all firms track new clients landed (or revenue from new clients), few firms actively track new projects/engagements landed with existing clients. We seem far more excited about new clients than we do about developing more work from existing clients. 8

9. Observation #4 Lots of firms talk about client acceptance policies as if they had them and were using them.  The reality is that for many firms, “client acceptance process” means filling out the right form after work for the new client has already begun. 9

10. Observation #5 Over the past 5-10 years, firms have invested significant time and resources in tracking their “pipeline” while spending less time enhancing their services. Firms focus far more energy and resources on getting in front of more prospective clients than they do in helping their existing clients move desired dials. 10

11. “Invest heavily in your existing clients by demonstrating an interest in their affairs. Don’t invest anything at all in winning new clients until you’re sure you’ve captured all the best opportunities in your existing client base!” David H. Maister 11

12.  Selling Creates Discomfort and Discouragement

13. Observation #1 One of the major factors determining advancement above the manager level is an individual’s efforts and successes with business development. 13

14. Observation #2 The vast majority of individuals at the manager level who want to see their careers advance feel tremendous pressure to show greater results in business development. For many, this feels like the 800-pound gorilla. 14

15. Observation #3 The pressure to sell often causes an individual to be less discerning about the quality of the prospective client and, in some cases, even the fit for the firm. 15

16. Observation #4 When someone is focused on selling, the win or loss all hinges on whether the prospect (client) chooses to buy. There is very little middle ground; either the individual (firm) gets the green light on a new billable project or they don’t. 16

17. Observation #5 Individuals entering our profession have been quite vocal about their distaste for selling. The concept of selling services to clients and prospects leaves many feeling uneasy and discouraged. 17

18.  Changing Your BD Culture from Selling to Helping

19. A Hingepoint Experience When I started my career in 1984 with Main Hurdman, the last thing I ever wanted to be was a business developer. I hated the idea of selling anything to anybody. Then I had an experience that changed me and my career. 19

20. Catch The Big Picture Create a firm-wide culture of BD where everyone is involved and excited to do their part to help the firm grow and become more successful every year. 20

21. What Is A Firm-wide BD Culture? • All team members are committed to helping the firm grow • All team members are engaged in BD activities that play to their individual strengths and interests • All team members are trained in the art of helping others • BD is tied to career development

22. Keys To Changing The BD Culture Introduce a new BD focus Provide quality training on how to help clients and prospects (trusted advisor training) Realign BD hours and focus Set goals to get staff involved

23. 1. Introduce A New BD Focus • Assign everyone in the firm to read these books • Have open discussions about the key principles in the two books and about the benefits of focusing BD on helping versus selling 23

24. In his book True Professionalism David Maister states, “The best way to sell is not to sell, but to care.” The best path to developing great business development skills is to strive first to become a great trusted advisor. 24

25. These books also reinforce the focus of helping versus selling. Additional Reading 25

26. Quote From Getting Naked “Many of the people who work with me would probably say that I’m a good salesperson, but the fact is, I’m miserable at traditional sales. I don’t like to talk about fees, and I don’t like to go for ‘the close.’” Patrick Lencioni 26

27. Quote From Getting Naked “But I love consulting, so I just go into sales meetings with the idea that I’m going to find a way to help them in some meaningful way. Then, if they choose not to hire me, I realize it was probably the right decision because they could see exactly what it is I do and decide whether or not it is something they need.” Patrick Lencioni 27

28. Quote From Give And Take “Every time we interact with another person at work, we have a choice to make: do we try to claim as much value as we can, or contribute value without worrying about what we receive in return?” Adam Grant 28

29. Quote From Never Eat Alone “Nothing grosses me out more than someone who thinks in terms of ‘favor banks,’ where one person owes another and vice versa. People can tell when you're tallying up a total, and who likes that? The healthy alternative, of course, is someone who recognizes that success is gained through giving without keeping score.” Keith Ferrazzi 29

30. 2. Provide Quality Training If we want our people to be exceptionally good at helping clients and prospective clients, we need to train them to be effective helpers (trusted advisors). This training will need to be ongoing throughout their careers. 30

31. Too many in our profession limit themselves when it comes to helping clients and prospective clients. They aren’t willing to learn about issues unrelated to accounting and they become limited in what they can do to become a trusted advisor. 31

32. As a profession, we do a great job training in the technical areas of our services, but a poor job of helping our people develop good business acumen. Focus your trusted advisor training on topics outside of the normal areas associated with tax and audit. 32

33. Possible Training Topics • How to engage clients in open discussions • Effective planning techniques • The best way to conduct a client fact-finding mission • How to determine issues of largest concern to your clients/prospects • Ways to communicate proactively • Major issues that business owners face

34. Possible Training Topics • Corporate governance • HR related issues • Risk management • Technology issues • Leadership development • Psychology of family-owned businesses • Vision and strategic planning • Ways to drive organic growth

35. Possible Training Topics • Mergers and acquisitions • Financing options • Office space issues and terms • Succession planning • Creating a culture of accountability • Conducting effective meetings • Compensation issues • Serving on boards/committees

36. Client Brainstorming Sessions Perhaps one of the best training sessions for staff at all levels is to select an A or B level client and have a cross service team brainstorm possible solutions to help that client with issues. 36

37. 3. Realign BD Hours And Focus • Spend 50% of business development time with the firm’s very best clients. Focus on helping these clients get what they want, not on our compliance work. • Have the courage to change losing BD games. • Spend BD hours focused on helping rather than selling. 37

38. 4. Set Goals To Get Staff Involved Learning how to become better at helping clients and prospective clients should be part of every team member’s career planning. Each person should have specific annual goals to become better at helping clients and prospective clients.

39.  Questions And AnswersEmail questions tosama@upstreamacademy.com

40. Thank you! • sama@upstreamacademy.com • For more tools and resources go to www.upstreamacademy.com • Or email: info@upstreamacademy.com