If I created a list of Frequently Asked Questions from among my clients at the top of the list would be this: “What’s the most effective way to fill my pipeline with opportunities?” Everyone wants to know the secret.
The secret is—there is no secret. There is no one best-practice, one-size-fits-all, guaranteed to work solution. Be leery of anyone who tells you otherwise.
It’s probably not the answer you were hoping for.
My husband is a physical therapist. In his practice patients often come to him looking for a quick fix to their aches, pains and injuries. Most of these issues have developed over time—through repetitive use or as a result of bad habits or poor judgment in overexerting during exercise in order to make up for a lack of activity in the prior months. Sometimes the pain is systemic – meaning it’s derived from an entire system that isn’t functioning the way it should.
Regardless of the issue 80% of the patients he treats are looking for the shortest path back to wellness. In most cases, their expectation of treatment isn’t realistic. Rather than a pill or a cure to their problem, the prescribed treatment often involves guidance from a physical therapy professional, diligent adherence to a set of exercises and likely some instruction to be patient and lay off some of the activities they may have put them in his care in the first place.
It may also involve a little discomfort.
I know that look of disappointment he receives when he delivers the news, “Stick with this program for the next 12 weeks and you’ll start to see results”. Oh the incredulity. I’ve GIVEN him that look when he’s talked me through the process of rehabbing my knee due to a running related injury.
It’s the same look I receive when I talk with CPA firm clients about the process involved with filling their pipeline. They expect to be able to turn the hose on full force and create a flood of opportunities after little to no activity up to that point. The fact is the pipeline isn’t filled overnight. And a lack of opportunities in the pipeline isn’t created overnight. It’s a long-term issue that has developed over time. It may be systemic. It probably requires some patience and diligence (and maybe some discomfort) to fix it.
Here are a few ideas to get you started:
- Evaluate what’s already working. Think through your firm’s last five good proposal opportunities. How did they originate? How can you replicate the situation from which they originated? Do more of what’s already working.
- Analyze your firm’s top 20% of existing clients. What do they have in common (size, industry, ownership structure, business stage)? Are there similar issues/challenges among them you have helped solve? Do you have other clients you can help with the same issue? Can you ask them for referrals to their peers to help solve the issue?
- Examine your firm’s communication strategy to the market. Have you defined your key target market opportunities? Is there a plan in place and communicated internally so everyone in the firm knows what kind of opportunities you’re looking for? Are you communicating with a message to the market frequently (monthly) and consistently (using the same branding messages)?
- If the answer to #3 is yes, the time may be right to proactively reach out to the market. Make phone calls (or hire someone to make them on your behalf) or engage in networking events to schedule some face-to-face meetings to do needs assessments. Do you know the right questions to ask to help figure out how you can help your prospects?
- Cultivate referral sources. Do you have relationships with referral sources you can cultivate? If not, you need a plan to develop those trusted relationships. When was the last time you met with key referral sources? Make sure you’ve articulated the types of opportunities you’re looking for. Do you have a list of your top 10 prospects? Share that list with your best referral sources to see if they can help with an introduction.
- Deal with systemic issues in your business development process. Do you need additional training to be better at business development? Does your staff know what’s expected of them in their contribution to the firm’s growth? Think about your firm’s approach to client service—do you have a consistent client service process that fosters client loyalty? Develop in internal communication strategy to make the business case for filling the pipeline and growing the top-line to everyone in the firm. Determine if any culling is needed to make room for better, more profitable clients.
It takes a combination of activities, implemented over time to improve your firm’s pipeline wellness. How much time? Stick with this program for the next 12 weeks and you’ll start to see results. Better yet, seek help from a professional to guide you.
Contact The Whetstone Group at 319.447.6400 or firstname.lastname@example.org to learn how our professionals can help.