The intensified focus on obtaining new clients and growing your practice means it is time to refocus on business development 

Sara Holtz of consulting firm ClientFocus (holtz@clientfocus.net) works with law firms on rainmaking skills, and her observations from a recent American Bar Association meeting on the seven habits of successful rainmakers has good ideas for CPA firm partners and marketers, too.

Successful rainmakers:

(1) Treat their clients as the most valuable asset of their practice. This makes sense, since most new business comes either directly or indirectly from current or past clients or referral sources. While it is good to be looking for new contacts, don’t neglect your most valuable assets—your existing clients—Holtz said.

"Successful rainmakers nurture their client relationships by providing outstanding service, staying in touch on a regular basis, seeking feedback, celebrating clients’ successes, and showing appreciation for a client’s business and friendship," she explained.

(2) Make business development a priority. Successful rainmakers recognize that to be successful at business development, they need to make it a priority and work at it on a consistent basis, Holtz said. "They treat their business-development activities with the same level of commitment that they bring to client service."

Making business development a priority is as much about mindset as it is about time management, she added. Contact with clients, consultants, and other professionals offers opportunities to deepen those relationships if you will spend just a few extra minutes on a professional or personal level.

You also must be consistent about business development, she said. There are many ways to establish a system: Some people spend the first 10 minutes of each day involved in a business-development activity. Some schedule business development on their calendars, just like client meetings or court appearances. "The important thing is that there is a structure in place that keeps marketing a consistent priority," Holtz said.

(3) Have a plan. Successful rainmakers avoid what Holtz refers to as "random acts of lunch." These usually don’t succeed and so are not good ways to spend your marketing time. "Successful rainmakers ask, ‘Where am I going to focus my marketing efforts this year?’ and then translate their answers into a written plan."

Plans can take on many different forms. They may be strategic and detailed or based on a vision, goals, targets, strategies, and activities. Or a plan may be something as simple as consistently pursuing three marketing activities that have been successful in the past. One of the simplest plans consists of writing an annual goal on an index card and placing it in a pencil drawer. Every time the drawer is opened, the goal is there. "Either consciously or subconsciously, that goal becomes a filtering device to determine what activities to engage in that day," Holtz said.

(4) Focus on high-potential marketing opportunities. Successful rainmakers focus their limited marketing time where they can get the biggest return on their investment: high-potential targets that are most likely to become clients or refer them to potential clients. Typically, these targets are existing or former clients or those who have referred business in the past, Holtz explained. These are people with whom the rainmaker has a relationship based on demonstrated trust and knowledge of capabilities.

Successful rainmakers invest their time in high-payoff marketing activities. These activities vary from person to person, depending on their practice, personal strengths, and where they are in their careers.

"The important thing is to focus on those activities that actually produce business or, at least, leads. Few marketing activities produce results immediately, however, so be patient." Know when to move on: If an activity is not generating new work after a reasonable amount of time, try a different approach.

(5) Follow up consistently. The biggest marketing mistake, according to Holtz, is failing to follow up. It can tear down all the work you previously put in if you don’t do it, she warned.

"Statistics show that less than 3 percent of all sales are made on the first attempt," she noted, further proof that follow-up is key to closing the deal.

Following up also is the best way to stay current with clients’ needs—the needs that drive clients to seek help from CPA firms. "Successful rainmakers look at their marketing contacts from the client’s perspective rather than their own," Holtz said. "They consider what the client wants to learn, not what they want to tell the client."

(6) Listen more, talk less. It can be a challenge when you are usually the one with the answer, but listening offers great benefits to business-development efforts. "Successful rainmakers recognize that before they can sell something, they need to know what the prospective client wants to buy. Even the most articulate marketing pitch will fail if the client does not need the services being marketed."

(7) Ask for business at the appropriate time. Once they are clear about a prospect’s needs and are confident they can help, successful rainmakers ask for business. This can be hard since no one wants to be rejected.

Successful rainmakers have figured out a way to comfortably ask for business. Some people bring a marketing lunch to a close by asking, "When do we get started?" Others might find that approach difficult. They may choose to ask, "So, what’s our next step?" or "You know, I’d really love to have an opportunity to work with you because I think I can address your needs. I think you’d be a great client and I’d really enjoy working with you. How do we go about doing that?"

"With the other six habits firmly in place, asking for business may not be so daunting," Holtz pointed out. "Once a client’s needs are understood and a relationship is established, asking for business becomes an extension of the roles of counselor and problem-solver."