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Growing Your Practice (Series: The Business of Law and Accounting)

Grow or Die. A common adage, yet elusive in both the WHAT and HOW to grow profitably. You have the skills, knowledge, and experience to deliver to clients. Now all you need is (more) clients. How do you transition from servicing work to bringing in work? In this webinar, we discuss the essential building blocks for sustained and scalable growth that leverages marketplace and voice of the client research. We also identify how target marketing, messaging, networking, and relationship building tactics create predictability in lead generation through clients, prospects, connectors, and alliance partners.

To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/growing-your-practice-2019/

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Growing Your Practice (Series: The Business of Law and Accounting)

  1. 1. Practical and entertaining education for attorneys, accountants, business owners and executives, and investors. 2
  2. 2. The material in this webinar is for informational purposes only. It should not be considered legal, financial or other professional advice. You should consult with an attorney or other appropriate professional to determine what may be best for your individual needs. While Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate, Financial Poise™ makes no guaranty in this regard. While Financial Poise is happy to make this PowerPoint freely available to all, the reader is cautioned that it was created for use as part of a webinar that featured an extensive verbal discussion of the topics addressed in the PowerPoint. It was not designed to be read by itself. Financial Poise webinars can be purchased at www.financialpoise.com. You may also receive offers for free webinars by subscribing to Financial Poise's DACyak, a free weekly newsletter. DISCLAIMER 3
  3. 3. MEET THE FACULTY MODERATOR: Adam Schlagman ALM Law Journal Newsletters PANELISTS: Holly Barocio GrowthPlay Jonathan Friedland Sugar, Felsenthal, Grais, and Helsinger Richard K. Hellerman The Law Office of Richard K. Hellerman, P.C. 4
  4. 4. ABOUT THIS WEBINAR Grow or Die. A common adage, yet elusive in both the WHAT and HOW to grow profitably. You have the skills, knowledge, and experience to deliver to clients. Now all you need is (more) clients. How do you transition from servicing work to bringing in work? In this webinar, we discuss the essential building blocks for sustained and scalable growth that leverages marketplace and voice of the client research. We also identify how target marketing, messaging, networking, and relationship building tactics create predictability in lead generation through clients, prospects, connectors, and alliance partners. This webinar is delivered in Plain English, understandable to you even if you do not have a background in the subject. It brings you into an engaging, even sometimes humorous, conversation designed to entertain as it teaches. And, it is specifically designed to be viewed as a stand-alone webinar, meaning that you do not have to view the other webinars in the series to get a lot out of it. 5
  5. 5. ABOUT THIS SERIES At a time when we are bombarded with news and information about the uncertainties of the economy, successful sales professionals (rainmakers) rest in comfort and confidence knowing that their success is not beholden to the ups and downs of the marketplace. This series identifies essential Rainmaker Best Practices, that when focused on with discipline and intention, distinguish you and your firm, and help you gain a competitive sales advantage. These episodes focus on WHAT works in any market and HOW to implement the best practices to impact your business with increased revenue, increased leverage of time and resources, and improved accuracy and predictability in your sales pipeline- - all while managing your practice so that your level of service to your clients does not suffer. As with every Financial Poise Webinar, each episode is delivered in Plain English understandable to investors, business owners, and executives without much background in these areas, yet is also valuable to attorneys, accountants, and other seasoned professionals. And, as with every Financial Poise Webinar, each episode brings you into engaging, sometimes humorous, conversations designed to entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that participants will enhance their knowledge of this area whether they attend one, some, or all episodes. 6
  6. 6. Dates shown are premiere dates; all episodes will be available on demand after their premiere date. EPISODES IN THIS SERIES Episode #1 Growing Your Practice January 15, 2019 Episode #2 Legal Tech February 12, 2019 Episode #3 Personnel Issues March 12, 2019 Episode #4 Your Niche and Your Brand April 9, 2019 7
  7. 7. Episode #1: GROWING YOUR PRACTICE © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 8
  8. 8. GROW OR DIE • Key growth drivers • Essential required capabilities for growth • Potential pitfalls/watch-outs around growth © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 9
  9. 9. KEYS FOR SUCCESS • Client-focused • Team-based collaboration • Revenue generating • Relationship building • Problem-solving • Discipline • Consistency • Innovation © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 10
  10. 10. VOICE OF THE CLIENT • Why client feedback matters • How to engage client intelligence and market research • Types of client interviews and surveys • Design thinking – human-centered design © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 11
  11. 11. TARGET MARKETING • How wide is the net • Benefits of focus • Intersection of expertise, passion and opportunities © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 12
  12. 12. TYPES OF TARGET MARKETS • Industry • Situation • Buyer Type • Affinity • Intermediaries • Other © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 13
  13. 13. MESSAGING READINESS • Why messaging matters for professionals • What makes an effective value proposition • How the “elevator pitch” works best • Where messaging leaves its mark © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 14
  14. 14. MESSAGING MODALITIES • Face-to-face interactions • Web sites • Social Media • Marketing collateral • Other © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 15
  15. 15. RELATIONSHIP BUILDING BEST PRACTICES • Relationship stages – starts, middles, maturing • Types of relationships needed to grow a practice • Assessing a “good fit” • Relationship philosophy - to serve or be served • Staying connected over time © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 16
  16. 16. MAKING NETWORKING WORK • Networking online and offline • Best channels to network • How to prepare • Working a room with confidence • Best practices for follow-up © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 17
  17. 17. AVOIDING NETWORKING PITFALLS • Starting conversations • Ending conversations • Facilitating hand-offs • Remembering names • Timely follow-up • Frequency of staying connected © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 18
  18. 18. PROFILE RAISING BEST PRACTICES • Personal branding • Writing • Speaking • Social media • Association involvement • Events/conferences © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 19
  19. 19. GENERATING REFERRALS • How to choose good referral sources ✓ Client type ✓ Target market ✓ Personality style ✓ Communication style ✓ Client service style • Other keys to success in generating referrals © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 20
  20. 20. COMMON REFERRAL PITFALLS • Promise to refer and then no follow-through • Mismatched needs/offerings • Non-responsiveness to email and scheduling • Making commitments on behalf of others • Other pitfalls © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 21
  21. 21. WHEN REFERRALS DON’T WORK OUT • Communication to the referral source • Sharing uncomfortable feedback • Preserving relationship capital with the referral source • Setting the stage for future referral opportunities © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 22
  22. 22. THE SUPERFAN • Difference between Fans and SuperFans • Value of loyalty in growing a practice • Active referral generation vs. passive referrals • Early warning systems • PR/Cheerleaders © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 23
  23. 23. MAKING AND KEEPING SUPERFANS • Personal and professional relationship building • Seeking feedback • Collaboration and co-creation • Gratitude and appreciation • Knowing the SuperFan’s business • Staying connected © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 24
  24. 24. MAKING AND KEEPING SUPERFANS (cont’d) • Personal and professional relationship building ✓ Meals ✓ Entertainment ✓ Sporting/Charitable events ✓ Education ✓ Family friendly ✓ Networking © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 25
  25. 25. MAKING AND KEEPING SUPERFANS (cont’d) • Seeking feedback ✓ Surveys ✓ Client interviews ✓ Before, during and after projects ✓ Appreciative inquiry © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 26
  26. 26. MAKING AND KEEPING SUPERFANS (cont’d) • Collaboration and co-creation ✓ Innovation ✓ Product development ✓ Service development ✓ Project management ✓ Facilitated meetings and education © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 27
  27. 27. MAKING AND KEEPING SUPERFANS (cont’d) • Gratitude and appreciation ✓ Saying Thank You ✓ Handwritten notes ✓ Marking milestones ▪ Birthdays ▪ Anniversaries ▪ Birth or adoption of child or pet ▪ Illness ▪ Condolences ✓ Invest in charitable interests © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 28
  28. 28. MAKING AND KEEPING SUPERFANS (cont’d) • Knowing the SuperFan’s business ✓ Reading business periodicals and news sources ✓ Google alerts ✓ Attending trade/business conferences ✓ Site visits ✓ Staff meetings © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 29
  29. 29. MAKING AND KEEPING SUPERFANS (cont’d) • Staying connected ✓ Scheduled meetings – monthly, quarterly, annually ✓ Social media ✓ News updates ✓ Making introductions ✓ Sending invitations ✓ Sharing insights, innovation and best practices © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 30
  30. 30. NURTURING ALLIANCE PARTNERS • Co-branding and co-selling with other professional service advisors • Assessing a good fit alliance partner • Ensuring mutual benefit from alliance partner relationship © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 31
  31. 31. NURTURING ALLIANCE PARTNERS (cont’d) • Investing in relationship building with an alliance partner • Co-mingling offers and service delivery • Expanding the alliance partner network © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 32
  32. 32. KEYS TO SUSTAINABLE AND PROFITABLE GROWTH • Organization and infrastructure ✓ Technology ✓ Operations ✓ Systems • Leadership requirements ✓ Team ✓ Advisors ✓ Professional development © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 33
  33. 33. KEYS TO SUSTAINABLE AND PROFITABLE GROWTH (cont’d) • Recruiting/retaining talent ✓ Where to find talent ✓ Talent engagement ✓ Talent motivation • Capital requirements • Cash flow requirements • Working on the business and working in the business © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 34
  34. 34. LESSONS LEARNED • What would you do again the same • What would you do again, only differently • What would you not do again • What additions would you make © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 35
  35. 35. ABOUT THE FACULTY ADAM SCHLAGMAN schlag@rcn.com Adam Schlagman is a practicing lawyer who has served as Editor-in-Chief for LJN, the newsletter division of ALM (American Lawyer Media) for more than 20 years. The specialty journals: The Bankruptcy Strategist, The Corporate Counselor, LJN’s Equipment Leasing Newsletter, and Cybersecurity Law & Strategy provide practical information and guidance for practicing attorneys. The published articles have been reproduced and cited in numerous other professional journals, legal memoranda and judicial opinions. In addition to soliciting and editing articles by outside authors, Mr. Schlagman has also been responsible for writing content on a regular basis. His contributions include: case summaries, trend articles, Q&A’s, legislative updates, legal analysis and product reviews. He has a special ability to take highly complex and nuanced source material and digest it into a product that is informative, interesting and practical. A general practice attorney, Mr. Schlagman focuses on consumer bankruptcy, criminal law, personal injury and general litigation. Licensed in the Commonwealth of Pennsylvania and the Eastern District of Pennsylvania, Mr. Schlagman has handled an extremely wide variety of cases in all stages of development, from pre-trial investigation through trial, both jury and non-jury. A graduate of Howard University and Widener University School of Law, Mr. Schlagman lives in Bryn Mawr, Pennsylvania with his wife and daughter. © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 36
  36. 36. ABOUT THE FACULTY HOLLY L. BAROCIO hbarocio@growthplay.com As a Principal Consultant with GrowthPlay, Holly helps lawyers leverage their natural business development strengths and find authentic approaches to growing their businesses. Holly is an experienced business development coach and trainer who has worked in the legal industry for 13 years. She has partnered with numerous AmLaw 100 and 200 firms and regional mid-size firms across the country helping attorneys master business development fundamentals. Prior to joining the GrowthPlay Team, Holly was the head of marketing and client services for a Chicago-based law firm, where she led initiatives around business development, attorney coaching and client service interviews. Holly currently serves on the board of the Legal and Professional Services Council and is co-chair of the Legal Marketing Association’s Diversity & Inclusion Committee. She is past president of the Chicago Association of Legal Personnel Administrators, is a past judge for the Legal Marketing Association’s Your Honor Awards and is the former vice chair of various NALP work groups. She is also board president of Rampage Women’s Ice Hockey and serves on the advisory board of Thriveosity. She regularly presents on business development, professional branding and relationship building to organizations including the Legal Marketing Association, Legal and Professional Services Council, Association of Legal Administrators, Professional Development Consortium, NALP, Northwestern Pritzker School of Law and the American Association of Law Libraries. Holly graduated from the University of Michigan in Ann Arbor. She is a passionate ice hockey fan and player, home improvement DIYer and Chicago foodie. © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 37
  37. 37. ABOUT THE FACULTY Jonathan Friedland is a Partner with Sugar Felsenthal Grais & Helsinger, LLP, with offices in Chicago and New York. Jonathan regularly advises private funds in their M&A activity and private companies in their day-to-day affairs. Jonathan has extensive experience in guiding companies and their boards through a variety of challenging situations, including in Chapter 11 and other insolvency regimes. Jonathan graduated from the SUNY Albany, magna cum laude, in 1991 (after three years of study) and from the University of Pennsylvania Law School in 1994. He clerked for a federal judge before entering private practice. He was an Adjunct Professor of Strategic Management at the University of Chicago’s Graduate School of Business for several years and was the 2006 Clayton Center for Entrepreneurial Law Visiting Professor of Business Law at the University of Tennessee College of Law. Jonathan has been profiled, interviewed, and/or quoted in numerous publications, including Buyouts Magazine; Smart Business Magazine; The M&A Journal; Inside Counsel; LAW360; BusinessWeek.com; The Bankruptcy Strategist; Dow Jones Daily Bankruptcy Review; Bankruptcy Court Decisions; Dow Jones LBO Wire; and The Daily Deal. Jonathan is also lead author and editor of several significant treatises, several chapters in other treatises, and hundreds of articles on law and business. Jonathan holds the highest possible rating from Martindale-Hubbell (AV® Preeminent™) and AVVO (10/10), has been repeatedly recognized as an Illinois “superlawyer” in multiple areas of practice, including Business/Corporate Law and Bankruptcy & Creditor/Debtor Rights, has been named several times as a “Leading Lawyer” by Leading Lawyers Magazine, and has received several other similar distinctions. He is also the founder of DailyDAC/Financial Poise. 38© 2018 by DailyDAC, LLC d/b/a Financial Poise Webinars™ JONATHAN FRIEDLAND jfriedland@sfgh.com
  38. 38. ABOUT THE FACULTY RICHARD K. HELLERMAN rkhellerman@hellermanlaw.com Mr. Hellerman is a seasoned business litigation attorney, representing individuals and companies in a wide range of business disputes ranging from breach of contract to emergent litigation arising out of restrictive covenants to disputes between owners of closely held businesses. He has tried dozens of cases in several states and has approximately 15 reported appellate opinions to his name. But in addition to being a tenacious litigator, Mr. Hellerman takes his role as counselor very seriously, and consistently counsels his clients to make the best and most reasonable decisions to achieve their goals, which often results in avoidance of, or at least the scaling back of, litigation. He gained his training and experience at a venerable Chicago law firm where he worked for almost a quarter century. He has leveraged his skills through his solo firm, which has been in existence since 2013. He has been honored as a Super Lawyer in Business Litigation for each year since 2014. © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ 39
  39. 39. The material in this presentation is for general educational purposes only. It has been prepared primarily for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education. While Financial Poise is happy to make this PowerPoint freely available to all, the reader is cautioned that it was created for use as part of a webinar that featured an extensive verbal discussion of the topics addressed in the PowerPoint. It was not designed to be read by itself. Financial Poise webinars can be purchased at www.financialpoise.com You may also receive offers for free webinars by subscribing to Financial Poise's DACyak, a free weekly newsletter. IMPORTANT NOTES 40© 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™
  40. 40. If you have any questions about this webinar that you did not get to ask during the live premiere, or if you are watching this webinar on demand, please don’t hesitate to email us at: info@financialpoise.com Please include the name of the webinar in your email, and we will provide a response to your question. QUESTIONS OR COMMENTS? 41© 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™
  41. 41. To receive Financial Poise’s DACyak, our free weekly e-newsletter, just send an email to: info@financialpoise.com Please add the message, “Subscribe Please” to your email, or add yourself by going to: https://www.financialpoise.com/newsletter/ Subscribers are eligible to receive discounts and giveaways from time to time, and subscriber emails are never sold to or shared with third parties. 42
  42. 42. About Financial Poise™ www.financialpoise.com DailyDAC LLC, d/b/a Financial Poise™ provides continuing education to attorneys, accountants, business owners and executives, and investors. Its websites, webinars, and books provide Plain English, entertaining, explanations about legal, financial, and other subjects of interest to these audiences. 43

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