In the mid-1940s, Winston Churchill is quoted as saying:” Never let a good crisis go to waste.” An inspiring quote after the most unimaginable challenges faced by yesterday’s generations. Today, faced with a different barrage of intense challenges, businesses must not merely confront the reality of where we are, but turn up the dial of creativity, innovation and lateral thinking to find business development opportunities that are not on standard roadmaps.
In our daily business life, we are often guilty of not challenging the norm and taking the road most travelled. It seems like we aim to be satisfied with following standard procedures and protocols to achieve the best and fastest KPI’s as possible.
It takes insight and courage to question the strategy, to challenge the status quo, and explore a whole new world of opportunities that are out there. However, in times of crisis, there is more boldness and opportunity for law firms and businesses to take new approaches.
Why does global Business Development matters in a volatile world and global recession?
As we emerged from 2022, we find ourselves at a crossroads. We believe strategic reviews should not be reserved only for times of trouble. Here, we provide 5 tips on how to scale up your business in choppy waters.
- Training and educating your global team
1.1 Culture eats strategy for breakfast – Make sure you know and understand the country and its personal business ethics and habits.
1.2 Law Firms don’t go global – Lawyers do! – Train your team to develop a global mindset which will lead to a global network and pipeline (International conferences, roundtable discussions, professional articles).
1.3 Personal coaching to break any glass ceiling.
- Execution is everything – Make sure you have the best human capital possible to explore global challenges, understanding the market trends, looking for a new funnel globally.
- New Era – New Rules – adopt a business strategy that is also agile to market changes.
3.1 Customers success – build a strong connection with existing clients, reach out to them, and offer them support and help with their business challenges.
3.2 New reach outs every month on a Quarterly basis – try to make sure to have at least 2-3 new leads every month.
3.3 Social Media exposer (LinkedIn, FB, Instagram, Twitter) – make sure to be there with your deal flow, professional articles, and other engaging, high-impact pieces, etc.
4. Exploring the Referral network – Target your markets and stay connected to all law firms within your tier to make sure referrals will come your way on a regular basis.
- Know your global ecosystem – Get involved!
If you have a particular international specialty, such as Capital markets, Fintech, Life Sciences, etc. make sure to stay connected to that particular global ecosystem to stay up to speed with new trends, conferences, companies, business communities. Setting your global benchmark in today’s world seems to be the right thing to do and to follow.
It’s not easy to own your own pipeline, spend less on resources, and still deliver results. Fortunately, expecting more from your team doesn’t have to mean working longer days or micromanagement — leading to inevitable burnout and costly turnover. Instead, you’ll need a plan to orchestrate this cultural shift, enable everyone on your team to be a top performer, and use technology that helps your team ramp up deal velocity — without creating more work along the way.
We believe strongly in these five recommendations and that they will help you and your team to reach the heights to which you aspire, even in times of crisis. We are here for you, and to help tailor your objectives, shape your plans, and deliver your results.