HERE’S HOW TO WIN FROM FAILURE.

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The end of the year is rapidly approaching. (According to some stores, Christmas is just around the corner, which accelerates the feeling!) I hope you’ve been reviewing your business development plan throughout the year so you can adjust your plans to match what’s actually happening, but if not, now is the time to revisit your plan and evaluate your results. If your results are good, keep on keeping on… But what if you see failure and dead ends?

In last week’s article, I suggested you take a fresh look at business development missteps to see what you can learn from them. Sometimes you may find not just missteps but a series of closed doors, assumptions that proved to be wildly untrue, or concerted efforts directed to groups of potential clients or referral sources who simply couldn’t care less. Then what?

You Can Change the plan reminder on a notice boardWhen you see failure, think pivot. Here’s Jeff Goins’ description of a pivot:

In basketball, you are allowed to take only two steps after you stop dribbling the ball. When you take that last step, the foot you land on becomes a “pivot foot.” That foot must remain fixed, but the other can freely move about, allowing you to spin around and find a teammate to whom you can pass the ball. 

Although you are confined to where you are and how many steps you can take, at no point are you locked into any direction. That’s the beauty of the move. Even when all other opportunities are exhausted, you can always pivot. 

A pivot is powerful not just in sports but also in life, because it takes away your excuses. It puts you back in control of the game you’re playing. Pivoting isn’t plan B; it’s the only plan that works. 

Goins’ article (published as a guest post on Michael Hyatt’s blog) The Surprising Success We Find in Failure: How Pivoting Can Snatch a Big Win from Near Defeat offers specifics about the pivot and three questions that can help you discover the fixed point around which a pivot is possible. Read Goins’ post. 

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What can you learn?

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Here’s a quote to bring your Q3 2015 to a close:
       “Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.”
                            —Thomas A. Edison
 

 

While it may be obvious how to apply this quote to widgets (Post-it® Notes, for example, are the result of a lab experiment gone wrong that turned out exceptionally well for 3M), it applies to business development as well. 

Most likely, something you did this year for biz dev didn’t go the way you’d hoped. So here’s the challenge: what can you bring out of that biz dev “mistake” that can be useful? Maybe you have an opportunity to make an ally. Maybe you generated a conversational opener. Whatever is on your “I can’t believe this happened” list, look at it with fresh eyes and see what opportunities may be hidden in the mistake. Asking this question at the close of Q3 may open interesting doors for Q4. 

CHOOSE ONE THING

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My favorite question to ask is, What one thing could you do this week that would have the most significant effect on your practice? Distraction and a divided focus can undermine any effort. And if your efforts take you outside your comfort zone, trying to do too much at one time generally results in little or no movement.

Your business development plan will incorporate multiple activities, but choosing one high-value focus per week (or month or quarter, depending on your plan) ensures that you make significant headway. What’s more, making the decision about which activity is currently the highest value will prompt you to evaluate your plan and to keep it as a living document instead of a one-and-done plan that stays on the shelf.

Pull out your business development plan right now (if you don’t have one, perhaps we should talk) and choose one activity to focus on this week. It might be as large as working on an article or a presentation, or it could be as targeted as setting up a conversation with a key contact. Whatever it is, block out the time on your calendar and complete that activity this week.

CRISIS OF TRUST AND CONSEQUENCES FOR YOUR PRACTICE

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Have you noticed over the last five or ten years how many leaders in industry, sports, politics, and more have been revealed as untrustworthy? Let’s name a few names. Bernie Madoff: trusted financial advisor. Lance Armstrong: trusted cancer-survivor-turned-multiple-Tours-de-France-winner. Politicians too numerous to count. Even entire organizations, like Countrywide Financial Corp.

Closer to home for lawyers, we have the lawyers whose billing practices are outlined in this unbelievable-but-true article. (Subscription required.) The article includes examples such as a a series of bills that showed one lawyer charging 42 hours in a single day and a lawyer who had rented a VIP box at the home stadium of the Indianapolis Colts and “tried to charge his client for the catered food and alcohol for the entire box by listing it on his bill as ‘dinner while attending deposition in Indianapolis.'” And then we have the leaders of Dewey & LeBoeuf now on trial and the handful of lawyers who give the rest of the profession a bad name. All aberrations, but their antics contribute to a niggling lack of confidence that some may feel about lawyers as a group.
Unfortunately, when attorneys hit the news as being untrustworthy (especially in the context of other people, professions), and industries are being unmasked as deceitful, it’s harder to gain trust. That impacts not just business development, but also (at least in some instances) client and other relationships.

How can you conduct yourself so you’re recognized as trustworthy? Here are a few foundational steps:

  1. Do what you say, when you say you’ll do it, the way you say you’ll do it. It’s a simple standard that isn’t necessarily easy to meet, but each time you do, you’re demonstrating that you’re reliable. This is especially important when you’re establishing a relationship with a potential client or referral source.
  2. Tell the truth. That’s a given, right? Perhaps not, at least not fully, in certain instances. There are plenty of opportunities to shade the truth about a likely outcome by suggesting the best-case scenario, possibly without even realizing that the suggestion is misleading. And it extends in other areas as well, to telling the truth about problems and mistakes, including being willing to confront difficult situations rather than sweep them under the rug. In such circumstances, telling the truth may be difficult, but it shows you to be credible.
  3. Put your clients’ interests first, and where appropriate, acknowledge that you’re doing so. Most clients have probably wondered at one time or another whether a lawyer could have performed some task more quickly or if there might have been a more expedient route to the final outcome. (That’s part of why we have alternative fee arrangements now.) When you demonstrate day in and day out that you put your clients’ interests first, your clients won’t have to wonder again, and they won’t feel the need to question anything you tell them. You will become the much-desired trusted advisor.
  4. Be predictable, in all the right ways. This is a corollary to points 1 and 2 above, but it’s worth stating separately. Be on time for meetings. Return calls within the time frame you promise, or let your client know (before that time frame expires) when you will be able to call. Small behaviors like these again demonstrate your credibility and build trust.
  5. Be sure everyone else who interacts with your clients and contacts uses the same approach. Behavior of your staff and colleagues reflects on you. Make sure that reflection reinforces your credibility.

It’s dramatic to identify a crisis of truth, but that crisis is very real. Consider how it may affect your professional relationships and your business development opportunities. For more food for thought, read this blog post.

Two powerful words for success

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September in the United States means back to school. After spending over half my life in school, I always feel a certain fresh energy in the fall that prompts me to take a fresh look at my goals. I start thinking about what I need to learn, what I need to do differently, and even what I’ve been promising myself I’d change. And if conversations with clients is any barometer, I’m not alone.

Regardless of the time of year, it’s easier to feel enthusiastic while setting goals than it is to maintain the necessary energy and determination to make progress toward those goals. That’s the problem with new year’s resolutions, right? It’s fun to imagine a whole new life or business or body, but it’s a lot of work to get there. 

I recently ran across this article from leadership and platform-building expert Michael Hyatt, in which he suggests that two words can “set you up to win every time.” Using these two words allows you to make “implementation intentions” that address the things that keep you from reaching your goals and declare what you’ll do differently. (Read the post—it’s a quick one—for specifics on how to set implementation intentions and what these two critical words are.) 

Here’s the action step that Hyatt prescribes at the end of his post, and I invite you to take the same inquiry specifically in the context of business development and growing your practice: 

“Think about one goal that matters to you right now. What hinders your progress? Create a list of implementation intentions. Like the examples [provided in the post] put these in the first person, and review them often.” 

Identifying obstacles and planning how to overcome them is a simple and highly effective way to make progress toward your goals. Do this today, and you can create remarkable results.

Do you compare?

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Last week a client bemoaned the fact that his peers were all advancing more rapidly with business development than he was, that they all seemed more confident than he felt, and their opportunities were endless whereas he had to work hard for every opportunity he had. Ever had a day like that? If there’s data to support those feelings, it’s worth taking a look at what’s going on… But if you’re making judgments about your comparative success based on nothing more than feelings, you’re almost certainly not seeing reality, whether you’re selling yourself short or inflating your success.

Here’s the quote I shared with my client:

“The reason we struggle with insecurity is because we compare our behind-the-scenes with everyone else’s highlight reel.” Steven Furtick

This is true on social media; it’s equally true in the business world. Comparison can be valuable when it
helps you to identify a route you hadn’t considered before or a strategy worth considering, but much of the time it’s demoralizing because most of us highlight success while concealing failure.

If you’re watching others and feeling that you don’t measure up, look to the data. Ask whether you know the background story. For example, was your colleague offered a highly coveted speaking opportunity on the basis of reputation alone, or did she network her way into the right group and then request a speaking role? Was her proposal turned down four times before it was finally accepted?

You likely know the analogy of the swan serenely gliding across the surface of the pond while paddling like crazy underneath the water. When you compare yourself to a swanlike colleague, be sure you can peek under the surface level to see the paddling. Chances are, you’ll realize that your colleague is succeeding as a result of consistent, strategic work—and that you can, too.

Don’t try to do it all at once.

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Two levels of activity can completely undermine your business development efforts: doing too much and doing too little. Think I just won the obvious award? Stick with me for a minute. 

It’s no secret that doing too little business development activity means you won’t build the kind of practice you want without some kind of miraculous intervention. If you want word about you to filter out so potential clients come looking for you, you’d better help that word spread. And if you think you’re going to inherit a book from a retiring mentor, you’d better have a parallel plan since clients don’t always follow even the best-intentioned inheritance plans. If you sit and wait for clients to come to you, you may find yourself waiting for drips of business that will never quench your thirst. 

But can you fail to build a book because you’re doing too much? You bet. Even if you’re a brand new solo practitioner without much billable work, your time and energy are limited. This is especially true for midlevel associates in larger firms: you have billable responsibilities, administrative responsibilities, professional development responsibilities, and you may well be busy personally as well, with a young family or supporting elderly relatives. And it’s true for every lawyer during certain phases of practice. 

If you’re just starting to take on a particular business development activity (or to take on business development in general), you may be tempted to jump into the deep end and cram in as much work as you can that might lead to business. Unfortunately, that isn’t how business development works in most practices. Taking on too much at once is overwhelming and discouraging, and it’s more likely to lead to a crash-and-burn than to a brightly burning flame that will power your practice. 

Taking on too much at one time is a sure recipe for disaster. You start out with great intentions, and maybe even clear plans, but everything falls apart with one little slip. (This is why challenges like a Whole30 often don’t work either: imperfection means failure.)

Business development is a career-long marathon, an endurance race that requires you to keep moving no matter what. If you try to complete that marathon in short order, you’ll discover it can’t be done. And far too often, those who try to do it all burn out and give up, at least for a while. So take a step, then another, and keep moving as those steps begin to form a road to success. 

Action step: what are you planning to start, or what business development project has stalled?  Break it down into doable steps and calendar those. Keep your commitment to yourself and your plan, and you’ll see real progress without angst or burnout.

What the Tough Mudder can teach you about biz dev

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I recently talked with a friend who completed a Tough Mudder. For those of you who aren’t familiar, a Tough Mudder is a 10-12 mile obstacle race through a variety of obstacles (such as sprinting through a field of live wires) and, you guessed it, lots of mud. Aside from the obstacles, two aspects of Tough Mudder are legendary: the focus on teamwork (“no mudder left behind”) and on overcoming fears through the obstacles. And it’s definitely tough—or so I hear, since it isn’t exactly my cup of tea.

Here’s what my friend told me that made me think of the business development journey: “I came to appreciate the obstacles because every time I made it through one, I knew I was that much closer to the end. When I was in the middle of it, I couldn’t really tell how far I’d gone or how much I had left to the finish line, but the obstacles helped me know that I was actually making progress.” It’s a useful lesson.

Here’s what else the Tough Mudder can teach you about business development: 

  • Approach the race as a marathon, not as a sprint. Although the Tough Mudder is “just” 10-12 miles long, expecting to whip through it would be a huge mistake even if you run that distance every weekend. Likewise, business development will last for the rest of your private practice career, and you’ll run ragged if you behave as if it’s a goal to be conquered in the short term. Keep your eye on the long-term view even while working to overcome each immediate obstacle.

  • Overcome your fears. I have yet to meet a lawyer who built a book without having to face difficult and uncomfortable situations. You need grit and consistency to power through those situations just as you do during the Tough Mudder to jump from a tall platform into ice-cold water and then run to climb a scaffold and slide down a pole through a ring of fire. (Doubt this? Just ask one of my European clients who refused to call a contact week after week until she finally relented… And secured work from that client right away.)

  • Realize that you can’t do it alone. To succeed in building a successful practice, you’ll need help from mentors and colleagues who can give you suggestions and feedback, professional friends who can make introductions and open doors for you, and referral partners who can help you meet the right contacts and potential clients. It’s very difficult, if not impossible, to succeed alone—and you’d be wise to invest in your teammates’ success as they do in yours.

  • Take the steps necessary to prepare. Training for the Tough Mudder might include cardio, weight lifting, and body weight exercises, along with finding out the best clothes to wear during the race and other “real life” tips. Preparing for business development may include designing your strategy and laying your business development plan, improving certain skills (networking skills, for example), learning about general principles of marketing, studying your target client’s likely concerns and goals, learning more about business principles, and so on. Whether it’s a Tough Mudder or business development, you can’t expect to go from zero to win without significant preparatory work.

  • Have a clear objective in mind. In most races, your time is your measure of success; in Tough Mudder, success might be measured in terms of your teamwork or even by overcoming the one obstacle that terrified you. Your personal definition of success should govern your business development efforts as well. You’ll likely approach business development differently if you want to become equity partner at a large firm than you would if you want a more lifestyle-oriented practice. Knowing your “why” will let you be sure that you’re working to create the kind of success that matters to you.

  • Decide that you will succeed. Whether it’s the Tough Mudder or building a clientele to support your practice, you will hit obstacles—literal and metaphorical. It won’t be easy. At times you’ll wonder why you started this journey and you’ll consider abandoning it. Only your decision to persevere will keep you from giving up. Decide early and don’t look back.

Whether you’re training for a Tough Mudder or (like me) can’t imagine taking on that challenge, absorbing these lessons will help you build a successful practice. What else would you add?

Project your power

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Leadership presence, which includes the ability to project power, is critical in any kind of interaction, whether you’re speaking with one person or to a crowd of 1000.  Failing to exhibit the kind of power that demonstrates self-confidence may leave your audience uncertain about your skill, but overdoing a display of power may come across as arrogance, which is a turnoff for almost everyone.

Amy Cuddy’s presented her research on “power poses,” which demonstrates that adopting or even just visualizing a confident pose delivers self-assurance in one of the most viewed TED talks of all time.  One of the fascinating aspects of that research is that taking a “power pose” can affect levels of testosterone and cortisol. In other words, this is not just a “fake it til you make it” shortcut: taking a powerful stand causes physiological effects that can change how you present yourself and thus how others perceive you.

Stanford professor Deborah Gruenfeld, who spent years studying the psychology of power, discovered that simply understanding the research is not enough to reap its rewards. She eventually teamed up with a theatre instructor to teach a Stanford Business School class called Acting With Power.  Watch her micro lecture Playing High, Playing Low and Playing It Straight on YouTube, and you’ll pick up tips on how to project authority and approachability. It’s a worthy investment of time if you’ve ever felt a lack of confidence, if you’ve ever received feedback that you come across as tentative, or if you’ve ever worried that you’re coming on too strong.

What does this have to do with business development? Simple: no one wants to hire or refer business to someone who may not be able to handle it. While leadership presence isn’t necessarily indicative of actual professional skill, it’s the stand-in that others will evaluate (consciously or not) as they decide whether you’re trustworthy.

Take a few minutes to check out these resources, and if you’re uncertain about how you come across (especially in situations that are uncomfortable to you), ask a trusted colleague. Your presence will have a significant impact on your career, so don’t delay.

One size never fits all.

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There’s no secret about which activities may be helpful for business development, right? Pick up any law practice management magazine, flip to one of the zillion practice-related website and blogs, or read marketing suggestions for other professions, and you’ll find all kinds of activities that work for landing new business.

The challenge can be finding which activities work for you. There’s no one-size-fits-all template for business development. When it comes to finding your best process, you must start with self-understanding. What are your skills and opportunities for attaining credible visibility? How do you best interact with people?

It is possible to enhance and even change your natural tendencies—if, for example, there are good indications that speaking would be a productive activity but you’re not a skilled speaker. However, you’re unlikely to succeed unless you first believe you can succeed. Here’s why:

How do you see yourself when it comes to business development? To get a clear view, download and complete my RainMaster Business Development Plan Template (you’ll also be subscribed to my weekly email newsletter, which offers strategies and insights to strengthen your business development activity.) Part one is all about identifying attributes of yourself as well as your practice and your target clients, and part two helps you to use that information to build a plan that actually fits you.

Don’t fall for a paint-by-numbers template that fits everyone and therefore fits no one. It takes work to design your unique strategy, but that’s the only way to succeed. (Need help? Let’s talk.)