Working ‘On’ and ‘In’ Your Business – Why it Matters to Maintain a Pipeline
By: Amber Vincent, Alyn Weiss & Associates
If you worked as hard on your business as you do your clients’ business, what would happen?
Most lawyers, even pre-pandemic, had a difficult time pulling away from their billable work to focus on their marketing and business development efforts. The quarantine and lack of opportunities to network or connect with other people in-person have made this even more challenging.
Lawyers have told marketing teams inside their firms for years they did not have time for a lunch, or a client event, or a networking happy hour – they were too busy.
These same lawyers often call me or their marketers in a near panic after the case they were working on unexpectedly settles, the trial ends, or the deal gets delayed or closes. “I’ve got (little or) nothing to do. What should I do now?” they ask.
The concept written in best-selling business book, “The E-Myth Revisited” by Michael E. Gerber, is a simple one.
You must work ‘on’ your business, taking responsibility as an owner, and not just ‘in’ your business, acting as an employee. Setting aside business development is acting like an employee and not an owner.
The ownership mentality for lawyers is important no matter how long they have been in practice. If you want to continue to build or receive referrals or have a steady stream of work, devoting time every day to business development is absolutely crucial.
The danger of non-ownership thinking…
Kevin Costner, in his role as the patriarch of a successful Montana ranching family in the series Yellowstone, scolds his 38-year-old son in the opening episode about a mistake made in managing their cattle business. Frustrated, he points out the difference between a “cowboy” who is “working” the ranch, as his son does while failing to see how to cull the herd to maximize profits, and a “cattleman” who does. The latter is “running” the ranch, Costner says.
An article in Inc. reveals this issue of ‘on’ versus ‘in’ is widespread: “Owners tend to do sales and marketing when business is slow, and then stop as soon as business picks up, thus cutting off the pipeline that created the business in the first place and setting things up for another slow cycle. Instead, you should always be working on sales and marketing, even when business is good.”
In their article on how to keep customers, Inc. goes on to say monthly contact is key to maintaining top-of-mind awareness and to avoid a sales pitch. Instead, “Give them something of value, preferably by email.”
That’s great long term advice, but what can you do NOW if you have little or no work?
Look at the last three to five files you opened that you liked and which were profitable. Where did those cases come from? Reach out to those who sent you that work, and reconnect. Keep looking at the sources of past matters until your plate is full.
Reconnecting with friends, alumni, referrals, and clients is also an important element. We are all craving human interaction and “normalcy” in this restricted environment; and connecting with your contacts in a genuine, meaningful way can provide a next level of trust and caring in the relationship.
And, always work on your business, always adopt an owner mindset, and always run your own ranch.