This week, we are continuing with our series of tips from our Practice Accelerator Membership coaches, with another business development tip from Tea Hoffmann. Tea is a licensed attorney, Managing Principal of Law Strategy Corp, and a Life and Executive Coach.

Here’s the problem: many lawyers don’t maintain and actively work a Prospects List. If you’re one of those people, or you don’t even know what I mean by “maintaining and working” a Prospects List, then listen up!

You’re losing money because you’re cold-starting your business development efforts each month. Maybe business development intimidates you or seems too challenging, so you treat it like a chore. You procrastinate and then feel stressed because you worry where the next client mandate will come from.

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Maintain and work a Prospects List

Tea’s tip this week is to maintain and work a Prospects List. A “prospect” is a potential client that you want to provide your services to. Preferably, it is someone or some organization that closely resembles your ideal client avatar. That is something we discussed in our September 16th, 2020, tip entitled, “#1 BD Tip for Lawyers - Know Your Client” 

Prospects can include past and even existing clients. What makes them a prospect is that you have other services you also want to offer them.

With past clients, your goal should be to stay connected and deepen your relationship with them. Reach out regularly. Express a genuine interest in their business on a “going forward basis.” They may be in distress; or they may be growing. Either way, keep your eyes open for opportunities to add value. Do not just close the file and move on to the next client’s matter…

For prospects that are not already current or past clients, you should do your research. Find out:

• about their business (not just their industry);
• who they are as individuals; and
• their background and interests.

If a prospect closely resembles your Ideal Client, you should already have a pretty good idea of what makes her stay awake at night. But do some research anyway. See if you can acquire insight into the individual’s specific needs.

Regardless of who your prospects are, your Prospects List should be written down. It is not enough to keep the list in your head. Use a project or client relationship management software platform like Basecamp or Capsule, use Excel, or a pad of paper. It is not rocket science.

Keep Your Prospects List Where You Can See It

Even if you do keep your list digitally, it is really important to always have a hard copy in plain sight on your desk. That will remind you to keep in touch with your prospects and help make you accountable in your business development efforts.

Tea has a very simple Prospects List template, created in Excel, that is practical and easy to use, so get started today if you don’t already have a written list.

Once you have your list, prioritize your prospects. Are they real prospects that you are going to actively pitch services to in the coming weeks or months? Or are they just warm prospects that you reach out to every now and then to see how they and their family are faring during these extraordinary times? Regardless, if your interest is sincere, they will appreciate the contact. Don’t underestimate the value of a personal touch, particularly now.

Finally, look at your list every week, if not every day. Keep it current. Add any new intelligence you have collected from whatever sources. Work your list gradually, but constantly. Be on the lookout for opportunities to move warm prospects up your list of priorities. Business development is a lot less intimidating and challenging when you make steady progress every day instead of cold-starting once a month or quarter.

So, grab a pen and a pad or download Tea’s Excel template and get started now creating your Prospects List, and that’s it for this week’s tip.

Our Practice Accelerator Membership is a very cost-effective way to access training, expert advice and coaching from Tea Hoffmann and others, all of which will drive productivity, improve your profitability, and create a practice you can grow and scale for years to come.

If you want more articles and tips like this delivered right to your inbox, then sign up to receive Gimbal’s Tip of the Week directly in your email box each Wednesday, and don’t forget to download the Excel template for Tea’s Prospects List.

Thanks a lot everybody!