“When you get people to be motivated by that [owner’s mindset], that takes care of so much.”

Cultivating an owner’s mindset across all levels of an organization involves fostering a deep personal and psychological investment in the firm’s success. This extends beyond literal equity ownership to encompass all employees. This approach aims to imbue staff with a sense of personal responsibility for the organization’s growth and overall well-being.

• A large law firm actively cultivates an owner’s mindset, particularly among its partner class, by emphasizing a personal and psychological investment in the firm’s success. This initiative extends to all employees, including associates and staff, encouraging everyone to feel that the firm’s success is personally meaningful.
• To propagate this mindset, the law firm developed short, informal videos featuring partners discussing their personal interpretations of the owner’s mindset and how it influences their daily work. These accessible videos achieved significant internal viewership and stimulated widespread discussion within the firm.
• Participants agreed that this mindset directly addresses long-standing challenges such as accountability, motivation, and buy-in, as it inspires individuals to contribute to growth and client service driven by intrinsic motivation rather than external pressures or evaluations.
• One professional services organization, which operates as an employee stock ownership plan (ESOP), noted that a culture allowing employees to “walk around like they own the place” was already fostered before becoming an ESOP. This suggests that the owner’s mindset is a cultural objective, which their ESOP structure now reinforces.

Organizations are actively experimenting with diverse business development training methodologies to overcome challenges like virtual fatigue, scaling programs across large firms, and ensuring practical, impactful learning experiences for all career levels. This necessitates a shift from traditional, often virtual, training models to more engaging and hands-on approaches.

• One large accounting firm combats virtual training fatigue by developing short, on demand “learning bites” for early-career professionals, complemented by intensive in person academies for senior leaders. They are also exploring “watch parties” where groups gather in offices to view video lectures and then engage in facilitated group work.
• A consulting firm integrated business development skills into existing milestone promotion programs for managers and associate principals, establishing a consistent foundation of core BD competencies. This is further supported by virtual “Ted talks” and in-person roadshows led by key business development sponsors.
• Several firms prioritize experiential learning. A global law firm implemented a program where junior associates engage with actual, live client projects, includin efforts to reengage dormant client relationships. This direct involvement reportedly significantly improved the associates’ work ethic and provided invaluable real-world experience.
• Another law firm introduced a “BD boot camp,” a six-month program that involves monthly sessions led by an external coach. Participants develop individual business plans, following a “choose your own adventure” model that aligns personal career aspirations with the firm’s strategic objectives.

Generational differences significantly influence engagement and the adoption of an owner’s mindset, with younger generations often seeking purpose and involvement in company direction, contrasting with older generations who traditionally prioritized job security and execution. Understanding these evolving expectations is crucial for effective talent development and retention.

• A representative from an accounting firm observed that younger generations are often the driving force behind the adoption of an owner’s mindset and initiatives focused on organic growth, specifically through the development of new partners.
• Consulting firm representatives highlighted a notable generational shift in professional values: older generations were typically content with job security and fulfilling their duties, whereas Gen Z and Gen Alpha actively seek purpose and desire to contribute to the company’s strategic direction. This makes involving them in developmental programs increasingly important.
• Newer partners, predominantly millennials, are entering the profession with a pre existing understanding that business development is a fundamental requirement for advancement. This inherent awareness creates a highly motivated group receptive to early BD training initiatives.
• One participant stressed the importance of integrating junior staff into business development conversations and activities early in their careers. They argued that an owner’s mindset is not a sudden realization upon reaching leadership but rather a concept that must be cultivated and reinforced progressively over time.

Organizations face a strategic decision regarding mandatory versus voluntary training, balancing higher engagement from willing participants against the potential for mandatory programs to establish credibility and embed a new cultural norm, particularly during a culture shift. This choice impacts participation rates, program effectiveness, and overall organizational buy-in.

• One executive voiced a clear preference for voluntary programs, believing they attract more engaged participants who genuinely seek development. They noted that mandatory attendance often results in low attendance and less committed individuals, advocating for a smaller, highly motivated group over a larger, unenthusiastic one.
• Conversely, a representative from a global law firm described a recent shift towards making business development training mandatory, especially for junior associates. They found that associates generally view this as a valuable opportunity to develop new skills and enhance their career trajectory, leading to high willingness to participate.
• A participant offered a nuanced perspective, suggesting that the decision should not be “either/or”. They proposed that mandatory programs can bolster credibility and help embed new behaviors, particularly when an organization is undergoing a culture shift where such skills are not yet inherently valued.
• Regarding planning, firms typically develop their business development training strategies on an annual basis to align with budget cycles and integrate with broader leadership or milestone promotion programs. However, some also maintain flexibility to provide on-demand training for specialized or urgent needs that arise throughout the year.

“We’ve started to put a little bit more formality around integrating lateral hires to help them be successful, which now includes regular check-ins and an administrative point person.”   

Organizations face significant challenges integrating new senior talent and acquired groups, requiring formal processes and a focus on cultural alignment to ensure productivity and success.  

• Many professional services firms are increasingly engaging in lateral hiring and acquiring groups. This shift has prompted the need to move beyond informal onboarding processes in favor of a more structured integration effort. Organizations are looking to improve both the hiring and utilization of senior sales and marketing roles as they expand.  
• Formal onboarding for senior roles often includes structured plans, such as 30, 60, and 90-day guides, that include essential knowledge, key contacts, and an outline of firm resources. These tailored plans aim to accelerate new hires’ time to productivity and overall contributions.  
• Firms establish internal communities and hold regular meetings (e.g., quarterly) for new senior hires to facilitate networking and foster connections with peers and other individuals crucial for their success. Some organizations proactively introduce senior hires to many colleagues to increase their visibility across the firm.  
• A critical component of successful integration is conducting thorough cultural fit assessments before hiring and maintaining open, honest communication throughout the acquisition process. One participant stressed the importance of being transparent about the work environment and expectations, suggesting that a lack of honesty can lead to acquiring future problems.  
• When integrating acquired individuals or teams, it is essential to set realistic expectations from the outset and define a clear timeline for their transition into the new organizational culture. Utilizing performance improvement plans can help address underperformance quickly, preventing prolonged issues.  
• Additionally, a number of executives noted the benefit of including sales and marketing leaders in the hiring process to ensure team fit and proper expectation setting.  

Firms must exercise discipline in managing their service offerings, moving away from numerous “hobbies” towards a focused, profitable, and repeatable portfolio to ensure long-term sustainability and growth.  

• A manufacturing company that established a consulting division nearly two decades ago adopted a disciplined approach, limiting their services to only what they could successfully demonstrate internally or had proven case studies for. This strategy was successful despite advice from an outside firm to “stay close to their knitting” and that many such ventures (to create a separate consulting group) fail due to “scope creep”.  
• One professional services firm shared that they drastically reduced their service offerings from 150 to just 15, recognizing that their previous approach of listing anything they had done or wished to do resulted in an unsustainable number of “hobbies”. The leader expressed a desire to further narrow this to only three core offerings for increased simplicity in sales and marketing.  
• The conversation emphasized that successful service offerings should meet three criteria: they must be profitable, proven, and repeatable. Firms should prioritize developing scalable, long-term “ice cubes” rather than wasting resources chasing unique, non-sustainable “snowflakes”.  
• To ensure strategic growth, some organizations make investment decisions for new services based on demonstrated market demand. One firm stated they only consider adding a new service once at least three distinct clients have requested it, ensuring a clear need before dedicating resources.

Organizations are navigating the complexities of sales models, recognizing the need to move beyond individual selling to more collaborative, client-centric approaches that enhance value and foster cross-selling.  

• Many professional services firms face the challenge of individual professionals selling only their own services rather than engaging in collaborative or cross-selling efforts. This often arises from a strong focus on individual sales attribution and bonuses.  
• A recurring discussion point centered on the effectiveness of “seller-doer” models versus dedicated professional sales teams. While seller-doers often excel at securing repeat and follow-on business, professional sales teams tend to be more effective at acquiring new clients.  
• To foster cross-selling, firms are exploring various strategies, including weighting performance reviews to prioritize team credits over individual sales and establishing account management roles to centralize client coordination. One firm noted they heavily incentivize their account management team, which allows their sellers to concentrate on closing new business.  
• Organizing around client needs, rather than strictly by service line, is gaining traction. This involves creating dedicated client teams to address all client needs comprehensively. This structure can improve the connection of internal expertise and help identify additional service opportunities across diverse client types. 
• When discussing service offerings, it is more impactful to describe the client problem being solved rather than using internal jargon or service line names, as this improves clarity for both peers and clients. Some firms are using artificial intelligence tools to translate internal concepts into clear, common terms for client conversations.  

Ensuring consistent internal understanding of all service offerings and client solutions is a persistent challenge, even for smaller firms, requiring structured communication, education, and innovative tools.  

• Maintaining internal alignment and a consistent understanding of diverse service offerings is challenging, even for organizations with 180 employees, especially when practice areas operate distinctly. A common struggle is ensuring all employees understand what their colleagues do and how to effectively collaborate with them.  
• Firms often create foundational documents listing each service, key personnel, client pain points, and effective probing questions for sales, which are used for new employee onboarding and as a resource for existing staff. However, static documents alone are not sufficient to fully solve the knowledge transfer challenge.  
• Regular internal meetings, such as pipeline reviews, can incorporate “practice spotlights” where different teams present their services and explain how others can engage with them or cross-sell. This method helps disseminate knowledge and encourages collaboration across various service lines.  
• Technology platforms, such as sales intelligence tools, are being adopted to facilitate knowledge transfer. One media services organization uses such a platform to share detailed videos of successful deals, covering all aspects from initial introductions to closing specifics. This enables service teams to quickly understand the details of closed business.  
• Historical examples demonstrate the value of standardized communication. One consulting firm fostered a strong culture by mandating a specific communication technology and conducting intensive onboarding sessions where new hires learned all organizational terminology and accepted tools. This consistent approach helped unify the culture and communication.  

“A lot of how we’re structured is around practice areas and business units… and then we have portfolios or assignments with regard to non-legal technical skills training.”

The organizational structure of learning and development teams varies significantly across professional services firms, often reflecting a blend of geography, practice area, and specialized skill-set divisions. While structures differ, collaboration across these divisions is a common and vital practice.

• One large professional services firm structures its learning and professional development team geographically, with US-based and non-US-based divisions, and organizes by practice areas and business units, with individuals specializing in areas like transactional practices or litigation. Additionally, team members have portfolios for non-technical skills such as project management, business development, and leadership development, which transcend practice areas.
• Another firm’s training team reports to the Chief People Officer and includes a firm-wide training program facilitator, but service lines primarily develop and deliver a significant portion of the training, with coordination through the central team. This firm also leverages external resources like commercial training programs and industry alliances for content. 
• A third firm has a large professional development team of over 20 people, where one individual primarily handles business development training due to specialized
  experience, while partners and subject matter experts manage practice area-based skills training. This team also supports training for non-lawyer professionals and
  mentorship programs.
• A fourth firm uses a hybrid structure, combining business development teams and learning and development teams to create a more streamlined approach, such as a
  dedicated internal training program for associates with input from both attorney and business development sides. They emphasize cross-functional collaboration and shared responsibility, noting blurred lines in roles.

Firms are strategically evolving their approach to business development training to foster a growth mindset from day one. This involves integrating business development concepts throughout an individual’s professional journey.

• One firm intentionally avoids the term “selling,” instead focusing on cultivating “trusted advisors” by building a curriculum around progression from trusted colleague to trusted resource and then to trusted advisor. This approach was influenced by their CEO’s directive and content from external training providers.
• Another firm, recognizing that many professionals in their field tend to be introverted, implements growth-minded training at every organizational level, starting with interns. This training begins with building a professional online presence, then personal branding, and progresses to basic networking, negotiation skills, and communication tactics as professionals advance. The goal is to ensure senior managers are comfortable having meaningful conversations with prospects.
• A global firm’s director of learning emphasized the importance of introducing business development training earlier in an individual’s career journey, specifically at the mid level associate stage, rather than waiting until they become partners. This includes training on networking and profile building, as these networks become future sales
  networks.
• One participant noted that while the term “selling” might be perceived negatively, the underlying characteristics of a great lawyer and a great seller are largely the same, such as active listening and understanding perspectives. This suggests that overcoming negative connotations associated with “selling” is crucial for fostering a positive
  mindset towards business development. 

Determining the optimal timing and amount of training content for professionals at different career stages is a significant challenge, with a general consensus on the need for a user centered, tiered approach to learning.

• A professional development head highlighted the challenge of delivering the right amount of content at the right time, especially for new hires who can easily become
  overwhelmed with information. They noted that initial training should focus on basic practicalities, such as logging in and workspace information, rather than immediate, complex strategic topics.
• One firm is shifting from traditional courses to building more accessible resources, some AI-supported, allowing professionals to find answers as questions arise rather
  than receiving all information upfront. This approach acknowledges that predicting every need at every stage is difficult.
• Another firm organizes their training roadmaps by professional level, categorizing content into core and elective classes to ensure appropriate learning at each life cycle stage. They also build flexibility and buffers for just-in-time learning, acknowledging that rigidity can hinder real-world application.
• Another firm focuses on delivering coaching people can opt into at each level of the organization. For junior and mid-level programs, they conduct exercises that encourage immediate action, like reaching out to three to five targets in a short, fixed period. This aims to reduce the fear associated with business development by demonstrating that significant progress can be made in small increments.

Firms face the challenge of quantifying the ROI of training programs, moving beyond immediate participant satisfaction to measure actual behavioral change and business impact. They use a mix of qualitative and quantitative metrics, often experimenting with new approaches.

• One firm focuses on collecting not only immediate participant feedback, but also feedback several months later to assess the lasting impact and actual application of training. They also look for “Aha moments” where participants gain immediate insights into specific client relationships or business development situations.
• While recognizing that increases in originations and revenues are important lagging indicators, firms also track leading indicators such as the adoption of new habits, client touch points, and activities like professional online messages. The goal is to see evidence of new actions and habits being formed.
• A firm piloting a one-on-one coaching program for new partners is tracking both qualitative (growth mindset, feelings about business development) and quantitative data, including billable hours and origination, over extended periods (10 months to 18 months) to assess program impact. They acknowledge the complexity of isolating the impact on origination due to institutional clients.
• An accounting firm initiating a one-on-one coaching program measures “intent” as a key metric. They aim to increase participants’ comfort level in discussing different service lines with clients, tracking improvements in cross-service line opportunities recorded in their CRM system. They also look for a 50% increase in net services from existing clients over 18 months and focus on pipeline generation for prospects, not just closed deals. One participant candidly stated they are not yet measuring ROI due to the difficulty of isolating training impact from broader economic and environmental factors.

A critical challenge for training programs is ensuring that learned concepts translate into consistent, actionable behaviors that persist beyond the classroom. Strategies include breaking down large tasks, incorporating accountability, and creating ongoing reinforcement mechanisms.

• One firm’s representative highlighted that professionals often perceive business development as requiring large blocks of time (e.g., 8-10 hours), which they lack. The solution involves breaking down business development into smaller, manageable, daily activities, such as scheduling a few coffee meetings or joining one local organization. This approach makes it easier to integrate business development into daily routines.
• An exercise shared by a participant involves using a stack of 30-50 notecards with names of contacts to engage with (one per card), aiming for one action (email, LinkedIn message, article sharing) per day with the notecard that falls on the top of the stack. Once an action has been taken for the person whose name is on the top of the notecard stack, that card moves to the bottom of the pile. This ensures consistent interaction with one’s network, guaranteeing you reach out to at least one person per day and engage with everyone in that notecard ecosystem at least once per month.
• Accountability plays a vital role in reinforcing learning. Firms achieve this through coaching relationships, where individuals are accountable to a coach or partner for their progress, similar to how students are accountable to a teacher for homework. Peer accountability within group coaching programs also proves powerful, as participants share their milestones and progress with their peers and coaches.
• Integrating “marketing bites” or short primers on business development KPIs into regular practice group meetings serves as a consistent reminder of best practices for all levels, even if it is officially targeted at junior associates. Additionally, leveraging mentorship programs to include discussion sheets for mentors and mentees to review business plans and discuss progress further reinforces the desired behaviors.

• Firms planning anniversary celebrations typically consider both internal employee engagement and external market positioning as primary objectives. While internal focus is common, many also strategically use the milestone to strengthen their brand, connect with clients, and highlight their legacy. Some specifically plan external events to engage both existing and potential clients, seeing the anniversary as a valid reason to connect.
• Celebrating employees and fostering internal engagement is a common and significant goal for many firms. This acknowledges the people vital to the firm’s longevity.
• Anniversaries provide a strategic opportunity to reinforce the firm’s brand, differentiate it based on history, and communicate expanded capabilities to the market.
• When planning external activities like client events, firms often intentionally include prospects. This allows the celebration to serve as a legitimate reason to engage key business contacts and nurture potential relationships.
• Some participants noted their celebration’s focus was heavily internal, sometimes influenced by specific leadership interests. In contrast, others explicitly designed activities with benefits for both internal and external stakeholders in mind.

• Firms deploy a wide range of activities to mark anniversaries, from basic internal branding to extensive external content and events. Common tactics include using existing communication channels creatively and highlighting the firm’s history and its people.
• Incorporating anniversary logos into email signatures and marketing materials is a standard practice. Some firms aim for evergreen branding where possible.
• Developing content is a major focus, with examples including website narratives, videos showcasing firm milestones or leaders, heritage books, and social media campaigns highlighting employees, alumni, or historical events.
• Internal celebrations are frequent, such as employee gift programs, receptions in various offices, volunteer days, and firm-wide communications emphasizing history and culture. One firm used monthly themes tied to values.
• External efforts include hosting client events, seeking media coverage, fostering client champion relationships, and unique public relations opportunities like ringing a stock exchange bell. A traveling historical exhibit was also mentioned as a creative approach.

• Anniversary planning presents considerable logistical hurdles, primarily related to securing sufficient budget, managing potential ideas, and establishing a clear timeline. Firms stressed the need for early preparation, defining project scope, and potentially utilizing dedicated resources for complex plans.
• Obtaining an adequate budget early is a significant challenge that can limit the scope of ambitious ideas. Participants noted the need to budget sufficiently to execute plans effectively.
• Managing incoming ideas from various stakeholders requires establishing clear processes, potentially through a dedicated committee, to align activities with goals and prevent scope creep.
• Setting the celebration timeline involves choosing between focusing on a specific date, a month, or extending activities across a full year or longer. Extending the timeline can provide more planning time.
• Complex plans, such as hosting multiple events or producing extensive content, may necessitate hiring dedicated project management resources to ensure smooth execution.
• Ensuring accurate and complete contact data for clients, prospects, and alumni is vital for successful outreach. The planning process offers an opportunity to update these systems.

“Our business moves at the speed of relationships.”

• Participants largely agreed that quantifying a direct return on investment (ROI) for anniversary celebrations is difficult. While some track event participation, success is more often evaluated using softer metrics focused on engagement, brand visibility, and relationship building rather than strict financial outcomes.
• Many firms do not explicitly set measurable ROI targets for anniversary celebrations. One firm noted metrics were specifically not the focus, framing it as employee appreciation.
• Success is frequently measured by the level of engagement and participation among employees and clients in the planned activities. High participation is seen as a key indicator of success.
• Anniversaries reinforce brand longevity and market presence, reminding stakeholders of the firm’s stability and history. While valuable, this is challenging to quantify directly.
• Some firms monitor metrics like event response rates or track new conversations and relationship continuity as indicators of effectiveness. One firm with significant client/prospect events intends to track generated leads.
• The concept of “anniversarizing” suggests integrating celebration messaging into ongoing activities rather than solely creating separate, measured projects.

“Our anniversary celebration really leaned into both our longevity as a company as well as the longevity of our relationships.”

• Anniversaries offer a significant opportunity to showcase a firm’s journey, evolution, and impact through compelling narratives. This involves preserving historical materials, developing narratives, and using storytelling to highlight values, relationships, and achievements.
• Firms use their history and longevity as a key differentiator in the market, conveying stability and depth of experience to clients and prospects.
• For one firm, collecting and archiving historical materials was a powerful part of the celebration and included digitizing documents and photos to create a permanent resource for future use.
• Storytelling is essential for bringing history to life. Firms use various methods like videos on milestones, heritage books, social media content featuring long-tenured individuals, and showcasing key projects or people.
• Conducting oral history interviews captures personal insights and anecdotes about the firm’s development and culture, providing rich content for various materials. One participant noted the value of a written history by a founder.
• Firms connect historical narratives to their present identity and future vision. Storytelling helps integrate history into marketing, business development, and internal communications. Although old documents like legal briefs may not be publicly engaging, creative formats like exhibits can make firm history more accessible.

“Defining who our best client is, is not the hard part; consistently focusing our efforts on attracting and serving them is the real challenge we face.” 

• Establishing and adhering to a well-defined ICP proves difficult, especially for larger firms with numerous service offerings, but a dedicated cross-functional team can facilitate the process. Participants from firms of varying sizes acknowledged the theoretical benefits of an ICP but shared practical hurdles in its consistent application. One firm established a growth council comprising key leaders to make decisions on priority markets and ICP. Another firm with a broad service portfolio found its overarching ICP too general, necessitating more specific profiles at the industry and service line levels. A firm focused on a niche industry reported a simpler ICP definition and actively manages inbound leads against it.
• Maintaining focus on the ICP requires discipline and a process to avoid pursuing every opportunity. Some leaders admitted their tendency to engage with any potential client, highlighting the difficulty in saying “no.” One participant described a “right fit” process led by office managing partners to evaluate new client opportunities. Another firm utilizes a checklist approach to remove emotion from the decision-making process for pursuing new business. Limiting resources for proposals that do not align with the defined ICP was mentioned as a strategy used by more mature firms to enforce focus.

“Historically, M&A in our sector focused on geographic expansion, but now a more targeted approach considering strategic fit with our ideal client and service offerings is becoming increasingly important.” 

• Cultural alignment and the quality of the team are paramount considerations in M&A, often outweighing immediate profitability metrics. One participant emphasized that cultural fit is the top priority when evaluating potential acquisitions, followed by the team, believing that financial aspects can be addressed if the fit is right. They also noted the increasing complexity of competing with private equity on price multiples for highly profitable firms, leading to a more opportunistic approach.
• The strategic alignment of an acquisition target’s ICP with the acquiring firm’s focus is gaining significance over traditional expansion models. One leader suggested that ICP should play a more prominent role in M&A strategy, highlighting the value of acquiring firms with a clear purpose and niche focus. Concerns were raised about the challenges of cross-selling and realizing synergies when acquired entities serve vastly different client profiles. The discussion also touched upon a shift towards practice-specific acquisitions driven by private equity, allowing for more focused integration at the client and practice levels.

• Professional services firms employ a mix of informal and formal methods to gather client feedback, with a trend towards more structured approaches. Many firms rely on account directors to maintain regular contact and solicit feedback during client engagements. Several participants highlighted the increasing use of formal surveys, sometimes conducted at the end of a project or on a recurring basis. The value of engaging third-party agencies to conduct client interviews and surveys was emphasized, as it can elicit more honest feedback than internal teams might receive.
• Actionable insights derived from client feedback can inform service delivery improvements, identify cross-selling opportunities, and potentially be integrated into performance management and incentive systems. One participant shared their initiative to implement end-of-project surveys and explore linking them to employee bonuses. Another firm reported significant improvements in client feedback return rates after making it a priority. The discovery during client interviews that clients were unaware of the firm’s full range of services highlighted a key area for better communication and cross-selling.

“The recent tariff announcements have created uncertainty for our clients, particularly in sectors with complex international supply chains, requiring us to proactively offer support and guidance.” 

• The implementation of new tariffs has generated immediate concerns among clients, especially those in the consumer and industrial sectors with international supply chains. Leaders noted that clients are revisiting emergency plans and grappling with the potential impact on their businesses. Firms are mobilizing to support clients by helping them understand and mitigate the disruptions, particularly in areas like supply chain optimization and inventory management.
• Professional services firms are also evaluating the potential indirect and future impacts of tariffs on their own businesses, including the outsourcing of services. The possibility of tariffs extending to the services industry, particularly IT outsourcing, was raised as a concern requiring further monitoring and analysis. The underlying purpose and long-term implications of the tariff policies remain unclear, adding to the uncertainty for both clients and service providers. Some firms with dedicated international trade practices are actively advising clients and disseminating information to stay ahead of developments.

“Despite the myriads of external changes, it’s crucial to keep clients at the center of all actions. This approach not only helps maintain focus and trust but also positions professional services to help clients navigate new regulatory environments and other external changes effectively.”

• The group discussed the impact of external influences such as corporate governance, organizational structures, and regulatory changes on decision-making. They emphasized the importance of considering these factors in strategic planning for 2025.
• Members agreed that no matter what headwinds they face, clients must be kept at the center of all business decisions. This approach helps maintain focus and trust during times of uncertainty.

“The best account managers are not necessarily the best technical experts but are often better at routing information and managing relationships. It’s crucial to have individuals with an abundance mindset who can identify new opportunities and foster growth within existing accounts.”

• The group discussed the importance of balancing technical abilities and soft skills when appointing account managers. Members agreed that the best account managers are not necessarily the best technical experts but are often better at routing information and managing relationships. This involves understanding client needs, coordinating with internal teams, and ensuring that client issues are addressed promptly and effectively.
• The group shared various approaches to hiring account managers, with soft skills outweighing the importance of technical knowledge. Many participants noted that they hire directly from the industries that their company supports, as these individuals can establish trust and credibility with clients more quickly by having firsthand experience with the client’s challenges.
• The group discussed the need for clear expectations and training for account managers, including account mapping, relationship planning, and business development activities. Setting clear expectations helps account managers understand their roles and responsibilities and provides a framework for measuring their performance.
• Multiple participants flagged the challenge of creating visibility and accountability around account mapping activities. Accountability is key to holding account managers to goals related to cross selling and whitespace penetration. The group shared various approaches to account mapping and relationship planning, including the use of tools like Prolifiq. These tools help create a common vernacular across team and system for capturing account mapping goals, tracking progress, and identifying opportunities for cross-selling and expanding client relationships.

“Focusing on activities helps build a tenacious business development culture. It’s not just about closing deals but maintaining consistent efforts and regular business development meetings to fill the pipeline, regardless of external conditions.”

• The group discussed the challenge of keeping people focused on business development activities rather than just revenue outcomes. It was noted that while closing deals is important, consistent business development efforts are crucial for long-term success.
• Members agreed that focusing on activities helps build a tenacious business development culture. This includes regular business development meetings, identifying key focus accounts, and tracking business development meetings with these accounts.
• Members discussed the challenge of balancing activity tracking with actual client engagement. It was noted that while tools and reports are helpful, the primary focus should always be on building and maintaining strong client relationships.
• The group shared various approaches to incentivizing activities. For example, some organizations have implemented sales contests that tie activity levels to bonus payouts, while others have introduced CRM adoption as a mandatory practice to ensure that business development activities are tracked and measured.
• The conversation touched on the importance of aligning sales enablement with practice leads. This ensures that training and support are tailored to the specific needs of the business and that business development activities are effectively integrated into the overall sales strategy.

“We recently did a reorg to get all of the go to market stuff under one umbrella, and we made a big shift to move away from general brand awareness and toward sales enablement. In our world, that includes sales training.”

• The group discussed the evolving role of sales enablement and its integration with sales training. Members agreed that sales enablement should encompass a broad range of functions, including sales training, collateral creation, and proposal management.
• The group shared various approaches to sales training, including in-house training programs and external resources. It was noted that one benefit to in-house training is that  it is tailored to the company’s specific needs and challenges.
• The conversation also touched on the need for clear expectations and metrics for sales enablement and training. Members agreed that having defined goals and measurable outcomes helps in assessing the effectiveness of these programs.
• The conversation concluded with a discussion on the potential value of proposal teams within the sales enablement framework. Members agreed that having dedicated proposal teams can streamline the proposal process and improve the quality of proposals.

“We’re reassessing the ROI of our outsourced BDR team, and if we can’t find a more effective way to use them, we’re cutting them loose.”

• One member mentioned that they outsource their BDR function to another company because it acts as their “high-velocity sales engine.” This outsourced team handles a high volume of calls (more than 2,000 calls a month) to cover the lower end of the market where they do not already have existing relationships or the time to engage. This approach allows them to focus on higher-value activities and markets while the outsourced team generates initial meetings and opportunities.
• Another member discussed their shift from using internal Sales Development Representative (SDR) to leveraging digital customer journeys powered by HubSpot. This approach has significantly increased their meeting setup rate, from 2-3 meetings per week to about 10 per week.
• The group agreed that there is a risk that outsourced BDRs do not always represent the brand as effectively as internal teams, which can be a concern for companies’ protection of their brand image and reputation in the marketplace.
• Several participants expressed concerns about the ROI of outsourced BDR firms. They noted that despite paying for these services, the opportunities generated were often not valuable and would lead to waste on calls with low-quality prospects, leading to considerations of cutting those services.

“One of the biggest things that we look for is cultural fit immediately. I think it’s the number one indicator of success, whether we’re selling something or bringing something in.”

• Members emphasized that cultural alignment is the most critical factor for successful mergers and acquisitions. Ensuring that the merging entities share similar values and work cultures can significantly impact the integration process and overall success.
• Firms need a clear and well-communicated strategy for why that are pursuing acquisitions. This includes understanding specific goals, such as geographic expansion, adding new capabilities, or enhancing service offerings, and ensuring that each acquisition aligns with these strategic objectives and is clearly communicated.
• One member stated that successful acquisitions often stem from client needs and demands. Firms that listen to their clients and acquire capabilities or geographic presence to better serve their clients tend to see more successful outcomes.

“If you are having a rate conversation you are having the wrong conversation.”

• The recent PIE Growth Leaders Exchange focused on the topic of pricing strategies and challenges faced by professional services firms in the current market environment. The participants shared their insights and experiences on how they approach pricing, what factors they consider, and what challenges they encounter.
• Participants discussed the need to align pricing strategies with market conditions and client expectations. Some participants advocated for value pricing, which is based on the perceived value of the service to the client, rather than the cost of delivery. Others preferred cost-plus pricing, which is based on the cost of delivery plus a margin. The conversation suggested an overall shift from cost-plus pricing to value pricing. This shift is significant as it means companies are moving away from simply adding a standard markup to the cost of their services or products. Instead, they are pricing based on the perceived or estimated value of their offerings to the customer.
• Market conditions are playing a significant role in these pricing decisions, indicating that companies are becoming more responsive and adaptive to changes in the market. Furthermore, companies are exploring alternative pricing models, such as performance bonuses or equity in partnerships. These models can provide additional incentives for performance and align the interests of the company with those of its clients or partners. The participants agreed that there is no one-size-fits-all solution, and that pricing strategies should be tailored to different services, geographies, and clients.
• Another highlighted theme was the potential of subscription models, which offer recurring revenue streams and incentivize long-term client relationships. Some participants shared their success stories of implementing subscription models for certain services, such as advisory, analytics, or cybersecurity. They noted that subscription models require a clear value proposition, a high level of trust, and a flexible delivery model.
• The group also discussed variation in pricing governance across firms. Some participants reported having a centralized pricing team that oversees and approves all pricing decisions, while others said that they give more autonomy to individual business lines or regions. One member made the point that rate cards or fixed prices can limit the negotiation space and undervalue the solutions, so it is better to avoid sending them to clients and instead focus on the value proposition and the outcomes.
• A few members also highlighted success in integrating a discretionary bonus that clients can elect to pay following the completion of a project. The bonus may be based on performance criteria or subjective review of the project team and outcomes delivered. Members using this practice in pricing noted that clients often elect to pay the bonus, even though it is entirely optional. The members also noted that while this strategy has been effective in securing additional revenue, it is not a strategy applied unilaterally across the firm.
• Finally, the group discussed how to price new service lines, with some firms targeting smaller clients for initial offerings and others opting for larger, brand-establishing clients. The participants agreed that pricing new services can be challenging, as there may be no established benchmarks or competitors in the market, and that the pricing strategy should reflect the value and differentiation of the service, as well as the client’s willingness and ability to pay. Some participants shared their examples of pricing new services, such as offering lower prices or free trials to smaller clients to gain feedback and testimonials or charging premium prices to larger clients to establish the brand and reputation of the service.
• Members noted the importance of carefully curating the initial client experiences with new services, as they can have a significant impact on the future cost and sales efficiency of the service. The participants recognized the value of creating positive and memorable client experiences with new services, as they can generate word-of-mouth referrals, testimonials, and repeat purchases. They also recognized the challenge of ensuring high-quality and consistent delivery of new services, especially when there may be limited resources or expertise available. Some participants shared their best practices for curating the initial client experiences, such as selecting the right clients and projects for the first engagements, involving senior staff and experts in the delivery, and soliciting feedback and improvement suggestions from the clients.

• The PIE Growth Leaders Exchange also discussed client reference strategies, or the ways firms leverage their existing or past clients to provide testimonials or referrals to potential clients. The participants shared their views and practices on how they use client references in their proposals and pitches, and what benefits and challenges they experience.
• One of the main themes that emerged from the discussion was the consensus on the effectiveness of including client references in proposals, with some firms even providing direct contact details to potential clients. The participants agreed that client references can enhance the credibility and trustworthiness of the firm, as well as showcase the value and impact of the service. Including references and their cell phone numbers directly on proposals, with client permission, makes a powerful statement. The practice demonstrates confidence and transparency, and that it can differentiate the firm from the competitors. While nobody usually calls the references, it still has a significant impact on the decision-making process. The group agreed that client references should be relevant and specific to the context of the proposal, and that they should be obtained with the client’s permission and appreciation.
• Another theme that was discussed was the approach of proactively reaching out to references, rather than waiting for potential clients to contact them. Some participants said that they proactively contact their references and ask them to share their positive experiences with potential clients, either via phone, email, or video. They said that this practice can help to create a stronger impression and a more personal connection with the potential clients, as well as to proactively address any questions or concerns they may have.

“Quality activity begets qualified pipeline. We’re focused on ensuring that the activities we track align with our goals and eventually lead to sales.”

• In addition to pricing, the group also addressed the topic of accountability in pre-revenue activities, such as business development, proposal writing, and pitching. The participants discussed the challenge of ensuring continued business development activities and holding individuals accountable prior to revenue generation, especially in a remote or hybrid work environment.
• One of the main themes that emerged from the discussion was the need to implement training programs and set pre-revenue metrics to drive behavior change and increase business development tenacity. Some participants shared their examples of training programs that aim to enhance the skills and confidence of their staff in business development activities, such as prospecting, qualifying, and closing. Examples of pre-revenue metrics used to measure and reward business development performance include number of leads, number of meetings, number of proposals, and win rate.
• Another theme that was highlighted was the effectiveness of random and regular check-ins on market-facing activities. Some participants said that they conduct random and regular check-ins with their staff to monitor their progress and provide feedback and coaching. They said that this practice helps to keep teams engaged and accountable, as well as to identify and address any issues or challenges early on.

“We’ve just rolled out a new program where all your activity has to make its way into Salesforce. To make it really easy on people, we’ve said you just keep managing your calendar like you always do. But you categorize it. Was it a BD meeting? Was it a networking event? We’ve made sure that only relevant business activities are tracked in Salesforce, and our IT team handles the integration on the back end.”

• The PIE Growth Leaders Exchange also addressed CRM management and activity tracking to report business development activities, such as meetings, calls, emails, and proposals. The participants discussed the challenges and opportunities of using CRM systems, and what best practices they follow.
• Members noted the need to find efficient ways to track and report business development activities using CRM systems, with some automating the process via calendar categorization and data entry outsourcing. The participants acknowledged the importance of having accurate and timely data on business development activities, but also recognized the difficulty and reluctance of staff to manually enter data into CRM systems. One executive shared that staff are required to categorize calendar entries according to the type of activity, such as BD meeting, networking event, proposal writing, etc., allowing the firm to automatically capture the data from the calendars and integrate it with the CRM system, without requiring any additional data entry from the staff. This practice has improved the data quality and the staff compliance, and the firm can now report on the business development activities more accurately and efficiently.
• Members underscored the need for accurate data capture to better understand and report on institutional relationships and channel partnerships. The participants emphasized the value of having a holistic view of the relationships and interactions with clients and partners across the firm, and the ability to report on the revenue and profitability of each relationship and channel. They also emphasized the challenge of ensuring that the data capture is consistent and comprehensive across the firm, and that the CRM system is updated and maintained regularly.

“Just giving someone access to a dashboard doesn’t mean they are leveraging that data.”

• The group highlighted the need for effective reporting packages that track activities, opportunities, and wins over time, emphasizing the importance of real-time data as well as historical snapshots.
• Challenges include ensuring accurate and ongoing data input by teams and leveraging the data by regional leaders to think like sales or BD leaders rather than just seller-doers.
• A few growth leaders shared plans to hire data analysts to gather data from various systems and present it using tools like Power BI and Tableau. “We publish a monthly report that shows what’s spiking right now, often tied to a certain initiative, like last year with recession talks and high inflation, we highlighted services that made sense in that economic environment to better inform and equip our sales teams with ideas and tools for growth.”

“Intentionally, I don’t want a sales culture. I want a growth culture. With the seller-doers, it doesn’t play out the same way.” 

• Participants discussed the distinction between creating a sales-driven culture and nurturing a growth-oriented culture within their organizations.
• The consensus leaned towards promoting a culture of growth, where business development is aligned with strategy and service rather than aggressive sales tactics.
• Strategies include focusing on activities that lead to growth, such as cross-selling, and developing a supportive structure for both seller-doers and professional salespeople.
• Accountability continues to be a challenge in creating a well-run growth team. As one leader mentioned, right now we are just “sharing not should-ing,” but the need to drive towards clearer expectations and accountability around the “should” continues to be important.

• The importance of training seller-doers to engage in BD activities and overcome challenges in client interactions was highlighted.
• Various methods such as recording pitches, mock pitches, and office hours for questions were shared as effective ways to build confidence and proficiency in BD.
• The use of tools like Salesforce cadences to schedule and remind seller-doers of follow-up activities was also discussed. A few leaders shared the need to develop BD training from the inside out, drawing on the expertise of your best rainmakers to drive a culture of growth distinct to your organization.

“We had a process where short-term compensation, akin to a commission-like structure, was placed on cross-sales, and the timing issue was handled by making a cash payment to the originating managing director when 80% of the revenue had been collected.”

• Debates arose around the timing and method of compensating sales activities, particularly the tension between immediate rewards for salespeople versus delayed compensation based on revenue collection.
• One executive asked how you manage one person getting the credit for a sale and another having the relationship. Another executive argued that some sales leaders spend too much time figuring out who gets the credit, rather than focused on just growing the accounts.
• Several structures were shared, including a 3, 2, 1 model, with part of the commission paid upon deal signing and the rest based on revenue collection over time.
• The concept of activity bonuses to support new salespeople during their ramp-up period was also discussed.

• Participants discussed leveraging technology like CRM systems to manage and track BD activities, reporting, and follow-ups.
• Challenges include ensuring accurate and timely data entry by teams and using the CRM to its full potential to drive growth activities.
• Suggestions included the use of sales enablement tools within CRM platforms to automate and prompt BD activities and follow-ups.

“We launched something at the beginning of the year, called ‘See something, do something.’ Basically, we’re trying to teach everybody that they’re in business development. The fact that my staff sees more than the partners do means they know where the problems and the holes are. So, we’ve created an incentive program, and we’re really trying to make sure they understand that sales is not a bad word.”

“We have an institutional kind of immersion here to sales and marketing and partnering outside of the business. Literally, I feel like my job is that I sell every day to change the hearts and minds of folks in order to kind of adopt the best practices that we probably all know that we should be doing.”