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ne of the saddest events I witness in professional firms is the exodus of good people with experience Yet this is just the group of people firms want to keep The policy of up or out you make partner or you leave strips firms of great experience And it can cheat staffers who are not supported in doing what it takes to make partner All too often, the staffers leave because they or their firms did not make a regular investment in their future Partners who focus junior associates on the technical job at hand and then skimp on training and marketing may profit in the short run, but will lose long-term profitability
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If you are an associate professional or staff member, avoid the easy trap of exclusive focus on your work Make this the year that you invest in yourself (even if your firm does not) You will make yourself more valuable to the firm, and enjoy your job more as well Recently I asked a group of about 50 professionals if anyone had spent as much as $100 of their own money during the preceding 12 months on education Two people raised their hands Most people spend more on the outside of their heads (hair styles and cuts) than they do on the inside of their heads At a recent marketing session, several of the people complained about the time (four hours) to read two paperback books on customer service These 30-year-olds had begun the process of retirement at an early age
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1 Speaking and Writing All professions are changing from technicians to communicators Technology is becoming the technician Join Toastmasters International or take a speaking course When you invest in your communication skills, you are creating a bright future for yourself Write at least two articles for publication in the next year If you do not feel qualified, ask someone who is an excellent writer to coach you and proof your material Consider taking a creative writing course 2 Invest in Your Clients Spend 2% to 5% of your time meeting with clients off the clock Find out about your clients businesses Learn about their problems, competition, and technology Learn about their families, friends, and other acquaintances Others are selling to your clients Why shouldn t you Don t assume you know what your clients want ask them Make certain you let your clients know you are investing in the relationships so they don t think you are billing them 3 Develop Two New Referral Sources Your clients other professionals and bankers are good places to begin developing referral contacts If you will focus on developing two new strong referral sources a year until you ve gained 12, you will never starve for new clients Partners who have 12 acquaintances who send them just one referred lead a year are known as rainmakers If you start building referral contacts early in your career, it is easy If you wait until you ve been in the business for 10
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years, building 12 referral sources is hard Inch by inch, anything is a cinch Yard by yard, anything is hard
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retreat is really a preparation to advance vigorously That s why most of my clients now use the word advance Holding an annual strategic advance will help you accomplish three key things:
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Strengthen your firm s overall strategy Assure that your structure, systems, and staffing are in alignment with your strategy Improve your commitment to action
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With a strategic advance, all of your owners can feel involved in the firm and its management processes, enthusiastic about marketing the firm to clients and others, motivated to achieve their individual objectives, and an important part of a committed team The principals of Waugh & Co have conducted and facilitated advances for over 25 years Our clients have used them with great success
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