Legal business development lessons? As I read the article Fast Company ran by Amber Mac, titled 7 Entrepreneurial Lessons From "Shark Tank", I couldn’t help but think… These are good lessons for lawyers as well.
"Shark Tank" is a reality show where entrepreneurs pitch their ideas to a panel of investors. These business people better be ready to go toe-to-toe with the … SHARKS! If YOU don’t want to be eaten alive by your competition… here is Mac’s advice:
1. Know your numbers. Lawyers are known for not being on top of the numbers that drive their practice… so I think this is a great piece of advice that has the potential to set you on a track to success and ahead of your competition.
2. Be a good marketer. I’m sure you can imagine my position on this one. Make marketing a habit… do something every single day.
3. Be humble. This goes a long way.
4. Understand good timing. Think about this in regards to client service…it will be a valuable instinct to cultivate.
5. Have a good story. I talk about this a lot. If you can tell a compelling story people remember what you do and you will never have to feel like you are SELLING yourself.
6. Be prepared to walk. Mac points out that "some things are not meant to be." And that couldn’t be truer in legal business development. Some of your most profitable cases or transactions are the ones you DIDN’T get.
7. Be personable. Cultivating your personal brand will serve you well for years to come.
None of these are rocket science… just good sound advice that sometimes we lose sight of in our busy get-it-done kind of life. Focus on these 7 lessons and I’m sure you will see a difference in your practice.