I’ve seen many CVs and proposals and I can’t imagine the word count I’d have seen on the word ‘commercial’. It seems that every second person lays claim to being commercial. I ask you – what does that mean?  Does it mean you’re decisive? No. Does it mean you’re timely? No. Does it mean you’re technically strong? No.

It means you understand the CLIENT’S economics (including their risk appetite) and are flexible enough with the way you interpret legal or accounting or regulatory impediments to enable the deal in front of you. If you can provide examples of that, as a buyer, I’m all yours!

As you contemplate your summer holidays (perhaps jumping on a plane to go somewhere exciting), when the crew say, “Please take notice of your nearest emergency exit, because all planes are not the same” – do you ever really take notice? Have you ever had to 'assume the brace position'? Do you know what that is? Or do you know that an emergency exit will be nearby in the unlikely event of a problem and trust you’ll be able to get there in time and in good health? 

It’s the same with dealing with unknown or unanticipated objections.Many people are caught unprepared, or in the vernacular of this post, crash and burn, at the hint of an objection. 

In-house legal counsel are forever spreading their limited resources across an almost unlimited number of risks in their business. To do so, they make choices every day.

Which risk requires my attention right now?  Which risk can I accept and just monitor?  Which future risk can I mitigate with action today?  Which risk/s am I not aware of across the business (e.g., regulatory non-compliance, overseas sales ‘incentives’ to third parties, etc.)?  What do I need to do about it?

And then, for those of you reading this that are in business development mode, you hope they come to you for advice, right? 

I have written before about reflecting honestly about your good and bad habits and how you might want to select a single one to eliminate, adopt, or enhance in order to improve your outcomes. And I shared that I think the number one thing that people don’t do enough, is visualise their meetings, using the power of planning to do it.

But I haven’t give you the detail about what a good plan might constitute and I want to rectify that today.

I want to emphasise how important it is that junior members of your team are included in the meetings, and equally importantly, can actively participate.  If you can, get your client’s permission to include team members from the top down in these sessions.  It is a wonderful learning opportunity for more junior staff members to increase their understanding of the pressures a client might be under and how they see the commercial landscape ahead into which the professional firm’s advice must be provided.

The culture of your firm and its approach to business development counts a lot here.

Is writing a LinkedIn post a marketing or a business development activity?  And does it matter? 

Answer: Marketing, and very much.

In most professional services firms, there are people with a range of marketing and business development job titles. And yet there is an industry-wide problem with being able to clearly understand the true nature of the various roles.  I often ask coaching candidates about the difference and get blank looks in return too often.