Full Sail Partners Blog | Building Business (7)

Ultimately, when push comes to shove, there are really only 3 ways to increase profits:  Sell more, improve margins or decrease overhead costs. While these principals may sound simple on paper they are often difficult to execute in the real world. But have you ever thought about the role client feedback plays in your firm profits? Perception is reality and understanding how your clients perceive you can uniquely position your firm to fuel the bottom line and increase profits.

The Breakdown: 3 Ways for Increase Profits

Sell More | Simply put, there are only two ways to sell more: Add new customers and increase sales to existing customers. In my experience, sales discussions tend to focus on adding new customers. But research has shown that it costs at least 8 times more to sell to a new customer versus an existing client. Ideally we want to ensure long term stability with existing relationship and leverage those relationships to win new work.

Tip for selling more:

• Avoid losing your least expensive prospects – existing customers. The best way to ensure long and meaningful relationships with clients is to (gasp!) create real relationships. Developing a client feedback process allows your firm to build trust between you and your clients, continuously strengthening your relationships and building client loyalty.

Improving Margins | The Pareto Principle states that, for many events, roughly 80% of the effects come from 20% of the causes. Consequently, many businesses have glaring opportunities for improvements to their bottom line by simply eliminating or refocusing areas of their business that do not fit company goals. Regardless of the area of business you target, strong client relationships are proven to make a positive impact to your bottom line.

Tip for improving margins:

• All opportunities are not created equal. It’s a dog eat dog world and as clients are receiving more proposals than ever, identifying strategies to increase your win rate becomes increasingly important. Successful professional services firms are implementing tools and processes to create an RFP feedback strategy.

Decrease Overhead Costs | While expense management is an important element to every successful business, it is imperative to understand where to cut costs in your business. Is re-work eating away at your profit margins? Are your project managers delivering more than the scope of work in the contract to try and ensure their clients are satisfied? By using client feedback to guide these decisions we are able to cut fat from our budget – without cutting bone!

Tip for decreasing overhead costs:

• Develop a corporate culture that embraces automation. Although automating processes and procedures sounds like something only for Fortune 500 companies, automation is actually perfectly suited for  small- to medium-sized businesses where the focus is on being lean and mean. Start decreasing your overhead costs by focusing automation on processes and tasks that are menial and time intensive. Doing so will free up your employees to focus on tasks and assignments better suited for humans such as responding, tweaking, evaluating and navigating complex social issues. 

So Where’s the Magic Template? 

Ultimately there is no golden brush for improving profits. Your firm needs to make decisions based on your own set of criteria. However, as you look to continue to set yourself apart and differentiate from your competition, consider the value of keeping your clients at the center of everything you do. Many firms claim to be client-centric, but do words often meet reality? The Client Feedback Tool can help you integrate a proven process into your project delivery system to keep your clients at the center of your business and give your firm the winning hand. 
 

All too often, certain words and catchphrases are overused in business meetings to the point they have become trite and serve little to no real purpose. These words and phrases are used in business blogs, articles, websites, and day-to-day business emails. One such term, "client-focused", is thrown around as a marketing gimmick for professional services firms, but what does it really mean to be client-focused?

Before we get too far, here’s what you need to know:

1. There is a difference between saying you’re a client-focused firm and actually being client-focused.
2. Your firm’s culture dictates the level of service your clients receive. 
3. If your firm isn’t using technology to support your client relationships, you’re already behind.

The Firm-Focused vs. Client-Focused Professional Services Firm

Being truly client-focused depends on how your firm sees their clients. Sure, it is easy to talk the talk, but putting words into action is where things tend to get difficult.

When a firm places an enormous emphasis on the needs of their clients, they are firm-focused. A firm-focused business makes decisions based on the benefits to themselves and not with their client’s best interest in mind. 

On the contrary, truly "client-focused" firms make decisions that are determined by their client’s needs, as they are at the center of all such business decisions. They understand exactly what their clients need which helps to promote a symbiotic relationship between the firm and the clients.

Through the delivery of top-notch service aimed directly at the needs of their clients, a company will see a simultaneous rise in business performance. After all, the services provided were determined with the client and their needs in mind.  

Living the Firm’s Culture

Who are your clients? The answer might surprise you, but in the business world, there are two types: internal and external clients. 

Internal clients are members of your organization that rely on the help of other members to perform their job. These individuals can fall anywhere on the spectrum of your chain of command, from coworkers to upper management and executives. 

On the other hand, external clients are clients in the traditional sense of the term. They are the buyer of the services your firm provides. 

Do you feel you receive great service from the other internal customers within your firm? If you’re not receiving great service from within your own organization, imagine the service your external clients are receiving. Your firm’s culture is a reflected by the employees, and your clients can see if you live by the values you market.

If you’re not satisfied with your internal customer service, start communicating and living the values that define your firm. Your clients will notice the difference.

How Technology is Changing Playing Field  

Keep up with the Joneses - In order to be competitive and effective within an industry, your firm needs to ensure it is using innovative technology that helps promote success. Failing to innovate hinders a firms’ ability to adapt and grow while the "Joneses," aka your competitors, employ the use of industry leading technology enabling them to leave you in the dust. 

With a Client Relationship Management (CRM) software, you can take your company to the next level by keeping the functions of your company in a centralized system. This helps promote a conducive work environment in which the sales and marketing teams, and administration and finance teams can better work together to achieve client-focused results. To learn more about the basics to Deltek Vision CRM, click here.

An additional benefit of using innovative technology and software is that it enables you to access your work on-the-go. Today we have access to everything on our smartphone devices. From banking to entertainment, email to ordering pizza and everything in between, we can do incredible things with just one, single device. Having mobile access to your CRM allows you to -update client information on-the-go and enables other members of your organization access to the most up-to-date information about your clients. 

The Takeaway 

The importance of understanding what it means to be "client-focused" cannot be overstated. Your firm should define itself by its actions and not by catchphrases.

The goal of being client-focused is to nurture client relationships to retain clients and win more work. Remember, your existing clients are the lifeblood of your organization. According to Bain & Company, it cost 6 to 7 time more to acquire a new customer than retain an existing one. It seems smart to try to keep the clients you already have.

Full Sail Partners, a Client Feedback Tool and Deltek Premier Partner, recently announced it has earned a spot on Accounting Today’s 2015 Top Value-Added Reseller (VAR) List. Accounting Today is a leading provider of online business news for the tax and accounting community, offering breaking news, in-depth features, insightful editorial analysis, and a host of web-related resources and services.

Each year a select group of 100 organizations are honored for their accomplishments as VARs. The top VARs are selected from organizations focused on sales and implementation of accounting and Enterprise Resource Planning (ERP) software. Criteria used to determine the winners include 2014 revenue, number of offices, and staff size.

According to Seth Fineberg, Technology Editor of Accounting Today, “The Accounting Today VAR 100 list is comprised of top accounting and ERP software resellers throughout the country, ranked by revenue. This select group represents those in the world of accounting software resellers that are truly ahead of the pack and we are pleased to honor them in this special report.”

Full Sail Partners provides on-premise and cloud-based solutions for architects and engineers, energy and environmental consultants, and professional service firms across the United States. Full Sail Partners' team, collectively, brings more than 200 years of experience with Deltek solutions. The firm represents unique technology solutions that integrate with Deltek Vision including Deltek’s Kona social collaboration platform, the Client Feedback Tool, and Vision Unleashed.

"Last year Full Sail Partners was listed as one of the VARs to watch and we are extremely honored to make our return to the Value-Added Reseller Top 100 List," said Sarah Gonnella, Vice President of Marketing and Sales of Full Sail Partners. "Our firm continues to deepen our bench strength with Deltek Vision experts, allowing us to be the go-to firm for consulting, customization and integration. Jumping to number 85 in Accounting Today’s Top 100 Value Added Reseller list is a great accomplishment and demonstrates our ability to engage our existing client base, as well as, target new project-based firms beyond the AEC industry.”
 

The other day I was having a discussion with a client about the challenges of owning a consulting firm. It’s funny how these types of conversations force you to reflect on your own experiences. I quickly realized I made some mistakes along the way as all business owners do when they first start out. I’ve also been witness to mistakes by other consulting firms that have reached out to us for help. From these past experiences, I have identified 9 deadly sins owners of consulting firms should avoid.

1. Not Staying True to the Purpose – When you started the firm you had a purpose, your mission, vision and principles. Don’t lose sight of how you became a successful consulting firm, even through the tough times. It’s important to diversify and be innovative, but it must always fit what you stand for. When you leave your core business, you also lose your core loyal clients.
2. Failing to Innovate – When firms fail to see the changing tealeaves and adapt to their client demands and the competitive landscape, the business can become stagnant and may even die out. Innovation opens your firm up to the next big success. Ideas may fail, but continually innovating and adapting will keep a consulting firm growing.
3. Not Planning for Growth – Alan Lakein said, “Failing to plan is planning to fail.” This couldn’t be more true when it comes to thinking about how you will grow your firm. The demise of any consulting firm is hoping to stay where it is and not planning for future growth. Change is constant and you can rest assure that your competitors are looking at ways to grow their staff, revenue and client base.
4. Misunderstanding Profitability – You would think this would be a no brainer for consulting firms, but you would be surprised at the excuses made by Project Managers and Owners about why the profit number is declining. Most consulting firms watch profitability for the company, but are you watching the profit on each project? Even worse is when you make the same mistake with the next project. It’s important to take those lessons learned and circle them back to the proposal process.
5. Not Tracking Cash Flow – Firms that do understand profit often forget that it is only half the problem. Clients that do not pay can derail the best profit and growth program and impact cash flow. Having a consistent feedback program with clients can decrease payment issues. By constantly collecting client perceptions about the service delivery, firms can quickly resolve issues and reduce the firm’s payment issues.
6. Misguided or Lacking Process Improvement – Processes deteriorate over time for all kinds of reasons, including addition of new technology, employee turnover, and cutting expenses or resources. Periodically reviewing your processes - whether technological or how staff approach clients or issues - keep staff trained and technology up-to-date. Technology that allows for automatic workflows is an easy way to improve efficiency, decrease redundancy and create consistency. Keep in mind that pursuing too many process improvements at one-time can also be detrimental to the goal. Process improvement must be clearly defined, have an internal champion and sometimes done in stages.
7. Treating BD as a Part-Time Lover – For smaller firms especially, business development can be a challenge to juggle getting the business and doing the work. However, if your firm isn’t constantly selling to existing and new clients, your sales pipeline will eventually run dry. Setting goals and monitoring those goals through a CRM system, for example, can provide visibility to ensure business development is consistent.
8. Ineffective Risk Assessment – The moment we start a business we run into unpredictability and risks every day. Sometimes leaders don’t even know there is a risk issue. Understanding the risks facing your company – from professional liability issues to growing into a new market – allows you to minimize the risk while still being able to “take a chance”.
9. Improper Planning of Disasters - Failure Happens! However, many firms don’t realize until it’s too late that they don’t have an effective backup and recovery solution for their database, email, and network. Even if your firm has a back-up method in place, many times it can’t be deployed quickly. The scary stat is that 60% of all firms that lose their data will close in 6 months. Instituting a Disaster Recovery System that allows for redundant offsite storage and system restoration within a 36-hour period can greatly reduce the chances of complete loss.

Ask yourself, if your consulting firm is committing any of these deadly sins? If so, what can you do about it? Albert Einstein is quoted as saying, “Insanity: doing the same thing over and over again and expecting different results.”  It would be insane to keep repeating any of these deadly sins.  

Successful professional services business development professionals often view themselves as hunters. Much like the cavemen or nomads, this group of professionals is responsible for learning how to navigate the dangers of the world to bring food back to the pack. This overly simplified analogy challenges us to view business development tools and efforts on a visceral level.

However, today’s competitive business environment requires business developers to be both hunters and farmers. Technology has drastically changed the way that relationships are cultivated. Our world is now more connected than ever before, therefore the ‘entry for admission’ to being a known entity is significantly higher than it has ever been before.

So what are the most essential hunter-farmer business development tools? Let’s take a look!

The Business Development Tools for Success

1. Customer Relationship Management (CRM) | CRM tools make it possible for everyone in your organization to work together to meet your clients’ needs by putting your clients at the center of your business. Real-time, holistic, competitive intelligence can provide you with everything needed to gain the competitive edge, win more business and increase customer satisfaction.
    
2. Mobile Technology | For years BD professionals went out in to the field, gathered information, and brought the newly found information back to their firm. In today’s competitive business market we cannot afford the lag-time from collecting business intelligence, to acting upon it. Mobile technology has bridged this gap and allows professionals the full functionality of working from the office via a remote or mobile device.
    
3. Social Collaboration Platform | Businesses that have more collaborative and engaged employees experience a higher rate of success. Social collaboration spaces are the virtual equivalent of an open office environment for your organization. Connect your out-of-office and internal staff through a platform that encourages employees to stay connected and share ideas more freely. Simplify file sharing, keep the entire project team informed and engage staff.
    
4. Engagement Through Feedback | We are all familiar with the saying ‘it doesn’t hurt to ask.’ This concept is often overlooked in the business world. Don’t be afraid to ask clients if the processes you are using works for them. Utilize feedback to validate successes and identify areas of improvement. Foster long and meaningful relationships by asking, listening and responding to feedback.

Operate Like the Company You Desire to Be

As mentioned earlier, these business development tools are really the basics for being competitive in today’s market. Ultimately what differentiates your firm in the eyes of the client is how you utilize these technologies. Perception is often reality -- Clarissa the Client doesn’t know the intimate details about your firm, but she is aware of the image your firm presents. Firms that effectively deploy and manage the above tools are able to establish a brand within their market as top tier business partner.

The digital age has revolutionized every aspect of our lives. If you want to know something, simply search for the answer on the internet. Email and social media are now prevalent ways to communicate, and are becoming increasingly effective marketing channels. This revolution has changed how we conduct business. More importantly, the way we market our business evolves daily and has created a new role called the marketing technologist. 

The Impact of More Data

A Forrester Research study found that 96% of CMOs surveyed agreed that the pace of change in technology and marketing will continue to accelerate. As a result, firms cannot rely on mass marketing techniques that provide little return on investment. A wealth of information about your prospects and their level of interest is readily available with the right tools and knowledge. This modern marketing world is becoming more strategic and performance-driven. So with the rise of performance-driven marketing, marketing decisions are based on extremely accurate data. This new era of marketing has given birth to a new breed of marketing professionals known as marketing technologist.

What is Required of a Marketing Technologist?

A marketing technologist is a unique individual that is characterized as analytic and creative. They have a background that is a blend between information technology and marketing. Furthermore, a marketing technologist is the secret to staying ahead the technology curve and your competition. They know how to analyze the data collected from marketing campaigns to gain a deeper understanding of your customers. In fact, they can use this data to determine the level of interest of a potential lead to create a nurturing campaign that guides the lead through the business development process. In addition to creating content and evaluating campaign performance, marketing technologist are tech savvy and understand how new marketing technologies work. This increased ability to collect accurate data in near real-time is the direct result of the digital age and the advent of new technologies.

Why the Growing Demand of the Marketing Technologist

The marketing technology software industry is booming. International Data Corporation (IDC) recently reported that organizations worldwide will spend over $130 billion on software over the next five years for marketing departments alone. Today, having a website and a few social media accounts is the norm for business. Now there is a never ending sea of content management and marketing automation platforms that allows for all types of new creative ways to engage customers. More importantly, these platforms can be integrated with internal CRM solutions to increase marketing effectiveness by:

• Enabling lead nurturing before the sales team gets involved in the sales process.
• Gathering data about potential leads by tracking their web activities, browsing habits, and responses to marketing efforts.
• Prioritizing leads by scoring them based on their recorded activities and recognizing when a lead is ready to be engaged by the sales team.

As more technologies enter the marketplace, the demand for marketing technologist will grow.

The Future of the Marketing Technologist

Even though SHRM, the leading organization for human resources professionals, does not recognize “Marketing Technologist” as a job title, there are job postings on employment websites with similar job descriptions across the country. According to a recent study by Gartner analyst Laura McLellan, CMOs will be spend more on information technology than their counterpart CIOs by 2017. Marketing departments are spending more on technology than information technology departments - that is saying a lot about the future of marketing and is indicative of the future growth of the marketing technologist role. As companies invest more into their marketing technology, having a qualified individuals will be a requirement.

A current trend in many organizations is to closely align the marketing and technology departments to work together as a team. Not because they do not want to hire a marketing technologist, but rather the result of having a limited amount of people to choose from with experience in both marketing and information technology. The title of a recent article posted on Forbes, “The Rise of the Unicorns – Why Marketing Technologists will Rule Modern Marketing” supports this assertion and supports the real growth in the marketing technologist role.

To thrive in the professional services industry, client satisfaction must always remain a top concern. All successful project-based firms have the resources and ability to deliver high quality projects. This ability does not separate truly successful firms – it is the bare minimum needed to enter the conversation.

What truly separates one professional services firm from another is the capability to understand how they are perceived by their clients and utilize this information to build more meaningful relationships. How many people reading this blog can truly say that they know how their clients perceive them? I’d guess not many of us could answer that question.

Unfortunately most firms fail to recognize the impact that the client experience throughout the lifespan of the project plays on the overall perception of the firm in the clients mind. This failure to leverage feedback and ensure a positive project experience equates to a failure in your brand.

Utilize feedback to dig in to the client mind

So – how DO we utilize feedback to establish our brand in the clients mind, and differentiate ourselves from our competition? Let’s examine three key factors:

• Open the lines of communications between your clients and your project managers – The experience your clients have with your firm is based on communication.  Provide the means for clear, honest and timely communication. 

• Put your clients mind at ease - Improve your bottom line knowing your clients expectations. Avoid dissatisfied clients that can too often become “former clients”. 

• Go above and beyond the standard - Strengthen project delivery by focusing on specific client expectations that can only be identified through open communication channels. Know your deliverables. 

Improved communication between your project managers and your client is crucial to the ongoing profitability and viability of your firm – coincidentally, it just so happens to be a key factor to establishing your brand in the mind of the client and winning new business. So, how do we continue to develop our brand, and improve the lines of communications with our clients? Register for this free webinar on March 4^th to find out:

My momma was always full of advice. Some I took with great results, but others … well let’s just say I had to learn the lesson the hard way. At this stage in our lives, we’ve all moved on from those tender years where momma was our greatest guide, but we are all still attuned to receiving advice from those more experienced. Or at least we should be. Take for example, the ERP Implementation process:

Most savvy business professionals know the ERP acronym, but not all have taken the advice.  But why?  What’s keeping some companies from “pulling the trigger” and bringing this all important piece to their success puzzle – especially when their competitors are?  In my years talking and working with a variety of firms, I have gathered the top five fears why companies, like yours, haven’t completed an ERP Implementation. 

1)      You say: “It’s going to cost too much.”

We hear:  Fear of Being Out of Control

We solve: An ERP system will address this fear by managing costs and stopping       financial leaks.

Problem:  The industry says that ERP implementation can be expensive and many companies wonder where the money is coming from. Many function under the notion that it’s easier to just do the quick fix and move on.

Solution:  The right ERP system, implemented correctly with the aid of the right consultants, will fix those expensive leaks in processes. Furthermore, with a detailed IT growth plan and the information from the new ERP, the initial costs will be recouped and you’ll be well on your way to a better financial and technologically focused picture.

2)      You say: “I don’t have the time to research an ERP.”

We hear:  Fear of Where to Start

We solve:  Taking the first step with an ERP and controlling your future will eliminate this fear.

Problem:  It can be daunting to think about the work it will require to research and discover the right consulting firm who will help find and implement the right ERP. But, in this scenario, consumers are being reactive rather than proactive - spending days living those old clichés “with your head in the sand putting out fires.” 

Solution:  It’s time to take action - focus on goals and the future. An ERP is a planning, forward-looking mechanism designed to give control over an organization’s future. If the research and work is done at the beginning of the ERP implementation, energy will be focused on the future. 

3)      You say:  “It’s going to take too long to implement.”

We hear:  Fear of Failure

We solve:  An ERP system helps you succeed by pulling together all your information for a clear picture of your newly improved organization.

Problem:  When you run a lean organization, all internal resources are at full capacity unable to see the big picture which makes for silo’d company data inhibiting the ability to see the big picture. Not having a clear picture serves only to stunt a firm’s growth:  it’s this lack of encompassing visibility which keeps a firm from being able to make intelligent decisions or to understand trends, because they are lacking departments and systems that are connected to each other.

Solution:  A good ERP system will pull together all this disparate data giving users the clear picture they need to move forward and giving everyone the gift of time. Yes, ERP implementations require some work and time to evaluate and establish new processes, establish goals, and get everything running smoothly, but the more attention is focused on the consultants and the implementation, the faster you will reap the benefits and feel the relief.

4)      You say:  “It’s going to require too much change in my current processes.”

We hear:  Fear of Change

We solve:  An ERP consultant will guide you through change.

Problem:  Even a bad process can feel comfortable, familiar. And in the fast-paced business world, we all have to find comfort where we can. It’s understandable to want to avoid the work, unfamiliarity, and making changes to numerous business processes. But what’s more important is that your competitors are already using their ERP systems. They will be on “the latest and greatest” while you are still floundering with “this is the way we’ve always done it.”

Solution:  Here’s where the right consultant can really help. Someone who knows their way through the maze of settings; who knows the latest and most relevant business processes; and who, most of all, knows YOUR business and YOUR industry. Once the consultant tailors the ERP implementation to what are now highly efficient business processes, you’ll be able to appreciate the value of the phrase, “change is good.”

5)      You say:  “No one will use the system, anyway.”

We hear:  Fear of Unknown

We solve:  An ERP is such a supportive tool, it will quickly become a familiar part of your world.

Problem:  So after all the trouble of researching and implementing and ERP; the real fear is, “Will I really use it or just revert back to our old ways?”  Once the shine wears off of a new ERP system, there will be some effort every person will have to make to make the changes permanent. HuffPost Healthy article, “How Long Does It Actually Take to Form a New Habit? (Backed by Science)” tells us that, “On average, it takes more than two months before a new behavior becomes automatic -- 66 days to be exact.” 

Solution:  That’s great news, because in a little over two months, with a focused effort, everyone, including you, will have turned these new processes into automatic actions. What’s more, the new processes will have included regular reviews of data giving a clear picture of the entire organization allowing responsible action for your future. We also recommend understanding more about the 8 key ways to make your implementation a success. 

ERP Implementation Fears Laid To Rest!

Some (or all) of these fears may have indeed been on your mind as you contemplated your company’s future success. To learn more about ERP implementation, the benefits and the return on the financial and time investment, check out Full Sail Partners’ whitepaper, “Could Your Firm Benefit from an Enterprise Resource Planning System?”

In the end, while momma’s advice may not have included an ERP implementation, her wise words still resonate and are perfectly applicable to this journey “Nothing tried, nothing gained!” Obstacles are just opportunities waiting to be discovered!

It’s that time again: year end.  No, not year-end resolutions, but the time of the year finance is stressing about year-end close and emphasizing that a 2015 marketing budget is needed.

So how many of you look at last year’s numbers and slap on an increase and submit? Be honest! However, how many things have changed since your last budget? The competitive landscape has completely changed for us and many of our clients. So we thought we might do a review to remind firms to get back to the basics when planning your marketing budget. 

Marketing Budget Methods

There are several budgeting methods when putting together your marketing budget. The Society for Marketing Professional Services (SMPS) Marketing Handbook for the Construction and Design Professional, 3^rd Edition by BNi Building News, 2014 highlights 4 different methods: 

1. Projection Method – is for steady businesses with well-established marketing approaches and which relies on costs from prior years separated into soft or hard costs.
2. Percentage Method – allocates a fixed amount of resources dedicated to acquisition and total net service revenue to fund activities that support getting work
3. Goal-based Method – bases “bottom up” budget based on revenue goals and the implementation tasks that need to be accomplished to meet them. 
4. Ratio Method – is a more complex method incorporating ROI mentality with a strong ability to meet revenue goals and with every dollar spent being tied to a return.  This is for more mature market segments and fairly large projects.

5 Practical Tips

Developing a marketing plan is more than what conferences will you attend and what cool promotional items can we buy this year. When planning your marketing budget for the year it’s important to think about the long-term financial success of the firm.  Below are 5 practical tips for professional services firms to help guide you as you develop this year’s marketing budget: 

1. Analyze the current state of affairs – Internal and external research should be conducted. This includes doing a SWOT analysis. The SWOT should be conducted with all leaders within your firm and is a great starting place to start your strategic marketing plan.
2. Tie your marketing budget to you marketing plan – The most basic mistake is not understanding what your goals are. Your budget will come from the tactics you plan to take to accomplish your goals. Be sure to translate goals into day-to-day actions. Here is more on how to establish goals or Key Performance Indicators and establish goals based on the SMART guidelines.
3. Budget for nurturing existing clients – Firms are always thinking about how to catch the next big fish and commonly overlook where most of their revenue comes from. At the end of the year evaluate where most of your business came from. What would happen if you lost that business? Firm should budget for client nurturing not only throughout the year, but on a daily basis as they execute their projects. It costs a firm 5-7 times more to gain a new client then to keep an existing one. One way of nurturing clients is to be proactive and institute a client feedback process.  
4. Execution is key – Communicating what is expected and following up monthly and quarterly helps you change course when something isn’t working. It takes everyone understanding what is expected and then executing on their part. This includes billing your time to the right code and evaluating your goals versus actuals. If it doesn’t line up then what needs to change? A budget isn’t set in stone, you can make modifications throughout the year when something isn’t working. Knowing it isn’t working is what is critical.
5. More is not necessarily better – Spending more does not equate to achieving more success. To prove this, Deltek conducted their annual clarity report among its clients and found that high achieving firms did not spend more on their marketing budget then those of their counterparts contrary to belief.  They found that high achieving firms however are able to differentiate themselves by focusing on executing more efficiently.

In planning for the upcoming year, we hope these five tips help you develop your marketing budget. Be sure to check out our past webinar crafting a marketing plan and be sure to add a comment to share your tips! 

We have reached it, the exciting conclusion to our series on Management of Change.  It is here where we will reiterate our most important change messages and send you on your way to successful changes in your organization. 

We started our series defining crucial concepts, i.e. change includes anything that takes a company from its current state to a new, desired state and that it takes the buy-in and adoption of the people in the company in order for change to be successful.

This statement encompasses several ideas and focused areas, each of which we explored during this series.   

• The executive piece focused on the leadership required as company change agents – establishing goals, creating clear direction and modeling the new, desired behaviors.
• Our financial commentary focused on the numbers of change: establishing numerical baselines, checkpoints, and the financial ranges indicating success.
• The project management information recognized your company’s project managers as those best suited to manage and evaluate the change process, since that’s what they already do for your clients.
• The marketing article acknowledged the multifaceted role marketing plays: the industry researcher who sees the need for change; the communicator/positioner for your company, your clients and your employees; and an area that needs to embrace the change themselves.
• Our final focused blog piece from the human resources perspective really explored the people – the most important part – of change.  If the people in your company aren’t clear on change, all the spreadsheets and tools in the world won’t make it work.