'The Evolution of Business Development in Professional Service Firms'

 

Adlestrop Consulting chat to Amy Burton, an Associate Director in RSM's Birmingham Office, on her views of how her role in practice has changed over the years with the help of BD, the significance that it now plays in professional service firms and how companies should invest more into BD in the future.

 

Business development has witnessed a fundamental shift within the professional service market in the last ten years. Previously, the role of BD was very much left in the hands of the directors and partners of a firm, who were responsible for bringing in new business. When focussing on the employees of the company, all they were required to have were the technical skills associated to their field of work. The individual's ability to find new business and sell wasn't considered a prerequisite as they had the partners to do that. 

However, flash forward 10 years and the role that BD plays in professional firms is undergoing some significant changes, affecting all levels of the organisation. 

To provide further insight, here is what RSM's Amy Burton has to say on the matter... 

 

Hi Amy, thanks for taking the time to chat to us. Firstly, tell us about your background, in particular your time working in the professional service sector...

Well, I have worked in practice for 10 years now.  I first joined RSM (then Baker Tilly) back when i was a graduate, from Aston University. I joined the tax team whilst studying for my accountancy and tax exams. Since then I have worked my way up through the ranks and I am now an Associate Director at RSM in Birmingham. 

What drew you to the profession? 

I've always been a numbers person, so I chose to undertake a degree in Accountancy, and that's initially what enticed me into a career in Accounting. However, I'd say my role now largely involves daily interaction with all kinds of people and helping others, which is what really excites me about the profession now! 

How has your role changed over the years? 

The role of the accountant has changed significantly since I started. Gone are the days of just being seen as the 'numbers guy'. There is now a huge focus on the understanding behind the numbers and the implementation of financial advice into the business. We should remember that information is so widely available online now that no one is going to pay for it. To succeed in this industry, you can't just rely on being technical anymore, you've got to be personable too. 

Are there any current challenges facing your role? 

The biggest challenge that I am witnessing at the moment is trying to incorporate more business development into the day to day aspects of my role. 

Why do you think BD is so important in professional service firms? 

Business development is crucial in professional service firms as it's how we continue in business! Particularly within Accountancy firms it has become essential for continued practice growth as competition to bring in new business remains high. Without ongoing business development, firms may face unnecessary risk of stagnation. 

What is the relationship between BD and your role? 

I view BD in two halves. 

1.  Looking after current clients - providing good customer service and keeping clients happy is the most basic level of BD. I view it as my daily job to provide good customer service. 

2. Looking for new opportunities - This could be new opportunities on current clients or new clients to the firm. 

I work with the marketing team a lot, whether it's working together to run presentations and seminars. With the BD team's help, we also run a group called 'The Network' in which we host events from NQ to manager level to encourage this level to get involved in BD and to start to build effective relationships. 

What was the role of BD in your firm like when you started 10 years ago? And how has it evolved over the years? 

When I joined, BD was very much seen as the partners or directors job. The change in culture in the profession has meant that this is not the case anymore. It's now the role of everyone in the business to keep clients happy and look for new opportunities, and that's really encouraging to see. 

At RSM there are various BD training courses and these are available to all levels of staff, not just senior levels - it's important to remember that junior levels have lots of client contact. 

Do you think there are any challenges that professional service firms are facing when it comes to BD? 

From what I have witnessed, time is the biggest challenge. At any level, you need to balance doing your day job as well as having a focus on BD. There is also a challenge of competition from other firms. You may be under the impression that the service you are providing to your clients is good, but another firm may come along offering something greater. You need to be constantly conscious that you are managing your clients' expectations to your best ability. 

How do you see the role of BD in professional services evolving in the next 10 years? 

I think we will definitely see the role of BD in professional service firms' continuously growing and evolving...

Business development skills increasingly play a key part in professional's role and in order to get more senior positions, professionals will need to be able to demonstrate more attributes. It is no longer good enough to just know your job. Along with being technically strong, you need to be a trusted advisor, seek new opportunities and give good customer service. 

How should professional service firms invest more into BD? 

They need to encourage more people to get involved in BD from an early point in their career, and by doing so, firms need to realise that introducing it in a soft approach is the best way. BD is a long term process, so by encouraging people to get involved with it earlier on, they can start to build on relationships. Just think, these people will be the leaders of tomorrow, so these relationships could be really beneficial for the future. 

 

In Summary

It is clear to see that the business development landscape is changing. Professional service firms are now facing increasing competition on all fronts, alongside the increased amount of experienced partners retiring, which in turn leaves behind staff members who may have little or no experience of bringing in new business. The age of the 'rainmaker' is dead, and business development is now a wide firm priority. This will only evolve further, when BD becomes part of every professional's day-to-day responsibility.