To Effectively Share your Firm’s Assets and Capabilities Requires a KM program and the Right Technology
A knowledge management (KM) program is vital to successfully implement your firm’s industry strategy. KM is really the 21st-century version of library science. It enables the systematic collection of all forms of content and an organized collection and distribution platform, so content can be appropriately shared across the organization. The entire enterprise needs to …
An Industry Learning Strategy Should Contain a Variety of Essential Components
Professionals can learn about their industry and stay up-to-date on important industry issues and trends that affect clients in many ways. While your firm should offer formal industry training (and of course, technical service line training), learning isn’t restricted to the classroom. In addition to formal learning, learning also includes on-the-job experience and information, tips and suggestions you …
Demonstrating your Commitment to your Professionals by Investing in Enabling Industry Specialization
How successful your firm is in developing noteworthy industry expertise will depend on how effectively industry is integrated industry throughout its matrixed organization. Your industry strategy can only be executed with the support and empowerment of firm leadership and the multi-faceted support organization. That includes IT, human resources, learning and organizational development, and marketing.
Prioritizing industry will accelerate …
Industry Luminaries: 4 Market-facing Responsibilities
Once the requisite expertise is in place, industry luminaries and industry practice team members have a few key responsibilities:
- They must be able to clearly describe their target market.
That includes which sectors under the umbrella industry each team is pursuing and what part of the broad “middle market” is the real sweet spot. …
Industry Coaching and Talent Development Should Focus on Creating Industry Luminaries
At each calendar year-end, the business press likes to report on conversations with industry experts about the outlook for the upcoming year. Whether the subject is technology, craft beer, electric vehicles or something else, reporters know who the “industry luminaries” are that will attract readers to their articles. The people recognized as “in the know” about that industry.
What’s the Real Key to Driving Revenue Growth through Industry Specialization?
Once your industry specialization effort, supported by your industry teams and industry leaders, is truly up and running, it’s exciting. It’s a differentiator for your firm. A robust industry program offers your people new challenges and opportunities for personal and professional growth. But in addition to being a differentiator that helps you better serve clients; industry specialization can …
The Growth Mindset Pilot Program ─ Step #3: Prioritize Targets, Integrate Strategies and Programs and Make Everyone Accountable
Industry team leaders should manage the process of selecting the team’s highest-priority targets. The number of “Priority 1” targets should be manageable (10 to 20) and include prospects and current clients with potential for cross-selling. Smaller “target teams” can consist of one or two partners leading the charge and other team members who could be managers through directors. The team …
The Growth Mindset Pilot Program ─ Step #2: Effective Leaders, Engaged Team Members and Formal Meetings
Leading your industry teams should be selected by the firms managing partner, or regional or office managing partners. Select leaders with these qualities:
- Have demonstrated the ability to grow the business.
- Are industry or sector subject matter experts who are active in geographic referral communities (i.e., lawyers or …
