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 also drive extraordinary revenue growth for your firm.
The firms that convert industry focus into additional clients and expanded work for existing clients achieve this goal by infusing a true growth culture in the industry teams. Achieving a firmwide growth culture means everyone in the firm and on your industry teams knows they have an obligation to build business for the firm. They commit to make a serious effort to seek out new clients and deepen penetration with existing ones.
What will make or break the success of every one of your firm’s industry teams is the effectiveness of your industry leaders: Do they possess the strong leadership skills the job requires? Years of experience confirms that the strongest industry leaders enable and empower their teams to integrate and develop a growth mindset and commitment as they build their reputations for deep industry expertise in the marketplace.
