Compensation incentives work best when they amplify a signal that has already been sent by the culture of the firm—i.e., that business development is important. The incentive should be a patient one so that it can encourage the development of habits and not just the chasing of “shiny objects.” My recommendation to firms is usually that they create accountability and a process first before throwing money in the mix, and not do it the other way around.

Conclusion
Growth is vital for advisory firms. Growth is the fuel that powers careers and makes succession plans possible. Without growth, any firm will find that over time the “erosion” of assets and clients will slowly and painfully destroy any strategy or transition plan.

Every firm and professional is enthusiastic about growth, but few are enthusiastic about sales. Unfortunately, without sales there is no growth. Adding clients has to be one of the core responsibilities of the professionals in a firm and firms have to find a path that allows professionals to develop their sales skills without feeling like it undermines their professionalism or even their integrity. Firms that embrace business development as part of their culture will find that it is not nearly as scary or difficult as professionals may have feared. 
 

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