The words of Max DePree, the renowned leadership guru and member of Fortune magazine’s National Business Hall of Fame, should resonate with the leaders of professional service firms as they adapt to a new business paradigm.
Developing an understanding of how competitive landscapes have shifted, how client requirements are changing and what strategies are now appropriate is crucial for longer term survival let alone success. With a perspective founded in a realistic assessment of market opportunities and one’s relative competitive position, stretch objectives can be agreed and plans put in place which motivate people and maximise available resources. |
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The market for professional services that emerges over the next year will require a different way of thinking, new products and innovative services. For firms to remain competitive, this new approach will need to be developed rapidly, organisations reshaped and go-to-market tactics put in place and executed.
The ability to translate lofty ideas into actions on the ground, creating revenue streams and delivering cash into the firm’s coffers, is the reality “cheque” that ultimately matters!
I hope that you enjoy this issue of HedsUP! Please contact me with any comments or questions.
Best wishes,
Andrew Hedley |
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On your desktop
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Thought Leader: Competitive Strategy
Published in Managing Partner magazine
“If you are ignorant of both your enemy and yourself, then you are a fool and certain to be defeated in every battle. If you know yourself, but not your enemy, for every battle won, you will suffer a loss. If you know your enemy and yourself, you will win every battle.” When SunTzu penned The Art of War in the sixth century BC, the issues at stake were those of life and death, not business gain or loss. However, the principles of his advice are also applicable to those concerned with charting a course through the increasingly choppy waters of commerce in the 21st century.
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The Devil in the Detail
Published in Legal Marketing magazine
When asked by managing partners to stress-test the revenue growth projections in the business plans of practice groups my approach is straightforward. I ask Group Heads to explain, in detail, where their revenue will come from based on four segmentations – by geography, by sector, by service line and by key client. When viewed through a structured lens, the gap between what is on the books (or planned for) and what is in the ether is apparent. Generally, the cause of the gap is a lack of realism together with a naive belief that if you want something hard enough it will come to pass.
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Opening Up
Published in Managing Partner magazine
Every firm has huge untapped potential in the form of hidden knowledge about clients, relationships, experience and technical issues. If unearthed and shared, this could create a step-change improvement in business performance.
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Leading the Edge
Published in KM Legal magazine
If law firms are to be effective in building a competitive advantage through knowledge management (KM) they need to invest in both their infrastructure capabilities and the influencing skills of their knowledge leaders and advocates. The impact of KM leadership has two dimensions which will be at the heart of delivering ultimate success.
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Learning through Life
Published in PSMG Magazine
“What matters more, qualification or experience?” was the question posed to me recently. This got me thinking about the impact of formal education versus on-the-job experience on career development. The honest answer is that both are vital, situation specific and, in many respects, one is a catalyst for the other.
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News bytes
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Revenue Growth Strategies
Andrew Hedley will present to members of NetworkMP across the UK over the next few months on the challenge of sustaining revenue streams and developing strategies to ensure that growth opportunities are maximised. To learn more about NetworkMP click here or to enquire about the seminars click here.
Critical Times Ahead Seminar
Andrew Hedley will present his thoughts at the forthcoming Critical Times Ahead seminar alongside speakers from SSG Legal, Grant Thornton and Lloyds TSB Commercial. The full day event will be held at The Law Society on 20th May. For more information about the seminar click here. |
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Developing Strategic Client Relationships Report
Andrew Hedley’s comprehensive report, Developing Strategic Client Relationships, published by ARK Group, continues to attract purchasers from around the world. Running to over 150 pages, with case studies of leading firms and ground breaking initiatives in this area, the report brings a much needed strategic perspective to client development and relationship management. For more information about the report and to order a copy click here.
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