There will always come a time when things would seem a little too stagnant in any company. And if it starts feeling that way, chances are that things are more stagnant than they appear. So, do you want things to change? No matter how futile the efforts towards changes may seem, there is always hope in instilling them. This can be done via the implementation of the business development scorecard.
Always remember the mantra, “You can never manage what you cannot measure.” This is a mantra managers across all industries should adhere to. After all, how can you measure the different aspects in your business if you have no way to measure them in the first place? You really need to keep measurement in mind no matter what angles of change you need to incorporate. Since there is a need for changes, you just might not have any idea how to go about the development of metrics here. Not to worry because there are many sources that you can check out to determine the appropriate metrics to use. Here are some examples of business development metrics as well as client relationship metrics that you just might want to include in your scorecard. These are chosen primarily because they greatly assist in showing you what really matters amidst all the nitty-gritty in the business setting.
Client relationship management
One of the metrics to keep in mind concerns management fees that are exclusive of personal bills. These pertain to anything that contributes to the goal of client retention as well as development, as long as these go beyond personal fee benefit. Next in line are management fees that go beyond personal bills and the workgroup itself. These fees pertain to anything that contributes to the management of relationships with the clientele that are outside the direct workgroup but remains under supervision. Lastly are the management fees that go beyond personal billings, beyond the direct workgroup, as well as the practice group. This is all about the value of relationship management that contributes to the whole of the form, and is also indicative of the spread of services and fees.
These metrics regarding client relationship management are simple to measure. Once you have these down pat, you can then move on to acquiring new businesses.
Client development in the new business setting
One metric you have to look out for pertains to your new clients, both the introduced and the sourced. You need to determine the fee values for the current year, the expected fees over the next two years, as well as the potential fees. The second metric pertains to the new work or issues that you will have to deal with now that you have newly established clients. These fees are related to the business activities that were not sourced from the clients previously. The present fee value, as well as the expected and the potential fees over the next couple of years, should be kept in mind as well.
Thirdly, you also have to measure win-backs. These are the tasks that you are able to win back from your key competitors. Lastly, you also need to include the new services that you are selling. Bear in mind the current year’s fees that you need to consider in establishing these new services.
With these metrics, you are set to construct that business development scorecard that you need to foster the needed changes in place.