Okay. So you've got the corner of the third bedroom rigged with a desk and some wifi. You've put a lock on the door to keep the kids at bay. You've bought a powerboard to deal with all the new cables snaking their way across the floor. And you have figured out how to login and work from home. Now what?
Phase 1: Transition
Some firms I'm talking to are still busy helping clients deal with this transition period - keep that going for as long as it's needed. But be prepared for the next phase.
Phase 2: Debt collection / negotiation
Other firms are already seeing some reluctance/inability to pay for work underway or completed. So what happens in two weeks if that's still the case? My tip is it's going to be like Covid-19. The countries that acted earliest appear to be the most likely to deal with the crisis with the least amount of damage. Everybody will be hit in some way but early responders will be better able to cope.
Phase 3: The new normal
There's going to be a time in the next few weeks when this settles into the new normal. Not the way things used to look like but a new environment where one to one contact is imperative. Networking in its traditional sense will be out - if not illegal! How do you adapt your BD strategy and execution as you wait for Phase 4 which will be what I'll call, for now, the Resurrection (I'll cover that some other time)?
So what's your BD strategy during each phase?
Phase 1: Transition - What's the number one thing you need help with TODAY? Make a call and ask your clients that one question. If you can find out what's their biggest problem and offer help, you may make a friend for life.
Phase 2: Debt collection / negotiation - What is the script and the process for chasing bad and doubtful debts? How well prepared are you for getting your invoices out and chasing outstanding debts? Do you have a script that works to professionally and politely encourage payment? Have you got your negotiation strategies worked out and how good are they?
Phase 3: The new normal - Leverage your existing contacts. What is the next thing that your network will encounter? How can they avoid/mitigate/take advantage of this? I’m encouraging all firms to not just service the incoming requests but also to be as forward-thinking as possible. This is the perfect time to make current clients' life-long advocates and to reach out to fringe contacts with proactive ideas even if it might seem too soon. Call your LinkedIn contacts. Think before every call - how is this person likely to be placed in 3 months and what is the best thing I can do to help with that NOW?
Tip: Get on the phone! Short conversations say, 10 minutes twice a week, with people who have alligators biting at their ankles, might make all the difference. Don't just think a pile of flyers about the latest government incentives will cut it for your best and most complex clients. What they need are problem solvers.