Post # 947
Assessing Whether You Have an Effective Industry Focus
I received the following query: “How would we know whether we are taking the right steps in shifting some of our firm’s attention to a few client industries?”
Here are a dozen questions, I have often used in workshops to help Executive Committees self-assess whether the key issues that need to be considered are being addressed and what issues may require remedial action:
#1: Does our firm truly understand how much importance our CLIENTS PLACE ON INDUSTRY knowledge?
#2: Does our firm leadership really believe that industry knowledge has a direct and meaningful impact on our overall FINANCIAL PERFORMANCE?
#3: Has our firm made definitive decisions about which SELECTIVE INDUSTRIES TO STRATEGICALLY TARGET and focus on?
#4: Has our firm organized and actively recruited PARTNERS TO join and COMMIT a specific number of non-billable hours to working on ONE chosen industry team?
#5: Does each industry group have a leader (or co-leaders) TRAINED to manage, coach, support and facilitate the group’s initiatives?
#6: Does our firm have any formal programs and budgetary RESOURCES AVAILABLE to develop the industry competence and expertise of the partners?
#7: Does our firm have industry focused RESEARCH PROGRAMS that monitor and identify emerging industry trends?
#8: Has each industry group developed a formal, written STRATEGIC PLAN identifying specific niche opportunities, where they are working to develop a position of dominance?
#9: Has our firm assigned specific MARKETING professionals to SUPPORT each of the industry teams?
#10: Does our firm make an active effort to capture and LEVERAGE the industry specific intellectual KNOWLEDGE gained from client engagements?
#11: Are industry competence and expertise assessed and tied directly to our LATERAL RECRUITMENT efforts in order to build upon the industry group’s market strength?
#12: Does our firm report and ASSESS PERFORMANCE by industry (fees, profitability, growth, partner contribution, partner promotion, compensation decisions, etc.)?
You are welcome to learn more about having an effective industry focus by downloading and reading my newest book (17 Chapters / 290 pages) entitled - "INDUSTRY SPECIALIZATION: Making Competitors Irrelevant"
Your copy may be accessed here with my compliments: https://bit.ly/3KrrXwf