The “Three Conversations a Week” Rule

Every lawyer and professional I talk to acknowledges that they need to be doing more business development. But life – particularly work life – get’s in the way and their business development efforts get put on the side table till things ease up. Before long, another month has passed and little or no proactive business development has been done.

The problem is that when lawyers think about their business development – which isn’t often enough – they tend to see it as a major strategy day project rather than the simple habit it should be.

That is where the "Three Conversations a Week" Rule comes in. It's one of the simplest business development disciplines you can adopt and, over time, it can have a remarkable impact on your network, opportunities and revenue.

That’s why it is the topic of this BD Tips Wednesday post.

The Three Conversations a Week Rule

Every week, have three purposeful business development conversations.

Not sales calls.

Not networking events.

Not coffee meetings for the sake of coffee meetings.

Three genuine conversations with people who matter to your professional network. They might be:

• Existing clients

• Former clients

• Referral partners

• Prospective clients

• Industry contacts

• Influencers in your sector

• People you've been meaning to reconnect with

The objective is not to sell. The objective is to stay connected, learn something useful and create opportunities for future conversations.

Let’s be honest here: three conversations per week is achievable for everyone.

Why Three?

Most people commit to Big Hairy business development goals at strategy days that sound impressive, but in reality are impossible to maintain and achieve. And if they were doing more business development, they would know that! Because at a strategy day they commit to:

• Attending every networking event under the sun.

• Meet ten new people every week.

• Publishing a post on LinkedIn every day – if not twice a day.

• Making 50 prospecting calls a week.

Do you see the flaw in this type of commitment to business development? It’s not sustainable!

On the other hand, three purposeful conversations a week with people who matter to the future prosperity of your practice feels manageable. Even during a busy week, most people can find time for three 20–30 minute conversations.

Think about it for a second. What does that mean in real terms? It equates to:

• 156 conversations per year

Very few people deliberately create 156 meaningful business conversations every year. Even those people who attend every networking event under the sun are unlikely to achieve this – because they’ll typically be talking to the same person at each event!

The Mathematics of Opportunity

Now let’s take a look at the numbers – because data is important. Imagine you commit to three conversations every week for a year. Of the 156 conversations:

• 85 may simply strengthen relationships.

• 45 may uncover useful market intelligence.

• 18 may lead to future opportunities.

• 8 may become significant matters, projects or engagements.

Unfortunately you cannot predict which conversations will lead to opportunities. But, what you can say with absolute certainty is that if you don’t have the conversation, the opportunity is unlikely to arise!

The Compound Effect

The real power of the Three Conversations a Week Rule comes from its consistency. One conversation will rarely change your business. Three conversations in a week may not change it either. However, three conversations every week for twelve months creates a movement:

• You become more visible.

• Your network expands.

• You hear about opportunities earlier.

• People think of you more often.

• Referrals increase.

• Relationships deepen.

And that is how sustainable growth is created.

What Makes a Good Business Development Conversation?

A successful business development conversation is driven by curiosity. Too many lawyers and other professionals approach meetings with a hidden agenda. That’s a mistake as the other person in the conversation will sense this immediately.

While being careful to make sure you’re seen as being a subject matter expert in your area, consider asking questions like these to open up a conversation with your contact:

• What challenges are you seeing in your industry?

• What priorities are consuming your time this year?

• What trends are affecting your organisation?

• What opportunities are you excited about?

• Where do you see the market heading?

And always remember, people enjoy speaking with professionals who are genuinely interested in their business rather than immediately trying to sell something.

Takeaway

If your business development activity feels inconsistent, stop focusing on grand plans and strategy away days. Instead, commit to one simple rule:

Have three purposeful business development conversations every week.

Because the professionals who consistently create conversations are usually the professionals we call ‘Rainmakers’.