Ways to Grow Your Firm, Increase Revenue The Best Path to Profitability for Professional Services Firms Lead Generation or Client Acquisition: Which Do You Need? Acquire the Ideal Client, Not Just Any Client

"So, if we can keep all of our current clients and add the new ones we've projected from our business development plan, I think 2010 will be a pretty decent year for us," she said. "We might even realize double-digit growth again for the first time in a long time."

For the previous hour I had listened intently as the vice president of business development explained how the right set of tactics would bring in the right new clients. I was pretty impressed with her comprehensive plan. She clearly had listened to the marketing gurus. Then it dawned on me to ask this all-important question:

"Can you not realize your growth goals without adding new clients?"

"How can we do that?" she asked.

Your Best New Client is an Old Client

As professional services (PS) firms struggle with the impact of this deep recession, it seems leaders at these companies have developed almost a singular focus—acquire new clients. When we talk to PS firm leaders, this seems to be nearly their only goal, almost to the exclusion of other important goals. The research we conducted earlier in 2009 demonstrates this.

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