How to become a more commercial adviser.
In professional services, those advisers perceived to be more 'commercial' are greatly valued by clients, contacts and colleagues alike.
Commerciality is a term often talked about in professional services, but fee-earners are sometimes unsure of what it means and how best to demonstrate it. In this article, we share 7 ways to adopt – and demonstrate – a more commercial approach with your clients.
1. Follow the latest developments to be proactive
People really value proactivity in an adviser. They are often impressed by those who alert them to issues or opportunities and seem to be thinking of them and their situation. To be proactive in your support of clients and contacts, it is good to:
Have a strong understanding of the client/contact’s operations (for an organisation) or circumstances (for a private client)
Follow relevant developments in areas of importance to them (market trends – industry-specific or general business, personal finance, general legislation)
Reflect on how any news or changes will affect them and what they may need to do about them
Approach them with relevant ideas, insights and advice
At a base level, proactivity can be demonstrated by being an extra pair of eyes and ears and highlighting relevant news to them. Share thoughts to help them – whether that’s winning more business, making what they are doing easier, reducing their risks, or helping them be more efficient and profitable.
Wherever possible, alert your clients and contacts to any upcoming deadlines or changes to current ways of working or protocols, and offer to help if they’re struggling.
2. Listen, then adapt
Clients will be reassured if they feel you've listened closely and empathetically to their issues and have adapted your advice accordingly. This is about asking your contact questions that further clarify your understanding of the situation they've described. Don't assume. You don't necessarily need to know their entire strategy or even everything about the issue at hand. You should, however, understand the wider context of your advice and how it will be applied in their organisation and for the situation you are advising on.
3. Take a broader focus
Commerciality involves giving options, creating a fresh perspective, and being super-responsive and excellent at delivery. Adopting a commercial mindset means recognising your technical advice is only part of the story. Asking why the advice is needed and who your client hopes to influence with it can radically improve the perceived commerciality of your input.
4. Recognise your client's clients – and what they must deliver for them
Clients value those advisers who align with their ways of working. This means recognising the pressure on your contacts - such as their time, deadlines and stress. Find out what they need to deliver to their clients or internal decision-maker, as it's important to appreciate what they have to do with your advice.
It really helps if you can be user-friendly in your approach. Base your recommendations on similar recent situations, what others are doing, and where the market is heading. This will greatly strengthen your relationships with clients.
5. Communicate in ways that are efficient and valuable – in your client’s eyes
Excellent communication skills are a key facet of respected commercial advisers. Many client frustrations often stem from a lack of, or confusing, communication from their adviser. Your contacts probably don't want you to update them with minutiae, but they will want to be kept informed. The key is to find a subtle balance. This comes from respecting they are busy and keeping what you say clear and concise.
Select the communication channels they prefer, and ask them about the frequency of communication they will find appropriate. Deliver the information using vocabulary and tone of voice they’ll appreciate. When a project finishes, use your commercial sense to maintain appropriate contact to see if you can add further value to the relationship.
Show initiative and think, is there anything else I can do to move this forward and help this person or organisation?
6. Deliver what you mutually agreed – content and deadlines
Clients and contacts will be impressed not just by the content of your advice but also by how you deliver it. The key to your success here will be how you scope the task, plan it, and manage the project. That means ensuring that you and your client have an agreed understanding of the results expected.
It also means breaking the project into stages and allocating responsibilities to members of your team with the right expertise. Effective communication (both with the client and within your team) will also help you monitor the project's progress and assess it against the agreed deliverables, including budgeted costs.
7. Take the initiative with difficult decisions
Becoming an adviser that people can rely on also involves having difficult or ‘challenging’ conversations with them when required. Being commercial means, for example, standing your ground on fees where appropriate and recognising the value you bring to clients. It also means:
Informing them of potential over-runs earlier rather than later
Giving your professional opinion and perspective
Where necessary, aiming to shape your client’s current thinking when you know it is in their interests to consider other options.
…And finally
In a highly competitive professional services landscape, advisers who are perceived by their clients and contacts to be ‘commercial’ tend to be more successful and attract more business. If you are keen to improve your commerciality, start with these 3 core activities:
Think more broadly about how you could help your clients and contacts in the months ahead.
Make your client contacts and other contacts ‘look good’ to the key people they need to impress.
Become an adviser they can rely on every time – for content quality, ideas' relevance, and fast delivery to agreed timelines.
