When professional service firms enter new markets or begin to offer new services they often desire to accelerate growth. To achieve the quickest revenue growth requires that the firm focus on three key sources.
1. Firms must expand work with existing clients.
2. They must increase their effectiveness at converting opportunities with existing prospective clients
3. Professionals must meet more new potential clients
While most professionals recognize these common marketing strategies, limited numbers can effectively execute them all at once. Activities necessary for success at one often hurts the success of another. For example if you are spending your time helping your clients with existing issues to expand current accounts, you are likely limited in the amount of time you have to attend broader networking functions. In addition, typically efforts to accelerate growth are staffed by limited numbers of qualified professionals who must balance revenue generation with project delivery. Without exceptional project delivery to build a stellar reputation, a firm's marketing efforts fall apart.
Accelerated growth by definition requires action within an expected time frame. Thoughtful planning and assignment of specific actions combined with strong accountability and commitment from management produce the highest level of success.