Stop kissing frogs!
16th July 2009
Stop kissing frogs and look for more long-term sustainable working relationships - that was the message at the recent PSMG conference.
Speaking at the annual conference, David Eaton-Jones of ExBDate Ltd and a senior Associate with Intrinsic Values facilitated two workshops with senior clients who had extensive experience of buying professional services. The objective was to inform the audience of partners and BD professionals about the criteria they applied when selecting advisers.
A former FTSE CFO talked about how he expected positive challenge from his advisers, a desire to spend time understanding his business and to know there was strength in depth behind the lead partner. In essence the door was open for the firm to get to know him and his organization and not just deliver technical expertise.
In the second workshop a senior public sector procurement director argued for long term commitment from his firms. David Eaton-Jones explains:
"In the current market, clients see lots of firms, often with no relevant prior credentials or interest, materially discounting their fees to try and cash in on the "bombproof" work from local and central government bodies. But as buyers, the public sector knows that the private sector market will be more buoyant in 18-24 months and do not want to then see those fee earners disappearing off the radar as they chase private sector clients for more profitable work."
"Firms need to have clearer strategies on what work they want and are best able to deliver. There are a lot of frogs hopping around to be kissed but most clients want a commitment to the future that is sustainable and commercially viable."