from Focus on Rainmaking by Sara Holtz

If last week came and went with nary a business development opportunity completed, it's time to clarify the value of each new client or matter.

Sure, on the face of it, it sounds ludicrous to suggest you don't know the value of a new client. And yet, if you're not making business development a top priority, most likely it's because you haven't stopped to calculate the actual dollar value of a new matter.

Getting clear on the value of each new matter automatically makes business development more important.

Of course, I don't know the exact value of a new client for you. This depends on the amount a typical new matter brings in and how likely any given client is to bring repeat business. But I can say this with absolute confidence:

So, the next time you're tempted to skip a business development task--whether it's lunch with a potential referral source or a visit to a client's office when you're in town--answer these questions:

1. If you were to get work from this client or referral source, how much revenue would it likely produce?
2. How would this extra revenue translate into additional compensation for you?
3. How likely will having this particular client on your client roster enhance your reputation and credibility with others?
4. How likely will handling this new matter provide experience that you can leverage in future marketing efforts?
5. How likely will a new client bring in additional matters over the course of the relationship?
6. If the client does send additional matters, how much revenue would likely be produced?
7. What is the probability that a new client will refer you to someone who needs your services?
8. If the client does refer you to another new client, what impact would "that" have on your revenue and reputation?

I know you're thinking, "It's not that simple. Not every lunch results in new business." I agree.

But certainly there is some probability that lunch will produce new business. What if there is a 10 percent to 15 percent chance that going to a lunch will lead to new business? Multiply the value of the answers to the questions above by 10 percent, and my guess is that the resulting number is still pretty impressive.

The next time the temptation arises to prioritize something else over business development (whether it's a lunch date or adding a personal note to a holiday card), use these eight questions to calculate the potential impact to your bottom line. Then decide whether the time investment is worth it.

Instead of asking yourself how you can afford the time to go to that lunch, you're likely to find the real question is, Can you afford not to?