Welcome to our last video in the introductory course for Nexl. In this section, we'll have a closer look at how to manage opportunities. Opportunity Tracking is one of the key features of business development in law firm, but in our experience, law firms are very good at identifying opportunities, yet not as good at having a system to track, organize, and follow up on those opportunities. So let's dive into how to track opportunities on Nexl!
As you can see in our left hand menu, Opportunities is the last option under the Biz Dev section. This is where you can create and track new business opportunities, and start to think about how to value those opportunities and contribute to your firm's financial projections.
To create a new opportunity, head to your opportunities section and click the blue button here that says Create opportunity.
You can also use this dollar sign icon shortcut in the top right, which is available on every page.
Within this opportunity form, there's a couple of key data points that are important for new opportunities.
First, you'll want to identify the associated company. All of the company records in your firm's Nexl are already connected to this field, so you can easily look up an existing company record.
We also have the benefit of all of our internal and external contact records, so you can easily add the key contacts at the given company, as well as the internal owners who are responsible for the opportunity.
Another important piece is to set the status of the opportunity. If you're on our full RevOps plan, these stages are completely customizable, so just contact our client services team if you want to create your own stages or statuses.
You can also add a more detailed description, or use tags to allow you to group opportunities together and find them via filters.
You'll also want to track the proposed fee for the project, so you can quantify your pipeline. This will help your firm to better plan and manage your business and financial projections.
You can also add a due date, add any further notes, and fill out any other custom-fields your firm has set.
Once you create your opportunity, it will be added to your list and grouped based on the status of the opportunity.
As the opportunity progresses, you can move it from stage to stage, either by clicking the edit button or dragging and dropping it to another stage.
If you commit to tracking opportunities consistently, it will allow you to better understand what kind of opportunities your firm is best positioned to win, and to align firm wide on your best target clients.
Once your firm is consistent about tracking opportunities, you'll want to start checking up on how various opportunities are going. You can use the search bar here, or filter the list of opportunities with our various built-in filters.
That concludes our opportunity management video, and congratulations on completing your intro course! I hope this was a helpful introduction to Nexl. If you ever need help, you can use our blue chat icon in the bottom right corner to contact our client services team or search through our help center articles. We can't wait to help you turn your relationships into revenue, and to help your law firm grow.