Business Development is the process of creating and identifying sales opportunities which the business developer or a sales professional then pursues and closes on.
Okay! I’m guessing that to the majority of you that all sounds like French. Excusez-moi! Allow me to detail the process…
- in plain English so you can understand it, and
- in a manner that empowers you to put it to work in the instance that your not ready to hire GrowExpand.com to help.
You have heard it said that “every journey begins with a single step.” WRONG! Every journey begins where you are, and with a clear vision of where you want to be.
WHY? The reason your business exists is (should be) the solution to a challenge or desire that exists in the marketplace. To be clear on the “why” is to understand your starting point on the journey to business growth. It is at the center of your ikigai; the cross-section of what you love, what you’re good at, what the world needs/ wants, and what you can be paid for.
How? Once you get hella clear on why, you likely launched the business and experienced some level of success. If you’re reading this, you have reached a point in life where you realize that there is room for you to have a greater impact & make larger profits.
Your track record holds the clues to where larger opportunities exist. Where did you make $100,000 that you could make $1,000,000?
Growing your business is 93.29% centered around relationships. The businesses you have worked with are led by people. Those people know the value you represent better than you do; and are most likely to serve as the referral sources your growth will depend upon …if you have successfully established good communication, trust, and relationship.
Where relationships are concerned, the key is to add value. While your product/ service offering answers a specific need, be quick to help your contacts even if it doesn’t immediately equate to revenue for you. This will establish you as a reliable resource, and more likely to get a “yes” when you ask for referrals.
The 9 Steps To Growing Your Business
- YOUR USP: What do you offer that is unique to you, that you have successfully turned into money? The answer is where you should focus your efforts to grow the business.
- THE GOAL: Given your track record, draft conservative projections on where your annual revenue can be in 1, 3, and 5 years. If you’re a startup, work your butt off, remember the importance of adapting to the marketplace, and work your butt off.
- THE LANDSCAPE: Where did you source your existing customer base? Who needs your USP that you have yet to do business with? Is there a larger competitor you can partner with to pursue larger opportunities & bolster your experience level? Are you networking tactically & weekly with business leaders already performing at the level you seek? Who loves you enough to refer you to new opportunities? This will inform and produce your plan for approaching the marketplace.
- CRM: If you do not already have a Customer Relationship Management tool, GET ONE TODAY! If a custom solution is desired, contact me now. This is imperative because you cannot afford to fail at establishing, managing, and growing your network. The keyword is FOLLOW UP!
- LEADS: Your landscape homework will reveal prospective leads. Leads are potential relationships that represent future customers. The prospecting & qualifying of leads is the heavy lifting that Business Development Professionals do best. Until you can afford to hire us, this duty falls on you. Be certain to dedicate no less than 10 hours/ week to the hunt for new relationships and opportunities. BE HONEST: if you lack the people skills to meet people you don’t know, encourage them to talk about themselves & their companies, share information useful to them and their industry, and discern if your USP can truly benefit them …get help.
- APPROACH: You are best served by initiating contact with a focus on the lead, their business, and pain points & challenges they are facing. If you are honest, transparent, and helpful during these discussions you will find yourself more likely to land the business. A sincere focus on learning how you can help them cuts through the crap, and builds stronger relationships. [Read “Getting Naked” by Patrick Lencioni for more on this]
- PROPOSAL: Before you write up a proposal, be sure to recap the conversation via email. What you understand their need to be, how you can help, what you need from them to make it happen, and what they can count on from you. No BS! No fluff! …and please, NO JARGON! The response will confirm their interest in moving forward, or present you with objection(s) which will demand that you humbly seek clarity. No is your best friend. It aids you in perfecting your listening & presentation skills; but, most importantly, it is an indication that there is more to be discovered …so dig deeper. It’s my experience that a quick yes is the a-confrontational persons means of getting rid of you; if you receive a quick yes recap your understanding of things, ask for agreement, and be quiet until you get an answer.
- CUSTOMER EXPERIENCE: Once you have a signed proposal from the customer, it’s time to deliver. I don’t want you to simply do what you promised; I want you to exceed expectations. You MUST communicate effectively at every stage of the process to build trust, and strengthen the relationship. Program your CRM to contact the customer, by phone or email, weekly -even if you don’t have an update. For example, “Just reaching out to informing you that things are proceeding as we discussed. Do you have any questions that I may answer for you?”
- REFER & REPEAT: The end of every project represents a crucial moment if growing your business is the focus. YOU MUST:
- Ask for the contact information of three (3) other companies they believe can benefit from your USP.
- Ask for a meeting to discuss what is next for them & their business for the purpose of uncovering an opportunity to help further.
I didn’t write this to entertain you. Ask questions if you have them. Hire us to do if for you if it’s not your strength. Whatever you do, take action!