If your company revenue falls between $2 and $20 million dollars, you’ll want to choose some of these most effective business development strategies to increase revenue and profit.
Don’t forget that profit is the point! You may be passionate about your work and eager to help more people (one of Trivers Consulting Group’s commitments this year). But without profit you can’t reach the other goals.
What is Business Development?
Business development is a phrase tossed about with abandon and therefore it has many meanings. Our definition is this:
The activities a company undertakes in order to deliver their highest value to the right buyers and to maximize profit.
The Top Ten
- Intensely focus on current buyers: first get them to buy again; then get them to buy something else.
- Invest in improvements and innovations on your current offerings. You already have the infrastructure, personnel, policies and procedures to deliver these offerings. Adding improvements or innovations is low cost and low risk and stimulates buying interest.
- Nurture your current buyers to keep top of mind; when they need what you offer, they come directly to your company.
- Communicate consistently the value of your full range of offerings. Just because someone bought one thing doesn’t mean they know what else you offer. Use the list of services on your web site to guide the content of your communication.
- Create a culture in your company that encourages creative and imaginative thinking. Creativity and imagination are muscles that need regular exercise to propel the company forward. Nothing should be off the table.
- Adjust your pricing models and pricing policies as the company grows. What worked last year may not work this year; adjustments that increase revenue and profit are terrific business development strategies built right onto existing offerings.
- Believe that every employee no matter what their job title or role, can contribute to business development. When you see back-of-the-house people as business developers who are as valuable as the front line, you’ll change their self-perception. Reward them too.
- Challenge “best practices” or the latest trends in your industry. One size does not maximize results for all. You know your own company more intimately than anyone selling shiny objects.
- Focus on your company’s strengths; that’s where your revenue comes from. If you can only make a weakness mediocre, why bother? It will linger or fade away without your help.
- The ultimate business development strategy is to look for trapped opportunities and monetize them. Remember that every day you’re in business you build more capability. At least once a year, and perhaps more often, analyze every offering to incorporate your additional capability into them. As you add value, you increase the price and the profit.
We believe that business development is everyone’s job—and an opportunity to contribute to company growth. Circulate these top ten most effective business development strategies around and see what gets people excited. Release them from unnecessary restrictions and let them go forth to develop business. You only have profit to gain.
If business development seems complicated, or time consuming ask us to give you hand. Book a complimentary Discovery call and we’ll take it from there. 703-801-0345.