business development

Denying the Sales Process

Today, we continue to hear how video games & the internet have created a generation of kids that need immediate satisfaction. I can see it in my own kids; no longer willing to go through the process. Just get me immediately from to A  to Z.

I think the global downturn has created a very similar mentality in business. It certainly seems we have no time, energy or money to go through the process. We want results yesterday for little or no cost. Unfortunately this thinking & video games are not reality.

Less Risk = Less Return (if any)

You would think this is a concept that has its roots in business school. Unlike other professions, business, we have learned, is inherently risky. The level of success achieved can be a direct result of the risk(s) taken. This is even more so the case for entrepreneurs, small business owners & any business person attempting to develop business.

Prospecting Large Accounts

Many of us in business are always looking to land that one big customer or account. It's the one that puts our business on solid footing for the future.

There are many firms that are successful & unfortunately even more so that are not. I would like to address one of the biggest reasons many fail to "reel in the big fish".

Selling vs Development

I am continually talking to potential clients interested in "selling", "making a sale", "finding new clients" etc. I then proceed to ask them what these things mean to them. Typically I get the "I need to increase revenue" answer.

Well we all want to increase revenue, but, is making a sale the long term answer? Many want to jump right in without a plan or strategy (I have already blogged on that topic). They see the quick sale as the answer to their growth & revenue issues.

US Market Opportunities

Those that are eventually rewarded in this economy continue to see the glass as half full. They never stop developing business & looking for opportunities.

I continue to encounter many that have decided to wait "until things get better". And yes, things will get better, but don't think you will be the only one trying to grab a piece of the pie at that time.

The Account Life Cycle

It is easy to get caught up in the daily problems, activities & issues during the course of the day. In today's complex business world this is perfectly understandable. It is when it becomes the focus of the day, week in & week out that one should become concerned.

Many a business development plan has been left in the dust as owners become consumed by these activities. Growth takes a back seat until it is "needed". Unfortunately, more often than not, it is too late by then.

"Thanks but no thanks"

Having been in sales a good part of my adult life, this was always a difficult concept once I had stepped out on my own. As a corporate employee & then as an owner of a small business, top line revenue growth was always the name of the game. Turning down a sale was not common.

Prospecting

It goes by many names, prospecting, business development, cold calling etc. depending on your industry. Regardless of the name, the function of driving new sales revenue is not easy & can be downright discouraging.

Therefore it''s not a surprise that many small companies put this on the back burner & only engage in the practice when they see a sales deficit. Unfortunately, this is not much of a business development plan that will return positive results.

" I don't need a plan"

Had it only been a single occurrence, I would have let it go & obviously not taken your time to read about it in a blog. BUT I have had three potential clients all tell me in one form or another that they not only want to enter a new market but a foreign market without a plan, research or strategy; we need sales.

First of all if you need sales that badly, you have not taken business development seriously for a long time. Just the fact that you have reached this high level of urgency is alarming.

Selling vs. Long Term Growth

Each & every day most businesses seek out new top line revenue through organic growth. Most of us are not capitalized well enough to look at other alternatives. Growth today comes in the form of new products, sectors, markets & countries. Competition & consolidation has forced many firms to venture outside their comfort zone.