Learning and adapting is usually a good idea, particularly if your results weren’t as you expected. But what are the best ways to learn from your mistakes, plan, and adapt to a new market condition?

This post explores how some of the smartest small companies in the Baltimore, Maryland, DC, and Northern Virginia markets are planning their 2010 business development strategies.

The tried and true. There are certain business development strategies that just plain work and I’ll go over some of them below. These are things that have been working since the beginning of (business) time and they will very likely continue to be effective until the end of (business) time.

If you are not currently using these strategies in a consistent and meaningful way, I very strongly recommend that you start.

Find your ideal customers. With the gigantic number of sales prospects available to almost any company, it doesn’t make sense to target any that are less-than-ideal for you. If you haven’t already, take the time to define your perfect customer in very specific terms.

• What industry are they in?
• What customers do they serve?
• How many people do they employ?
• How much revenue do they generate?
• Where are they located physically?

To get started, take a look at some of your existing customers that you consider to be a really good fit for your company. What are some of their characteristics?

Don’t overlook existing clients. When people think of business development strategy, a lot of the focus tends to be placed on new accounts and new clients. The truth is that it is many times easier to develop deeper relationships with existing clients than it is to start new accounts from scratch. Particularly if you’re target market is a larger company, there are almost always opportunities to sell up, down, or sideways within organizations.

Don’t be afraid to ask questions like, “Are there any other departments/people here that you think would like this?” or “Who else do you know that can benefit from this type of service?”

Don’t overlook new business either. Unless you have an extremely hungry base of existing customers, you’ll probably have to look outside of your existing customers to meet your 2010 revenue goals. There are so many ways to find and target new opportunities and in all likelihood, you are not doing as effective of a job as you could be. The key is to keep an open mind and think outside-the-box. Most organizations become very comfortable with their existing methods of developing new business, when in reality, they could be doing better with other strategies.

• Referrals
• Paid lead services
• Email campaigns
• Blogging
• Exhibitions
• Networking events
• Sales contests
• Direct mail
• Webinars

How many of those are you using? Which do you think would be best to integrate into YOUR 2010 business development plan?

Take a step back. Being a CEO or managing partner in a business can often cause you to look at your business in a way that’s much different from how others may see it. By removing personal biases and ideas from the equation, you can gain some real insight into important areas of your business.

Often, CEOs are so close to their companies that even when they try to do this, they are not able to. If that’s the case, get another set of eyeballs. Either bring in a trusted colleague to help you with this, or consider hiring a professional business consultant with a strong track record of success.

Plan it out. CEOs, executives, and leaders throughout organizations sometimes have a tendency to discount the importance of the strategic planning process, which is a big mistake. Smart companies take the time to plan their business development strategies very thoroughly, including areas like sales and marketing, human resources, and general corporate growth. When planning is conducted properly, it always proves to be time very well-spent.

A SWOT analysis is a good way to do this (SWOT stands for Strengths, Weaknesses, Opportunities, Threats in case you’re not familiar). Have a look at an example SWOT analysis here.

Use all available human capital. Human beings never cease to amaze me. We really are incredible creatures, particularly when we’re in an environment that allows us to perform near our potential. You might be surprised to find that if you build a team of good people around you and then incentivize them to do what you want them to do, they will do a splendid job – often better than you could do yourself.

The two keys here are to 1) properly incentivize (Note: incentives don’t always need to be monetary – a lot of employees feel very strongly about things like fun, learning new things, and feeling as though they’re part of a larger goal) and 2) communicate clearly what you want them to do (leaders have a strong tendency to assume that the other person knows exactly what they’re talking about even though they used a minimal amount of explanation to get the point across – don’t make this mistake. Communicate clearly and then confirm that the other person has an understanding by saying, “Okay, let’s go over the goals” and then being quiet and inviting them to do the talking.)

Set S.M.A.R.T.E.R. Goals.

• Specific
• Measurable
• Attainable
• Relevant
• Timed
• Exciting
• Recorded

If you need a business development strategy consultant and you’re in the Greater Baltimore Washington area, JACOBY may be able to help you personally. Our CEO-experienced Partners have decades of combined experience and a success rate of over 90%. Contact us by filling out this form to learn more.

If you are outside the Maryland, DC, Virginia area and want our assistance with your strategic planning efforts, JACOBY can help you remotely with phone and/or skype conference calls. There are a variety of other useful posts on our blog, along with some business analysis tools we have developed, and our famous 2-minute business lessons that can help you. If you would like strategic planning help specific to your business, call us at 410-744-3900 and we can set-up a time for a free consultation.

Until next time,

Art Jacoby

View other posts filed under Business Development

Go back to the main Blog page

Go back to the BusinessGrowthConsultant.com homepage

1. Take a look at your existing markets.

Getting new customers is something than many businesses focus on when they want to grow.  However, your existing customers can be a much better place to look for more sales.  After all, they’re already buying from you.  It’s a lot easier to get them to buy again than it is to convince new customers to buy.

2. Referrals are valuable.

Your existing customers can also help you find new ones.  By referring you to their friends and relatives, they can help your business grow and your reputation improve.  However, you shouldn’t assume that just because you do a good job, your existing customers are passing on the word.  Seek referrals actively to get the best results.

3. Find new uses for your services or products.

One way to find new markets and get more purchases from existing customers is to discover new, innovative uses for your service or product.  After all, many things have multiple uses – you just have to find them.  Diversifying what you offer is another version of this that can be very effective.

4. Find new customer pools

Extending your reach to new customers can be a big help.  This can include opening new physical or virtual locations so that you can reach more people, or by increasing your advertising.  Choosing to advertise in media that targets a new market can be very profitable.

5.Look for niche markets.

If you’re capable of dominating a small, unique sector, it’s a lot more effective than being a small fish in a big pond.  Specialization can be a very good idea if you can find needs that aren’t being met.

6. Trade shows are valuable.

Trade shows can be an extremely effective way of helping your business grow, by drawing in people who already have an interest in what you do.  Your bottom line can improve significantly.  Just make sure that you choose your shows with care and find the ones that go best with your company.

7. Keep costs down.

Remember that growing your business is actually about improving the bottom line.  If you can reduce costs and make things more efficient, things will improve.

Of course, these are just a few ways to help your business grow.  There are plenty of others that’ll help you increase your bottom line and become a real success.  Use these tips with a smart strategy to keep on expanding.

What market share does the company have and where does it stand among its competitors? How cost effective is the business and where is it leaking time, money and resources? Every part of your company’s operation can help to generate corporate growth. In fact, if you come across any part of your operation that isn’t contributing to your company’s growth, it is probably detracting from it.

The next stage is to decide on which areas need improvement and allot a specific task to solve the shortfall. For example, through strategic alliances and re-distribution of existing resources, it may be possible to expand the production line, increase capacity and accelerate the time taken from production to market. These are all vital components in corporate growth.

New ways need to be found to connect executives with the funds, resources and partnerships that will trigger corporate growth. Aggressive marketing, capturing a greater share of the market, venturing into new markets and distribution channels all have the potential for fast growth. By developing cost efficient methods it is possible to accelerate revenues and catapult productivity at the same time.

Everything you do should be aimed at increase in the following areas:

• Resources
• Market Presence
• Productivity
• Profit
• Efficiency
• Sales
• Quality management

When you have a system in place to ensure you and your team are actively engaged in increasing the above areas in your business, it will be almost impossible to prevent corporate growth from taking place.

Des Vadgama is a leading expert on fast business growth and boosting profits by 50% or more.