Business Development Strategy

Why? The Foundation of a Successful Business Development Strategy

By Tom on October 20, 2023

Anyone in business knows, it’s essential for organizations to develop a clear and effective business development strategy that drives growth and success. While many factors contribute to a company’s achievements, one aspect stands out as the foundation for sustainable growth – purpose. One of the best places to learn about purpose is from Simon Sinek’s influential book, “Start with Why.” In this blog post, we will explore three key reasons why your business development strategy should start with purpose, drawing insights from Simon Sinek’s book.

Start Growing Your Business with Purpose

Inspiring vision and motivated teams

At the core of any successful business lies a compelling purpose – the “Why” of the organization. Purpose goes beyond profits and products. It defines the reason why the company exists and the positive impact it aims to make on the world. When a company’s purpose is clearly communicated and aligned with the values of its employees, it becomes a powerful driving force that inspires passion and dedication among team members.

Simon Sinek, in his book “Start with Why,” emphasizes the importance of defining a clear sense of purpose that resonates with both employees and customers. When employees believe in the purpose and vision of the company, they are more engaged, committed, and motivated to contribute their best efforts. This intrinsic motivation translates into increased productivity, creativity, and innovation, driving the company towards its goals.

Authentic customer connection

Customers are becoming increasingly discerning and value-driven. They seek more than just products or services; they crave meaningful connections with the brands they support. A purpose-driven business development strategy allows you to connect with your target audience on a deeper level, going beyond transactions and fostering brand loyalty.

By starting with purpose, your business can convey a genuine story that resonates with your customers’ values and aspirations. Simon Sinek’s book highlights the power of “The Golden Circle,” where the “Why” is at the center, followed by “How” and “What.” Brands that lead with their purpose tend to attract loyal customers who see themselves as part of a larger movement, rather than mere consumers. This emotional connection leads to increased customer retention and advocacy, driving long-term success.

Understanding your “Why” helps foster authentic customer connections

Adaptability and resilience

In today’s business environment, adaptability is key to survival. A purpose-driven strategy provides a solid anchor during times of uncertainty and disruption. When a company understands its “Why,” it can adapt its “How” and “What” to evolving market conditions without losing its identity or core values.

Simon Sinek’s book reminds us that purpose-driven companies are more likely to withstand challenges because they are guided by a higher cause beyond immediate profits. This sense of purpose fosters resilience and encourages a long-term view, allowing businesses to weather storms and emerge stronger.

Final thoughts

Starting your business development strategy with purpose is a transformative approach that can elevate your organization’s performance and impact. As “Start with Why” eloquently argues, purpose inspires and motivates teams, creates authentic connections with customers, and strengthens a company’s ability to adapt and thrive. By incorporating purpose into your strategy, you will not only drive growth and success but also contribute to a more meaningful and fulfilling business journey. So, before you chart your next business development course, remember to ask yourself, “What is our Why?” and let purpose be your guiding star.

introvert in business

For more help with starting your business development journey download my quick start guide. This gives a series of simple activities to quickly get you on the right path.

For a definition of business development you can check out my take in this post here.

If you are getting value out of my weekly free content I’d ask that you consider buying my book. It’s a simple yet comprehensive framework to base your business development activity around. Full of practical advice to get you started now. It is available to order on Amazon now.

Business development and farming

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Business Development Coaching

What is the Meaning of B2B and B2C

By Tom on February 17, 2023

There always seems to be a bit of confusion around the meaning of B2B and B2C selling. The acronyms stand for Business to Business (B2B) and Business to Consumer (B2C). Business development is generally considered to be in the remit of B2B, but doesn’t have to be.

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Meaning of B2B

This post gives a definition of both B2B and B2C with an example of each. I’ll also give a real example of a an organization that tried to do both and why it didn’t work.

Meaning of B2B: Business to Business

B2B involves a business providing services or products to another business. This is usually where business development is thought to sit. However, if you’ve been following this blog for a while you’ll know that I consider business development to be more than just sales. It’s about building long term sustainable relationships with customers.

B2B customers are companies rather than individuals and as such the relationship will span multiple individuals. The relationships tend to be longer lasting with the aim of receiving repeat business over time.

Examples of B2B businesses include Rio Tinto selling iron ore to the Chinese steel mills and consultant engineers providing design services to construction firms.

Meaning of B2C: Business to Consumer

On the other hand B2C involves businesses providing services or products directly to the consumer. Business development is important here as well. The strategic work required to identify your customer segment and determine where to focus your efforts definitely fits within the business development remit.

However, the relationship is limited to the individual is often transactional in nature. As a general rule B2C doesn’t involve much in the way of relationship building. The exception here is when items are of a particularly high price point.

Examples of B2C businesses include Apple selling their phones and Tesla providing electric cars to consumers around the globe.

Trying to do both B2B and B2C within the same company can become a real tug of war

Can You be Both B2B and B2C?

While it is possible for a company to do both B2C and B2B it can be difficult to achieve. Both versions often require quite different business models and pricing structures. Large companies like mobile phone providers have different divisions looking after each. For example Vodaphone has a specific team looking after business clients. Banks are another example of this.

One of my past roles was running an asbestos removal company. We prided ourselves on customer service and doing the work safely and by the book. Most of our customers were businesses who needed their buildings and infrastructure to be made safe. As such the B2B approach was prevalent.

However, we also serviced homeowners who needed the asbestos hazard removed from their homes. This proved to be a bit of a problem. While businesses were willing to pay for good service that removed the hazard properly with all the correct paperwork and disposal practices, it turned out that the direct homeowners were not. Instead, they wanted the asbestos removed as cheaply as possible and didn’t care where it ended up being disposed.

As you can see these two modes of operation were actually incompatible, requiring very different business models. We couldn’t maintain the same pricing structure across our B2B and B2C segments.

We had to choose one.

Of course we went with the higher revenue B2B market that valued our offering.

The lesson here is that trying to do both B2B and B2C, while not impossible, is very hard. Especially if you are a small to medium enterprise. My advice would be to stick to one or the other.

Final Words

Hopefully this post has made the meaning of B2B and B2C clear. Ideally, as a business developer you want to stick to one or the other. This avoids any confusion around your business model.

What do you think? Do you have any examples where B2B and B2C have been run successfully together?

If you want to get a head start on systemizing your business development download my guide below. It contains all the key elements you need to get your customer facing activity on point, right now.

Meaning of B2B

If you want to get the tools they need to create consistency and repeatability in your work winning, I can help. For a simple framework to base your business development activity around I recommend checking out my new book Business Development Begins Here. You can Order on Amazon by clicking the pic below.

If you want a more proactive and personal approach to your business development I am available to help. Through face to face video calls I’ll set you on the right path and keep you accountable to future activity. I currently have space on my 1on1 personalized coaching program, you can also sign up to my flagship course Business Development Academy. To learn more click the button below.

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Masterful Tracking of Strategic Opportunities

By Tom on February 3, 2023

During the business development cycle, opportunities will present themselves that are particularly large or strategic in nature. Perhaps there is potential for a significant recurring order or a first project with a key customer target. Tracking these strategic opportunities separately is critical. Their importance merits additional effort.

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strategic opportunities

I refer to these as must-win opportunities. Highlighting their significance to the objectives and purpose of your organization. Each company defines must-win in a different way, but the classification could include:

High revenue potential
Long-term revenue potential
New strategic customer onboarding
Industry reputation enhancement
New service/product showcase opportunity

I’m a very visual person and find it useful to be able to see how these larger opportunities are progressing. Below I show you how to set up a tool that can keep you tracking your strategic opportunities quickly and easily.

Setting Up Your Matrix

To start, create the following matrix (see below). Drawing it on a large whiteboard makes this easy to update. However, creating it digitally can also work, especially if you’re sharing it with remote teams.

This simple matrix comprises timeframe on the horizontal. Representing the time in which the opportunity will be awarded by the client, the length of your sales cycle will determine the timeframes used. Though typically your must-wins are those with a longer sales cycle than your regular opportunities.

The likelihood of winning the opportunity makes up the vertical axis and is divided into three stages of probability. As a guide, I use:

Hi

Engaged; strong customer relationship;
Detailed project discussions completed;
Aligned proposal submitted;
Strong probability of a win.

Med

Good customer relationship;
Limited project discussions;
Proposal likely to be requested;
More work to do.

Low

Little to no customer relationship;
No discussions to date;
Proposal unlikely to be requested at this time;
Relationship building and positioning required.

Regularly talking to your team about Must-Win Opportunities keeps them on your radar.

Populating With Strategic Opportunities

Populating the matrix with your strategic opportunities (must-wins) means making sure it is large enough to house them. Mine sits on my office wall on a one-meter board. While it is nothing fancy, it allows me to easily move the must-wins between squares as new information comes to light.

Using Post-It notes to represent the opportunities makes for an easy system to use. Having just enough information so that the user can quickly discern what they are key. As an example, my must-wins contain the following:

Project Name
Customer Name
Product/Service Required
Likely Date of Award

This is enough information to cross-reference with your tactical action plan, where specific actions with key personnel and stakeholders should be captured. Next, it’s time to place it the opportunity on the matrix.

Check the timeframe and likelihood of winning to place the opportunity appropriately. The matrix needs to be user-friendly. Therefore, don’t overpopulate or create a huge sea of notes. Only include those of most significance.

Using the Must-Win Matrix

A successful business developer needs to be strategic. Having long-term visibility of strategic opportunities really supports this. To really work, the visibility needs to be convert to action. The goal of the matrix is to be able to move must-wins from a low to a high likelihood of success. A quick look at the matrix highlights which companies to talk to about which projects, and these actions should be placed into the tactical action plan under high priority and with appropriate due dates.

Much like the tactical action plan, the matrix must be living, which means it needs to be regularly and accurately updated to reflect the real-world situation. Opportunities should be moved as soon as information gleaned from customers and stakeholders is heard.

Good practice involves taking ten minutes a week to survey the matrix with your team to discuss any new information, make changes, and allocate actions to the tactical action plan.

I challenge you to set up a Must-Win Matrix and see the difference it makes to your strategic opportunities.

Strategic opportunities

If you need want to start scaling your revenue through purposeful business development download my free guide. With ten days of action my guide will get you up and running right now.

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Strategic opportunities

For a deeper dive into business development and advice on setting up a purposeful and consistent system I recommend checking out my new book Business Development Begins Here. It is available to order on Amazon. It describes the triple A framework and will get you assessing your purpose, company, customers, competitors and place in the market. Aiming your effort in line with your purpose. Before taking daily action in engaging your customers and pursuing opportunities.

Become purposeful with your revenue growth

Coaching

If you want a more proactive and personal approach to your work winning I am available to help. Through one on on discussions I’ll set you on the right path and keep you accountable to future activity. I currently have space available on my 1on1 personalized coaching program. To learn more click the button below.

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Six Steps to Creating the Ultimate BD Strategic Plan

By Tom on September 2, 2022

Your strategic plan is an excellent place to start your organising your business development effort. As the first of the three plans it sets the direction and purpose for all your business development activity. Consequently it informs the whole of the aim phase of the triple A framework. Ideally it should stem from the overarching strategy for the entire business. The plan highlights the overall direction of the business and priorities to be pursued.

If you are sitting within a large multinational company, generally the strategy will be guided by the global leadership. In contrast, working for a small business will see the strategy written by the owners. If no strategy is in place, talk to the owner about developing one.

Below I discuss the six core components that every business developer needs to have in their strategic plan.

Step 1: Purpose

This is perhaps the most important step of the six. What is the company there to do, and why is it doing what it does? Really this acts as a compass guiding future direction and activity in line with the company purpose. Having a succinct and powerful purpose is extremely useful for the business developer. Integrating it into client conversations and marketing, lets customers engage with the larger intent behind your organisation.

For example, working for a company that provides environmental monitoring equipment, I defined the purpose as:

“supporting environmental monitoring excellence, enabling positive action in protecting our natural environment.”

Bringing this up in conversation really resonated with existing and prospective customers mirroring shared values, allowing trust to form.

If you are having trouble articulating or defining the purpose of your organization, I suggest reading Start With Why by Simon Sinek. This inspirational book provides the tools to really dig deep into the purpose of your company.

Your purpose and vision guide your future business development effort

Step 2:: Vision

In addition to purpose you need to understand the long-term vision of the company? What will it look like in five to ten years’ time. Importantly, how will this shape the future customer base? Clarity of vision aligns the business development activity with the long-term goals of the company.

For example, an engineering consultancy articulates their long-term objective as obtaining a large mining project portfolio to diversify their transport infrastructure project base. Accordingly this enables their business development team to focus some of their energy on longer-term customer and strategic project opportunities in the mining sector.

Step 3: Mission

The mission is really the nuts and bolts of what the company does and how it does it. For example, a technical company might have a mission to provide the highest quality flow data for their customers. Achieved through technical superiority, instrumentation design, and manufacture. Defining this mission aligns the company’s sales and marketing messages, showing that you walk the talk in what you do.

Financial goals are a core part of every Strategic Plan

Step 4: Financial Goals

Revenue and profitability is what keeps an organization healthy. The strategic plan must define the immediate and long-term financial goals of the company. How does your business development effort support these? This information supports prioritizing customers and making decisions around opportunity pursuit.

It must make clear the acceptable pricing strategy. Of course this will differ between various geographies and industries. These financial goals must align with the wider company purpose and vision.

Step 5: Growth Areas

Every business developer must know where are the intermediate and long-term growth areas are expected to be. This information makes sure that your effort aligns with the growth expectation of the company. How is growth going to be achieved? Consider the Ansoff Matrix here. New products, services, or customers?

For example, company BuildingPro is looking to grow in the residential housing market. Their BD team would need to align with the internal engineering specialists and start exploring residential housing opportunities. This doesn’t mean that other opportunities wont be explored. However, priority must be placed, and time allocated to, pursuing the prioritized areas of growth.

Step 6: Key Customers

Who do the leadership team consider to be the key customers of the company? Remember this is a strategic take on the customers within the context of the 3-5 year goals. This information is gold, as key customers are usually the highest yielding customers with the strongest existing connection. Robust relationships and trust in your offering are assets that already exist here. Leveraging this will really help fill your sales funnel.

To give you an idea of how this might look, consider this example. The new business developer at BuildingPro understands that the local company Open Homes is considered a key customer. Discovering an existing relationship with the main account manager for Open Homes provides the business developer introductions to some of the main decision makers in Open Homes. This in turn assists the business developer to build relationships of their own. A great start!

Highlighting strategic prospective customers here is vital, tying in with the previously identified growth areas and the priority pursuits.

Presenting the Strategic Plan

Once the main components of the strategic plan are identified, write them down for future reference. I always keep a copy of the strategic plan on the wall above my desk for reference. This lets me do a quick check-in, keeping business development activities on point in the context of the company direction and purpose.

If you are not sure of the best way to present this information, a quick google search will yield plenty of results. An example of a simple plan, which I have used on numerous occasions, is presented below. This should be able to fit on one page.

However, I recognize that every business is different, so feel free change the information as your needs dictate. For maximum impact, keep the plan simple and short and ideally to one page. Above all, a quick scan with the eyes is enough to gain an understanding of the central intent.

Strategic Plan Action

Do you have a Strategic Plan in place? If so, do you understand it? If not, I suggest you start pulling one together using the framework above.

What do you consider to be the core components of a strategic plan from the business development perspective? Let me know in the comments below or reach out via LinkedIn.

If you would like to kick start your business development download our business development checklist below. Detailing a clear business development path, this checklist helps grow your revenue. Download now and get it working for you.

My new book: Business Development Begins Here has just gone on Pre-Order on Amazon. Visit the link to reserve your copy.

If you want a more proactive and personal approach to your business development I am available to help. Through face to face video calls I’ll set you on the right path and keep you accountable to future activity. I currently have space on my 13-week 1on1 personalized coaching program. To learn more click the button below.

Business Development Coaching

Three Secrets of a Killer Sales Process

By Tom on July 8, 2022

In order to keep your business development humming along you must have a solid sales process in place. A good sales process is not complicated. Rather simplicity is key here. I call this the Sales Path. It comprises all activity that fills the sales funnel (marketing, lead generation etc) through to winning and delivering the sale. In this post I’m going to explore the three secrets of a Killer Sales Process.

Development

Qualification

Pursuit

Secret 1: Development

The first stage includes a cycle of activities around the development of relationships within your target customer base. Your Tactical Action Plan or CRM will direct this activity. Particularly around who to reach out to and at which cadence. Coffee meetings, networking events and feedback phone calls all play a part. As do your other marketing efforts generating and developing leads.

The secret here is consistency. You must be in regular contact with both your existing and future customers. Let them know what you are doing. Ask them about their problems, listen to their answers and work out how to serve them best. This needs to be done again and again. You can’t stop. Ever.

If you don’t get consistent on the development stage customers wont remember to ask you to solve their problems.

Secret 2: Qualification

During the continual cycle of the development stage leads will show interest in your offering. However, Not all leads are created equal. This is where the qualification comes in. Having an efficient way to determine whether a lead can be considered worthy of pursuit is crucial. This focuses your effort is spent on real opportunities with potential to yield revenue.

The secret here is consistency! Having a strict set of qualification rules and following them for every lead is essential. If you don’t have consistency here you might as well chase every shiny opportunity that crosses your desk. You’ll be busy. But, you won’t make money.

Secret 3: Pursuit

The third stage, pursuit, contains the series of actions to follow once you have qualified a lead. Each action is designed to engage with the customer, learn what they really need, and respond appropriately.

The secret here is . . . you guessed it: CONSISTENCY! Each opportunity that travels down the sale path must be treated the same way. By having the discipline to follow the process you will give each opportunity the highest chance of success.

One More Secret: Consistency is Key

One point to bear in mind is that the sales process for your business should be the same regardless of the sales cycle time. Long and short sales cycles, should be following the same process. This ensures consistency in the way customers are treated. Consistency in qualifying which leads to pursue further, and consistency in pursuing opportunities. This all funnels into spending your time on activities that have the strongest chance of bringing revenue into your business.

Final Words

I realise that this post provides a broad overview of the killer sales path. I really want to put it into context for you before doing a deeper dive into each of the three sections. Later posts will lead you through each process and give you the tools to implement these in your own business.

My new book Business Development Begins Here has more on the Systematic Sales Path and puts it into the wider business development context. Check it out here.

As always I’m keen to hear your stories. Touch base and let me know how you’ve had success using a systematic sales path.

Business Development Strategy

Inspiring vision and motivated teams

Authentic customer connection

Adaptability and resilience

Final thoughts

Meaning of B2B: Business to Business

Meaning of B2C: Business to Consumer

Can You be Both B2B and B2C?

Final Words

Meaning of B2B

Setting Up Your Matrix

Hi

Med

Low

Populating With Strategic Opportunities

Using the Must-Win Matrix

Coaching

Step 1: Purpose

Step 2:: Vision

Step 3: Mission

Step 4: Financial Goals

Step 5: Growth Areas

Step 6: Key Customers

Presenting the Strategic Plan

Strategic Plan Action

Secret 1: Development

Secret 2: Qualification

Secret 3: Pursuit

One More Secret: Consistency is Key

Final Words

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