Is Your Business Development Failing?

Some people may be upset by what they are about to see.  Keep in mind the you that I’m talking about is your business so please don’t take this personally…unless you see yourself here, if you can honestly see what’s not working you are more equipped to fix it and create a structure by which your business development soars.

Top 10 Reasons your business development is failing

  1. You hired the wrong person
  2. You didn’t train them properly
  3. You didn’t lay out expectations
  4. No one is managing them
  5. You have a Ready, Fire, Aim approach to marketing
  6. You don’t have the tools to manage business development
  7. Your marketing stinks (technical term)
  8. You don’t know why people really buy you
  9. There is no follow up
  10. It’s all about you and not the prospect – square peg round hole, anything to close the sale
  11. Bonus – your expectations are impossible to meet
  12. Bonus #2 your compensation is flawed

Chances are if your business development isn’t as successful as you’d like it’s probably because of one of these reasons but did you notice the common denominator?

A person who shouldn’t be doing business development in the first place gets put in a job with no tools, no training, no understanding of expectations has nothing else to do but fail – but you feel guilty right, because you like them and you want it to work.  Of course you do.  The people who interview for this role love to talk to people but it doesn’t mean they are good at developing business.  You had an amazing interview, the conversation just flowed and you had fun learning about them and telling them about all the amazing things you’ve done with your company – again it was just a conversation.

Good conversation doesn’t equate to a good interview – it’s important absolutely but what’s most important in business development is developing and moving a pipeline forward and results and that is tough to determine in one interview.  If over time results have not improved and you have failed to address it, there still is time.  Not all is lost, it’s possible this person could improve if given the proper motivation, direction, tools, etc. but how do you know?

This isn’t something we advertise but we can certainly help, with a short assessment and better understanding of how you handle business development we can see the gaps and can give you easy and quick solutions to addressing those gaps in most cases.  In other cases, it’s simply the wrong person and you have a decision to make.  After 20+ years of business development we’ve pretty much seen everything and here are some of my all-time favorites:

  • Firing your top salesperson because your SVP of Sales feels threatened
  • Keeping your worst sales person because he’s puckered up (you get the image, right?)
  • Expecting your business development team to be able to sell a product that can’t lawfully be sold in the state
  • Trying to force a square peg into a round hole then being upset when the client fires you a few months later
  • Your BD person selling whatever they can then leaving it up to your customer service team to figure out how to deliver the services when they don’t currently offer some of the services
  • Purchasing an extremely expensive CRM that no one uses
  • Trying to be all things to all people
  • Failing to close a slam dunk deal because you never followed up

Now I’m going to assume you don’t do these things but if you did, it would be obvious that help is needed.  What we typically see is the company saying I am struggling to get business development right but I don’t know what I’m doing wrong.  This happens in all size companies – sadly some of the situations above came from publicly traded, national companies who should know, right?  It’s just that business development is changing, it’s not about cold calling, it’s about being viewed as a resource, being the go-to for everything, creating that relationship – then you are viewed as a partner and not a vendor.

We’ve been asked to help with these types of scenarios many times and we welcome your call if you have concerns whether you have a business development team in place or looking to create one.  You don’t need to be local, as long as we can gain access to the documents, systems, people we need the analysis can be done.  For us this work is second nature so it typically isn’t too cumbersome.  Our typical fee ranges from $2000-5000 depending on the size of the business and how many BD/management staff we need to address.  Small changes can mean a drastic increase in revenue to an organization.   Email Karin at kschwartz@springboardbizdev.com if you have questions.