FAQ’s What’s the contract look like?

Answering your questions.  Have one?  email me at kschwartz@springboardbizdev.com

 

What’s the contract look like?

It’s a standard subcontractor service provider agreement with a statement of work detailing services to be provided.  Typically when this question is asked they are saying how long is the contract?  It depends, we have several options:

  • One year with 30-60 days written notice to terminate depending on type of service
  • 6 month contract with 90 day renewals

We find that the 6 month contract is usually the best option as we’re hitting stride between 4-6 months.  That’s typically 80-120 hours worth of work or 2-3 weeks for a full timer and in most cases we’ve already closed business – government work can take longer.

FAQ’s Retainer plus Commission?

Answering your questions, please send us any additional questions you may have at kschwartz@springboardbizdev.com

Why do you do retainer plus commission?

If you hired a full time business developer with experience, relationships and a process that works you’re starting at a bare minimum salary of $120,000 plus benefits, taxes and expense reimbursement which you should expect to be a minimum of $1500 per month plus membership fees.  In grand total a minimum of $160,000 and that’s before any sales and commissions.  Our minimum is less than 1/3 this amount and typically includes our expenses – our memberships, mileage, event fees, lunches, phones, overhead, etc.  That retainer guarantees you a minimum amount of time.

The commission is the success fee.   If our connection got you the opportunity to work with that decision maker and a deal comes from it there is a commission paid.  It’s paid on paid and on the total contact amount.  The rate varies based on services provided.  The structure is the same as hiring full time just a lot less expensive and in most cases we get more done faster.

FAQ’s Accountability

Answering more of your questions.  If you have a question we haven’t answered email me at kschwartz@springboardbizdev.com.

How Do YOU know what we’re doing?

ACCOUNTABILITY – this can be an interesting word with business developers.  We used to do huge spreadsheets detailing everything.  What we found was that it detailed our networking as it pertained to that client, our partners, our prospect meetings, etc. but it didn’t allocate time for all the emails, calls and follow ups and no one read it anyway.  Business developers by nature aren’t much for time tracking and it took hours per spreadsheet to complete.

Recently we changed our entire communications structure and each consultant follows similar requirements.  While some do still prepare the big spreadsheet every month we are all in constant communication with our clients.  We’ve had some clients tell us to limit communication until we have a strong prospect on the line and need their involvement, we used to agree to such a request but that’s no longer the case.  We’ve found that even when the prospect asks us not to communicate they ultimately get frustrated because we didn’t communicate and so here’s what we’ve done to address the communication concerns.  After every networking event, meeting, partner conversation, strategy discussion that pertains to a client it’s documents via voice recorded email and sent to the Springboard office to be added into our CRM under the client and the prospect.  The office then sends the email to the appropriate client for a quick update.

This keeps our clients up to date in real time.  While some find the additional emails frustrating we’ve found that it’s the best way to keep our clients in the loop so they can prepare, send us necessary information, give us any pointers or dates we may need, and feel more confident in their business development efforts.

FAQ’s When do we need you?

Answering more of your questions-

When Do you NEED me?

Again it depends.  Just because we have relationships with these decision makers doesn’t mean that when we walk in the door they say “oh thank God you’re here and you brought me another vendor!”.  It’s still a process and they may not need your services so we need to do our due diligence.  Initially it’s networking and seeing how your message is received, it’s market research – what is and is not coming down the pike that may be of interest to you,  it’s creating partners that can help us expand into other markets more easily, it’s direct conversations with potential prospects.  At this point it’s our job to identify who is and is not a prospect and this takes a little time.  Once we’ve had initial conversations with prospects and know a bit more about what they need, what they are currently doing, what the plan moving forward looks like, who the decision making team might be and what the budget may be if they know then we bring you in to discuss the technical aspects of the service.  From here on out this is a joint venture – we manage the communications and you handle any proposals or technical follow up.   Its our job to open the door for you and assist in the closing.

FAQ’s Your Card or Mine?

I’ve compiled a very long list of questions we receive everyday and it typically starts like this “So, how does this work?”.  Over the next week or so we’ll be answering those questions and I suggest if you have additional questions please email me directly at kschwartz@springboardbizdev.com, we’d love to answer them for you.

Question 1 –

Do you carry our business cards or yours?  Do you act as us or you with the prospect?

We’ve done both and we find that it’s actually easier if the prospect knows we’re from an outside firm.  They typically tell us more information as they aren’t concerned about us “selling” them and we can really play the consultant role in determining if they are the right fit for you.  As an outsourced business developer it’s imperative that we remain focused on the goal – creating long term happy client relationships and that means being able and committed to walking away from deals that don’t work.  The prospect doesn’t really care if we show up as you or as us, what they care about is how we treat them.

Regardless of who we show us as we are representing you and the prospect knows why we’re there.  They usually ask how we work and what our relationship is to you.   We explain that we’re working with you to focus on business development and finding right fit clients while you continue to grow your business.  They know once we have determined a good fit you will come in as the expert.  They appreciate your dedication to your client base and they respect your efficiency in hiring a sales team.