Maintaining profitability and fostering growth in your business requires a continuous focus on business development. Even if you have the perfect mix of work, clients, and employees, seeking new opportunities is essential. Establishing a process for this ensures that your existing customers remain a priority while you manage new business opportunities efficiently.
Generate Leads
Identify the types of companies you want to work with and set realistic targets for reaching out to them. For example, an accountant with experience in the marketing industry might aim to target five marketing consultancies per month. Discovering potential clients and new opportunities can be achieved through:
- Networking events
- Tenders listed in newspapers and industry magazines
- News headlines about new projects
- Industry seminars
Stay informed about your industry and monitor new developments. Keep track of the companies you approach in a database using tools like Microsoft Excel or Access. Include company contact details, discussion points, potential projects, and necessary actions.
Qualify the Leads
Once you have identified potential companies, evaluate them to ensure they represent realistic opportunities. Consider the following:
- Do you have the right contacts to get started?
- Can you offer the services they need?
- How can their website help you understand them better?
- Are there any conflicts of interest in pursuing this company?
- Does this client have growth potential or is it a short-term opportunity?
- Who are the decision-makers and how can you reach them?
Raise Your Business Profile
Enhancing your company’s profile will attract new business with less effort. As an industry leader, new opportunities will seek you out. Methods to raise your profile include:
- Sponsoring events
- Advertising
- Gaining media coverage
Choose the right medium based on your business size, location, and target market.
Showcase Your Capabilities
Reach out to your qualified opportunities by showcasing your company’s products and services. Send them brochures, newsletters, and examples of your work. Highlight relevant media articles and develop standard template letters in Word to send to potential clients. Link these templates to your database (Excel, Access, or Outlook) for efficiency.
Set a Meeting
Once you’ve captured their interest, set a meeting. Tailor the meeting to your business style, whether it’s a formal PowerPoint presentation or a casual coffee discussion. Be prepared and comfortable, demonstrating the knowledge you’ve gathered in previous stages.
Follow Up
Following your presentation, follow up is crucial. This part of the process is as important as any other step. Build on ideas from the meeting, share relevant articles or statistics, and thank them for the opportunity. This keeps the conversation going and shows your commitment.
By following these steps, you can strategically acquire new business and ensure steady growth for your company.
