BD Strategy: The thinking required to create a strategy that works
Regardless of the time of year, it's always a good time to be reviewing strategies and plans.
While there are many aspects to strategy, where growth is concerned, strategy almost without exception encompasses business development activity.
What form this takes will vary according to the maturity of the business' approach to BD and its specific needs. In very few contracting firms or consultancies in construction or industry, however, is BD thought of as an ecosystem. Instead, BD is misunderstood as discrete, disconnected activities, undertaken reactively and ad hoc.
Depending on where you are in the cycle of sourcing, pursuing, or delivering work, BD looks like:
Calls to previous clients
Cold calls to prospects on your radar
Meetings to gather intel and talk things up
Targeted, sponsored marketing
Hiring a 'rainmaker' or two.
In and of themselves, each of the above - and there are many more - are useful, important, and will even move the BD needle a bit.
But they have limitations too.
There are only so many previous clients. If your plan is growth, there's a chance those clients, well they're not on that trajectory.
Yes, cold calls are part of BD, but they're a 'ground zero' approach and the yield? It has a long horizon.
Intel gathered in person is vital, but meetings demand a time investment not every MD owner / CEO can make to build momentum.
And the rainmaker hire? Well, in many instances that hiring decision is seeded in hope and denial. Hope they really will be the BD silver bullet you're paying and praying for. And denial you still haven't built the BD ecosystem your business needs. What starts well, often ends in disappointment.
What does a functioning BD ecosystem look like?
There are many elements, but here are a few for starters.
A clear, shared vision and strategy based on where growth is. It's that intersection between the clients' problems you solve and your expertise.
Skilled, inspired people who genuinely own the strategy. They've 'gotta want it' as much as you. Maybe even more. BD is a team sport, and BD capability across multiple resources limits the key man risk of rainmakers.
Repeatable systems for consistently identifying, pursuing, and converting the right opportunities.
A tendering team hungry for wins. You've seen the type. They live and breathe an 'always better' attitude.
Know-how that closes all gaps, from a perfectly timed call that nudges a maybe to a definite, to being visible onsite on the right day, to challenging the team to go beyond what they think is possible.
Really great marketing that aligns, supports, and amplifies every BD thing.
The reality is it takes a bit to get this right.
Strategy, expertise, an investment of people and funds, patience and time.
But before all this, it requires a little willingness. And a decision, a real commitment. To build solid BD foundations on which to grow your business.
If you think there's scope for refining your strategy, reach out. I'm always open to talk it through.