Written by Mike Harris, Managing Director at Strategus Consulting
Introduction
Hello to all you Leaders In Strategy! I’m Mike Harris and welcome back to the latest episode of my blog. Ever wondered what truly separates thriving businesses from the rest? It’s not just about sales and marketing – it’s about strategic business development.
In our latest blog, I have the privilege of speaking with Tom Holbrow, a business development expert with over 35 years of experience. Tom demystifies this often-ignored function, revealing its crucial role as the strategic engine driving a company’s growth and ensuring long-term success.
What is Business Development, really? It’s not just sales and marketing; it’s a strategic function that encompasses planning, implementation, and control, aligning perfectly with the overall business goals. Think of it as the architect of your company’s future, proactively shaping its trajectory rather than simply reacting to market changes.
Top 10 Business Development Tips
Based on Tom’s extensive experience, here are 10 things that will make you an excellent Business Development professional:
1. Strategic Objectives: The foundation upon which everything else is built. Many organisations fail to establish a clear strategy, hindering their growth potential.
2. Objectives: Set achievable, measurable goals that align with the overall business strategy.
3. Current Situation: A thorough understanding of the current market landscape, competitive advantages, and internal capabilities.
4. Understand the Business: A successful business development professional needs a holistic understanding of the business, its purpose, its numbers, and its limitations. Business development acts as the glue, coordinating all aspects of the business to achieve a unified vision
5. Implementation and Control: While strategy is crucial, Tom stresses that implementation, tactics, and control are where the real impact lies. Business development isn’t just about creating a plan; it’s about executing it effectively and adapting as needed.
6. Embrace the challenge: Business development requires passion, resilience, and a willingness to step outside your comfort zone.
7. Develop a structured approach: Don’t just collect data; develop a clear strategy with defined objectives and measurable outcomes.
8. Focus on benefits, not just features: Understand your competitive advantage and communicate its value to clients effectively.
9. Embrace continuous learning: The business landscape is constantly evolving, so continuous learning and adaptation are essential.
10. Collaboration is key: Business development is a team effort; success requires collaboration and buy-in from across the organisation.
In Summary:
Business development is the engine that drives business growth and sustainability. It’s a rewarding career path for passionate and ambitious individuals willing to embrace challenges and learn from setbacks.
Homework: Assess your existing business development strategy. Do you have one? If so, is it effective? If not, it’s time to create one. This is the first step towards unlocking your business’s true potential.
Follow up: Please let me know your thoughts on this blog. Have you been inspired by Tom’s advice?
I’m really interested to hear what you have to say. You can message me directly on LinkedIn, which I love receiving your comments there and having great dialogue with you guys. Or you can email me directly on the company email address.
Thank you for joining us today. Hopefully you enjoyed it and you’ll return next time for another blog where I’ll looking at the importance of leadership and strategy. I’ll see you then.
About the author
Mike Harris is an experienced business leader and founder & lead consultant at Strategus Consulting. With 40 years of experience, Mike offers a unique opportunity for readers to learn and grow as strategic leaders. He is also the host of the Leaders In Strategy Podcast, which can be found on Podbean, Spotify, Amazon Music, Apple Podcast and YouTube.
To find out more, visit our website www.strategusconsulting.co.uk
Follow Mike on LinkedIn: http://linkedin.com/in/mike-harris-095b4775
The Leaders In Strategy Blog is brought to you by Strategus Consulting, a management consultancy that works with organisations and individuals to achieve their ambitions by focusing on their strategic plans and providing leadership, guidance & support.