11 Step New Business Development Process – Stick to it and Grow Your Business

There is an old saying “If you don’t know where you are going, any road will take you there.” The following 11 step process is a road map for identifying, tracking and landing new business. Unfortunately I can’t do justice to the process in one article but I hopefully will provide you with a good overview. In my seminars and workshops I have found this process helpful to many small business owners. Seeing the big picture of new business development, recognizing areas of missed opportunities and assisting in the elimination of that overwhelming feeling can move an entrepreneur to utilize the many marketing tools available to increase their business.

Warning: Do not expect to do this all yourself. Consider a family member or friend to help. An administrative assistant is a worthwhile investment, if you can afford it. Make sure they want to do the job and they understand your business.

1. Goal Setting – Pick a dollar figure you wish to attain for the year. Make it realistic. A desired salary is a good starting point. A financial goal is needed to help work out how much business must be conducted.

2. Prospect List – There are many places to acquire prospect lists. You usually have to purchase them but not always. Remember, you get what you pay for. Get lists from list brokers, associations, magazines, networking groups, Chamber of Commerce, and other companies with similar target groups to yours. You tend to pay more money for newer more accurate and more specific information.

3. Qualifying Prospect Call – No matter where you get a list or prospect name you must do 2 things. Check the accuracy of the information and make sure this contact is in fact the real prospect. Do Not Try To Sell Over The Phone at this stage.

4. Database – Take the prospect information out of the shoebox and put the information onto a database. There are many inexpensive contact management software packages available. They will make your prospecting 10 times more efficient and effective.

5. Lead Generation Package – No cold calls. Before you make a contact with a prospect send out a lead generation package. This could be a post card or letter or simple flyer. Printed and mailed is better than faxing. All you want to do is whet their appetite. Tell them a little about your product or service. Who you are, what you do, why you are different.

6. Lead Generation Follow-up Call – Make sure they have seen your lead generation piece. Determine if they can use your product or service. Do Not Try To Sell Over The Phone at this stage. Set a meeting; put a face to a name for your benefit and for theirs. (If your product or service lends itself to telephone sales and it is not cost effective to meet in person, go ahead with the sell.)

7. (A) Interested or Immediate Need – This means you will need to have a first meeting/presentation.

(B) No Need – Track them with follow-up calls, newsletters etc. If they have no need now, they may need you in the future or this contact may move on and be replaced.

8. Meeting Presentation Package – You are not going in to do a huge elaborate presentation; because you don’t know what they need yet. Remember, your job is to find out what they need. Rule for first meetings is 80% listening and 20% talking. You may also, at this time, introduce some additional information on your company.

9. Proposal – Could be in written form and sent in or preferably presented in person. Either way you have a limited amount of attention from your audience. When in person you have a limited amount of physical time. Ask how long you have before you get there. Avoid unnecessary background, review the opportunity and get to the point quickly. Backup data and more information on your company can be included in the written proposal. If the audience wants to know more they will ask or review it later.

10. (A) First Job – Congratulations, remember it is an opportunity to prove yourself, don’t blow it. Follow-up make sure everything went well. Many unhappy customers won’t tell you. They just stop calling.

(B) No Immediate Need – Track prospect send newsletters etc. Circumstances change. Your job is to get on their shopping list, preferably at the top.

11. Ongoing Relationship – Introduce new products/or services keep in touch. It’s your responsibility to stay top of mind with them. Out of Sight Out of Mind.

Business Development Strategies for Getting Through Your First Year in Network Marketing

Starting a business is one of the most exciting things you can do. However, as a new network marketer, independent business owner, or product representative, you may not realize that the first year or two in business will be the most challenging. This is especially true if you have never built a business before or worked outside the home. To help you with your business development, here is some advice you can use to maximize your chances of business success.

One thing that you need to understand as a new business owner is that you are responsible for your own success. The company will usually provide training to help you with your business development and your sponsor may offer some advice. At the end of the day, though, you are the one who has to take action to move your business in the direction that you want it to go. No matter what your sponsor tells you, all businesses require some type of active participation on your part.

Business Development Tips for Your First Year

Get Used to Rejection

No one likes to be rejected. As a small business owner, though, you might as well get used to it. Not everyone is going to be a match for the products you are selling or your business opportunity and you will run into a lot more people saying “No” than those who say “Yes”.

Don’t get discouraged. Take each rejection as an opportunity to learn what didn’t work so you can refine your approach. Eventually, you will get to a point where you will be able to ferret out the best business associates and increase your conversions.

Automate as Much of Your Business Development as You Can

A big part of your small business success will depend on how well you handle your time. There are only so many workable hours in the day and you want to spend as much of that time on tasks that will make you money or help you grow your business. Look for ways to automate or outsource those chores you don’t have time to do. For example, you could hire a virtual assistant to help you with email or some of your marketing.

Get Training

Part of your business development strategy must include taking time to get training that will provide you with the knowledge you need to build a successful small business. A lot of business opportunities tout the fact that you don’t need to have prior business experience. While this is true, you must be willing to get the training required to bring you up to speed. Take advantage of what your company has to offer as well as books and seminars offered by business development experts.

Track Your Progress

Tracking is the key to determining what works in your business and what needs to be abandoned in favor of something more promising to your business development. This is particularly important if you are paying with time or money because you don’t want to waste either on stuff that isn’t getting results. While there are programs out there which will assist you in monitoring different aspects of your business, a simple Microsoft Excel Spreadsheet will generally work fine as well.

Learn to Separate Fact from Fiction

When you announce to the world that are in business, you will get a lot of advice from everyone. Some of it will be good and some of it will be plain wrong. In addition to that, other people may try to sell you products and services aimed at helping your manage your business. It is important that you learn discernment and be able to separate fact from fiction. Otherwise, you will end up wasting time implementing bad advice or throwing good money at worthless products.

Build a Brand

There are thousands of people in the commercial sphere selling all sorts of business opportunities. The only thing that will make you stand out from your competition is your branding. Not your company branding but your own personal branding. When you build a recognizable name for yourself, you will attract prospects to you rather than having to chase after them. Additionally, having a personal brand will make it easier to change business opportunities without being forced to start all over again.

Train for Independence

It’s nice to have people helping you with your business development and providing advice or tools to assist you in achieving small business success. However, you are the epicenter of your business and you need to be able to stand on your own two feet. Network marketing is an industry that sees a lot of turnover. It is not uncommon for people to drop in and out of a business opportunity. Keep yourself and your business strong by cultivating as much independence as you possibly can.

Focus on Long Term Success

A lot of people in the network marketing industry try to sell you on the idea that you can achieve instant success with your business opportunity. Overnight success does happen but it is very rare. Usually, what looks like an overnight success is actually the result of years of hard work behind the scenes.

It is best to focus on building a business for the long term. When you focus on attaining quick success, you will become easily frustrated because it won’t be happening fast enough for your tastes. Think of building your business as a marathon rather than a sprint. It may take awhile to reach the finish line but you will get there if you persist and persevere.

Your first year in network marketing will be an exciting roller coaster ride full of ups and downs. However, if you stick with it, you will lay a solid foundation that will contribute greatly to your small business success.

Do You Get Lured by Business Development Jobs?

Business development is one of the vital segments in almost every business, these days. It can be considered an extended form of sales, but isn’t just getting leads to the business, but also emphasizes the expansion of a business in other ways. It is a balanced combination of strategy, marketing, and sales. Those employed as business development executives are involved in getting leads, negotiating & closing the deals besides maintaining cordial relationships with the clients. They serve as the link between the corporate partners and the organization.

Business development executives are involved in identifying the potential target market, new business opportunities and the new business partnership that they can benefit with, in the near future. They work towards expanding the company’s client base and corporate relationships to ultimately add to the revenue.

Where do they work?

The need to hire these professionals is now being realised by almost every business and industry. Those seeking jobs in business development can get into real estate, infrastructure, IT, digital marketing, telecom, and other sectors too. Some of the leading companies they can aim to work with are HCL Technologies, Cognizant Technology Solutions, and many others.

Who can qualify?

For those, who master the combination of communication and influential skills and do not wish to get into direct sales, business development is a viable career choice. To get started, you need to hold a bachelor’s degree in business administration. However, those who hail from other fields too can be considered for this job role.

Generally, the professionals having gained considerable experience in corporate sales are considered apt for this position. The prior sales experience even helps a professional aim for considerably higher salary than a fresher.

Skills to take you ahead

Business acumen:

It is one of the major skills that help a profession qualify for this job role. An understanding of how the market works and what are the essentials to keep the audiences interested in the product serve as the major skills for these jobs.

Communication:

The business development executives are involved in dealing with the customers, business partners, and other associates and for this, communication remains a desired skill.

Analytical Skills:

To analyse a situation and bring out the best of opportunities is what these professionals are desired for. They work to get business leads and even maintain the professional relationships with the associates so to ensure their satisfaction with the association.

Networking:

If networking is something you are best at, you can contribute well to the business.

Average Pay Scale

If you have prior experience in sales, you can make well in this profile. On the other hand, if you get started as a business development executive with no prior experience, the pay scale may not be too alluring. As per a global research firm, a business development professional in India earns Rs 242,480 per year. Experience remains a major factor for pay hike in this job.