Strategic moves to audit your Business Development
Written by Peter Jubb – TC Group Business Development Consultant
When we formulated the 7-Stage Business Development Audit process for SME professional construction consultants, it was done so with a wider strategic context in mind.
Like any process, if it’s not linked to other key business drivers, it doesn’t deliver on its intentions. Business Development lies at the very heart of business success and without successfully executing a well-planned and focused BD strategy, the strategic business plan and succession plan falls short.
Let’s consider what skills are required to undertake successful Business Development:
- Think Client not just project. What are a client’s challenges and ambitions in their sector/s?
- Strong research capabilities and intelligence gathering to inform value propositions
- The ability to interpret and act on data streams
- High levels of Emotional Intelligence-relationship building skills
- A strong network of client, consultant, and contractor contacts in your chosen sectors
- The ability to source opportunities that fit the business model
- The ability to look ahead into wider industry change, to help keep clients informed of potential impacts/opportunities.
- Be able to clearly articulate your value propositions to clients, which may vary from sector to sector.
- Having a robust regime of Customer Journey Planning for clients, to maintain contact and provide on-going value.
- Understanding how much of your financial targets can be met from existing client work pipelines, known as Customer Lifetime Value.
- Understanding the quantum of new business generation needed to meet financial targets.
- Gathering and purposing client feedback and testimonials to improve brand image and improve service delivery.
- Integrating with supporting marketing activities, whether digital or other information needed in the toolkit.
It’s clear to see to fulfil your business plan and succession plan, a wide array of BD skills are needed.
KEY QUESTIONS TO ASK ABOUT YOUR BUSINESS
- Are the opportunities being sourced aligned to your business model?
- Are turnover and profit targets being met?
- Do you have sufficient people in the business with the necessary business development capability (particularly those people being considered as future directors, partners and owners)?
- Are you delivering real differentiated value to your clients?
- Have you devised a list of new ‘Aspirational Clients’ you’d like to work with, and how you intend to engage with them? What value propositions will resonate with them?
- How are you transitioning existing client relationships into other members of your senior management team, to maintain continuity and retention of key clients?
The Business Development Audit process has been devised in such a way, that it links all these thought processes together and provides clients with a roadmap to improve weaker areas and leverage opportunities.
CASE STUDY
I recently spent time with a professional construction consultancy, helping them to revise and update their strategic plan over the next three years. One of the tools we used was a SWOT analysis, where we didn’t just make a list, but additionally, took a ‘deep dive’ into real solutions that could be implemented.
Interestingly, nearly 50% of all actions required from the SWOT were business development and marketing related. It re-iterated my belief that these are core activities necessary to serve the wider strategic aims and needs of the business, and the opportunity for professional construction businesses is to do this better than your competitors.
For example, I mentioned Customer Journey Planning earlier. Many businesses set out to do this but get sidelined by the ‘day job’.
What I have found in my experience, is that you can deliver far greater client value if you do this diligently and consistently, through a well-defined process whether digitally monitored or another format. It keeps your finger on the pulse and affords regular and close contacts with clients. Sounds obvious but tends to ‘tail off’ without the backing and implementation of the process itself.
Successful business development relies on the formation and implementation of numerous processes, not unlike the RIBA Plan of Work Stages when delivering a project from feasibility to in-use. Don’t be reluctant to take a ‘deeper dive’ into these processes, as all the answers lie here!
READY TO AUDIT YOUR BUSINESS DEVELOPMENT STRATEGY?
The TC Group Business Development Audit process will enable all your processes to be reconciled for better business results, succession planning and differentiation.
Please get in touch to book a free, no-obligation scoping call with Peter Jubb, TC Group Consultant.
Find out more in our podcast series, breaking down the 7 stages of a successful Business Development Audit.
Each stage is between 2 to 8 minutes listening time, with additional information from Peter Jubb for you read, helping you to further examine your business development activity.