can you deliver some value in advance?
by martin bissett
business development on a budget
after you have listed business prospects, then what? it’s time for a good hard look at those prospects, and an honest appraisal of their value.
more: would you make yourself a partner? | four biz dev tasks to start the new year | what the next generation of practice leaders faces | five ways to show commitment | selling isn’t hard | selling happens all the time | do you make your firm look good?
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how long do you think each prospective client will take to make a decision to move to your firm or not? is it a month? six months? a year or more? this information is the next filter you will use to prioritize your time and efforts.
which of these businesses are a and b prospects? of those a’s and b’s, which ones offer the highest and biggest opportunities? of those opportunities, which ones could reach a decision soonest?
when you have this information down on your spreadsheet, you can make an informed decision about your next action. should you re-establish contact by letter? do you need to make a first contact by phone? do you want to set up a meeting?
once you’ve decided what needs to happen, assign those tasks, with a deadline, to a particular individual. of course, in some cases that individual might be you.
those are the essential building blocks of a successful pipeline of new business prospects, and we need to get them in place before drilling down further.
business development tasks
- assign an individual to carry out the next action, a deadline to complete it and a system of reporting to ensure accountability. if it is a direct contact with a prospective client, you will probably assign that task to yourself.
- schedule specific, non-interruptible time in your diary to think through the most appropriate and positive next action for each prospect. can you deliver some value to them in advance by inviting them to an event, sending them important reports or investing time in understanding more about them and their business?