In a recent learning session, I came across this short case study “XYZ Limited is a limited liability company in the printing industry. It provides services to small, medium and large corporations. The business has been operating for more than two decades and has at some point been adjudged the market leader. Currently, revenue has been down by more than 40% in the last two quarters and there is a threat that they may not meet the revenue projection for the current quarter.
The business has very limited visibility in the market and is still relying on the strong equity they had in the past to get new customers and retain existing ones. Most of the production machines are down and they now rely on third-party vendors to meet the needs of their customers/clients. This further eats into their profit margin, and there have been instances where they have not been able to meet delivery timelines because of delays from vendors, thereby not delighting their customers.
The impact of covid 19 and the lack of a professional HR Manager has harmed the operations of the business and employee experience has been below average. Recently you have just been employed as the Business Development Manager, and you have six months to turn things around”
What will you do to turn things around? What is lacking in the business and how will you go about solving the problem?
I must say that many businesses are in similar situations and can only get out of it if they would do the right thing – do an honest assessment of the business and make adjustments as may be necessary. You cannot continue to do the same thing and expect to get different results.
I think the business did the right thing by engaging the services of a business development manager. This is very critical in today’s business growth and profitability. This role is responsible for driving company sales by sourcing new clients and convincing existing clients to grow their business portfolio with the company. It plays an integral role in the company’s longevity. It helps to find retain clients, encourage extant clients to purchase added products or services and remain abreast of changes in consumption, as well as keep a close eye on clients’ feedback to ensure that our products and services always exceed expectations.
The situation described above is a case of a business with poor marketing, selling and customer relationship efforts. These three are critical in the development and nurturing of any business and they are usually central to the role of business development.
Business development is the right mix of the use of strategies, opportunities and innovations in your environment to promote the growth of your organization and multiply your revenue. It involves pursuing beneficial and profitable opportunities to help your business grow and generate more revenue, discovering profitable markets, identifying new prospects, and converting your leads into loyal customers. No wonder it is now referred to as the ‘21st-century miracle of business’.
Business development is a tool used to identify profitable markets, nurture and acquire new clients and business opportunities to drive your business growth and long-term profitability. This 21st-century miracle, when properly applied results in increased revenue, business growth and expansion, strategic partnerships and brilliant business decisions that will financially and socially benefit your organization.
Do all business owners and young professionals have the capacity and skills to function in this role well?
Can the skills involved be learnt in school or through mentorship/coaching?
These are very interesting questions we must answer. Yes, they can be learnt and several business schools and trainers are doing a good job of it.
Back to our case study. They will need a brilliant and profitable business development strategy – a well-orchestrated strategy to help them accomplish their business and financial goals – to turn the business around and start making profits.
In this fast-changing world, businesses must be careful about how they approach the different efforts they make to create value for stakeholders and make a profit. Your business can become highly profitable and solid in your industry if you embrace business development, the 21st-century miracle.
Business development will shape, equip and teach you to make fast, good and profitable decisions not based on assumptions, but based on realistic assessments of all potential profitable factors and their impacts on customers especially. It is a great career for young and ambitious entrepreneurs, sales and marketing professionals to achieve their financial goals quickly.
Business development training will equip you with the smart skill-sets to become highly productive and successful. They are:
- Marketing skills
- Sales skills
- Customer relationship skills
- Communication skills
- Business intelligence skills
- ROI and data analysis skills
- Project management skills
XYX Limited can be revived and expanded with business development. It will help them re-strategize their market penetration, product development, market expansion and diversification. It will make the business profitable, at a perfectionist level.
Finally, business development skills can be learnt and honed. Herein lies the benefits of working with Customer Passion Point Limited (CPPL). At CPPL we teach and mentor businesses to develop profitable and value-creating strategies. We will equip you and your team with the right skills and guide you through the process to develop the strategies, execute and measure success in terms of outcome and impact on the business. We teach strategies that are relevant and appropriate for your business growth and profitability. Yes, we have a business development masterclass coming soon and I encourage you to sign up and attend.
Visit https://cppl.com.ng/Business_Development_Masterclass to sign up for our upcoming special Business development training, this month.