5 Business Development Tips Every New Entrepreneur Should Know
In the corporate world, “business development” usually involves going out and getting new business. Ask around and you’re likely to find a variety of definitions as to what exactly it means.
While the term can seem quite vague, there’s so much more to it than just getting new clients! Effective business development is multi-layered, and understanding it is key to finding success and growth as an entrepreneur.
Here are five business development tips every entrepreneur should know.
Think Strategy
Strategy determines how you will win. Strategy determines the best possible path to your vision and the best possible course of action. Without strategy, your action plan becomes a random list of tactile actions. Strategy is how something gets done, not just what you do. The process of identifying your strategies will challenge your assumptions and perspective and allow you to get very focused on what matters and what particular results you are seeking. It’s a higher level of thinking and the key to success.
Strategy building is crucial for small business owners
Work on Professional Development
You’ve spent a lot of time working on your brand, but have you taken the time to develop yourself as an entrepreneur? Remember, YOU are the commodity of the business, too. Your personal and professional development plan is just as important as your regular business plan.
Constantly expand your knowledge and expertise so you’re always at the top of your game. Gain skills outside the realm of your current area of expertise, even if you won’t be using them regularly. For example, I once took a social media seminar specifically for people in HR. What it gave me was a whole new group of professionals to connect with and a perspective on social media from a different lens.
understand your buyers and upgrade your offerings
It goes without saying that you should constantly be finding new ways to develop and upgrade your products and services, with your customers in mind. Know your ideal clients, and determine if your offerings serve them well.
Ask yourself: Are you truly providing your product or service in a way is that is best suited to your target customers? Is your product as timely and in-demand as you think it is? By gathering this data, you’ll know when it’s time to evolve.
Ideally, if you’ve truly understood your buyers, you shouldn’t even have to push to make a sale. You should already recognize the sense of urgency for them to buy (the point at which they will have no objections and will just opt-in) and will have developed key strategies that speak to that immediate need.
Explore New Markets
Think way outside the box on who else might benefit from your offerings, especially if they’re in a completely different space.
Why bother worrying about your competition when you can simply claim new territory, explore new market areas and insights, and go where no one is playing? The Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne covers this really well, and it’s an effective way to stay ahead of the curb and reach new potential customers.
Ask for Help
Success comes from reaching out and learning alongside your peers and competitors. You’re all in this together! Join a group or mastermind, find a business mentor, or participate in seminars or short workshops.
Not only is it more enjoyable and productive to have a support system throughout your business journey, but you can all learn from one another.
No matter what stage your business is in, you don’t have to tackle business development alone. Think Partner’s one-on-one strategy-focused training programs will leave you with game-changing strategies, new ways to increase income and market reach, and ways to break down your big ideas into simple, actionable steps.
Learn more at coach@thinkpartner.ca, or give me a ring at 778-558-8605.