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Often misunderstood as a “dark art,” business development is actually the strategic powerhouse that drives organizational growth.
At its core, business development is about taking advantage of opportunities, forging key relationships and increasing revenue through partnerships, market expansion and innovative offerings. From networking to strategic planning, it’s all about turning insights and connections into tangible results for long-term success.
When done right, business development feels effortless, as if new projects and clients appear out of nowhere – when in fact they are the product of months or even years of effort.
Whether you like it or not, business development is crucial. It keeps the lights on and your team working. The sooner it is embraced and understood, the better.
“That’s not my job!”
So who is responsible for business development?
If you asked your entire organization, how many hands would go up? Usually just the ones with “business development” or “customer relations” in their titles – the ones who scam customers on a corporate credit card.
In reality, EVERYONE is responsible for business development. Every team member represents your brand and waves the flag every day.
Not everyone is a master networker, and they don’t have to be. Sometimes it is the technical expert who does such a good job that customers keep coming back. Smart companies capitalize on these strengths: they send networkers out to look for new opportunities and at the same time support specialists in maintaining strong customer relationships.
Success depends on your entire team knowing what excellence looks like, understanding your brand, the work you want to win, and their role in helping you thrive.
Out with the old, in with the new
Business development doesn’t always have to focus on the ‘new’. Nurturing existing customers and collaboration partners often yields a faster return on investment (ROI). They already know you and your company, but do they know your full capabilities? And do you understand the full range of possibilities they can offer?
It’s easy to assume that clients who hire you for one project understand everything you can do. In reality, that is rarely the case. It’s up to your team to keep the lines of communication open, understand your customers’ needs and explore how your organization can further support them. Take every opportunity to share updates on your wider services, sell other divisions or simply signal that you are ready for the next project.
“But my closest contacts are more like friends now!”
People buy from people they like and trust – this is a fact. If I enjoy working with you, I will probably find ways to continue. However, when a working relationship turns into a real friendship, it can feel awkward to ask for the next project.
Or maybe you keep getting the same kind of work from this friend, but you’re overlooked for the bigger, high-profile projects.
In this case it is time for a change. Be brave and address the elephant in the room. If you want to get in on the action, you need to position your organization as a contender. Too often we hear, “Oh, we didn’t know they could handle XYZ!” They didn’t know, so it’s your job to tell them!
Recruiting and converting new customers
Start by identifying the clients who do the work you want to do. Then, understand what these organizations need and how your team can meet those needs. These organizations likely have existing relationships, so you need to find out why they should work with you. This is the ‘so what’ of business development.
Then think about how you will connect with them. Researching these organizations will give you a head start on discovering what interests them or what keeps them awake at night. Do they attend or sponsor events that you can participate in? Are their key people active on social media? Do you share interconnections? There are many ways to connect, and it’s not a one-size-fits-all approach. Understanding the unique value you bring to potential customers is critical.
“I’ve been in touch with some interesting people – what now?”
Once you’ve reached out to the target audience, you don’t have to sit back and wait. Fast and relevant follow-up is crucial. Schedule the coffee conversation you discussed or arrange the promised project tour. Building a trusted, long-term relationship is about actively listening to what the other person needs and keeping your promises. Keeping these two aspects in mind will put you ahead in the business development game.
“It’s the summer holidays – does it still make sense to worry about business development now?”
August is traditionally a time for many to catch their breath: a chance to take a well-deserved break. But it is also the last bit of rest before the run-up to the holidays and can provide an ideal opportunity to pause, reflect on the year so far, plan for the fourth quarter and reflect on objectives of next year. And yes, you can drink a piña colada while you do this.
In summary
Business development is a team sport that takes time, practice and patience. There is no one-size-fits-all approach; success comes when everyone works together to share information, surround opportunities, and hunt as a pack.
To do this effectively, everyone must understand the end game: who you’re targeting and for what type of work. It’s also critical that each team member feels comfortable with their business development style, whether it’s pursuing new leads or strengthening existing ties.
Organizations that integrate this mindset into daily operations will see business development transform from a dark art to a shining success – an art where the entire team is given the opportunity to play their part.