Developing a Strategic Business Development Process
Author, Anne Wright, Surety Relationship Executive, Rancho Mesa Insurance Services, Inc.
When your business development strategy aligns with your unique strengths and you are no longer competing solely on price, you have become your clients’ preferred partner because of the value you bring.
A successful business development process requires a long-term strategy. Positioning your company for successful new and repeat relationships is one of the many challenges of any business owner. It takes time to develop these relationships that will provide the best revenues for your company. Oftentimes, it is a key person or persons within your company that manages these important relationships. A firm that is most successful will empower everyone to be a part of the business development process.
If you are fortunate enough to have the relationships you need to grow and further your success, great. However, oftentimes a company will get complacent with their relationships, assuming they will be there forever. They think if it is not broke, don’t fix it. But, we all have to consider how many eggs we need to have in that proverbial client basket in case something unexpected happens.
In a recent podcast episode, my collaborator Katie Yee, owner of Connect Strategic Consulting and I spoke about strategic business development processes. Katie has worked with a few of Rancho Mesa’s clients, which is how we were introduced. And, she is well known and respected for the tools she uses to support those businesses.
In our conversation, we discussed the tools that you might use to set your company apart from the competition:
Tailored vs. Generic Value Statement
Unique Expertise to Address Challenges
Surety Relationship
Repeat Clients
Establishing Trust
Transitions of Key Management, or Ownership Relationships
The most successful firms focus on opportunities where they can clearly demonstrate value based on their relevant project experience, technical expertise, specialized services, and proven ability to solve client challenges. Do not be left behind because you have not put the right focus on this.
Business development is more than just getting new businesses. It is earning the reputation that keeps you relevant in an industry that is too often focused just on price.
If you would like to reach out to Katie about developing a strategic development process, she can be reached at katie@connectstrategicconsulting.com or (760) 650-6462.
If you are looking for a strategic surety partner, I can be reached at awright@ranchomesa.com or (619) 218-4249.