September 1, 2023

6 Advantages of Outsourcing Your Business Development

6 Advantages of Outsourcing Your Business Development

Business development is essential for running any successful business. Unfortunately, with multiple priorities on your plate, it can be tough to allocate time to build and nurture relationships with people and businesses before they need you. In an industry driven by trust, the adage holds true: no trust, no deal. 

Let’s first unpack what business development is. Business development aims to identify, nurture and acquire new clients and business opportunities to drive growth and profitability. Good BD’s understand that to achieve this, you must build relationships with people and businesses over the long term, only delivering value and helping them with their needs until they trust and need you.  

Below, I outline my approach to achieving your business growth: 

  • Assess your business and gauge your readiness for growth 
  • Create a plan and approach for potential growth gaps 
  • In-depth market research 
  • Targeted marketing strategies to drive business visibility  
  • Arranging meetings with key stakeholders/potential clients 
  • If appropriate, coach and prepare your team to deliver impactful presentations 
  • Send relevant information to key stakeholders, influencers and decision-makers to build relationships and stay front of mind 
  • Consistently pursue new opportunities for growth and profitability  
  • Mentor business owners and managers through the discomfort growth can bring 

Why Is Business Development So Important? 

While your business can run without someone explicitly focused on business development, your business will miss out on the increased efficiency and long-term growth experienced business development can bring. Especially in challenging periods, a dedicated business development resource becomes indispensable for maintaining and growing your business. We proactively seek new opportunities and growth areas even when things get tough.  

We double down on our BD efforts, intensifying outreach efforts as securing meetings becomes harder and buying cycles lengthen. We adapt your offerings and devise strategic plans that maximise resources to create products/services tailored to meet the demand in economic challenges and client expectations. 

Our ultimate aim is to establish a robust and qualified pipeline, ensuring a steady flow of high-quality work. It takes dedication and time, but it keeps your business growing no matter what the circumstances are. 

Why Should You Outsource Your Business Development? 
  1. Hit the Road Running: We already have all the systems in place. We know the market, what works, what doesn’t, and we start from day one motivated and determined to get your business up in light.  
  1. Fill Your Pipeline with Better, Qualified Leads: We qualify leads not just in revenue but those clients that are strategically important for your growth and visibility. Regarding revenue, I focus heavily on bringing in 1-2 anchor clients for you. Anchor clients refer to clients who are notoriously difficult to acquire but possess remarkable success, enjoy a renowned reputation at a national or global level, and generate substantial revenue. Winning/collaborating with anchor clients elevates your business and enables you to grow and expand with a dependable income stream. Landing anchor clients takes an enormous amount of effort and patience. You need to build trust and relationships before they need you. 

Those strategically important to your business may have a well-established and trusted relationship with a client your business needs or an audience you want to reach. They can help you build credibility, trust and authority in your industry. I spend time researching and identifying who these influencers are and build relationships with them. The more value I deliver, the more advocacy they will give you, and your association with them will help your business grow. 

  1. Access to Specialised Expertise:  I have worked with businesses in New Zealand and around the globe, industry-wide, for well over 20 years. I spent two decades in business development, in director and sales director roles, building relationships, generating leads and pursuing new business opportunities. I know how difficult it can be to win new business, especially in uncertain times. It takes patience, persistence and a strategic mindset. Utilising my wealth of experience and fresh perspectives, I work with you to win and retain significant clients.  
  1. Cost-Saving: Hiring and training in-house business development resources can be expensive. There are salaries, benefits, office space, equipment and the time it takes to train. Outsourcing is a more cost-effective option, as you pay for the services provided without the additional overhead costs.  
  1. Expand Your Network: Outsourced BD’s work across all industries and locations where you can access valuable contacts and new opportunities. Throughout my career in New Zealand and Asia-Pacific, I have built a network of quality contacts I leverage for clients where appropriate for growth. 
  1. Free Up Time to Focus on Current Customers: This new time can be directed toward more tactical activities like supporting your team and current clients, touching base with previous customers and nurturing qualified leads. Additionally, increased sales will make your team more productive and motivated. 

All businesses start small, but if you aim to grow, you must continuously generate leads, and quality leads take time. By outsourcing your business development to seasoned experts and taking action early, you can expect to see solid growth much sooner. Are you ready to harness the power of outsourced business development? Get in touch!