Working with professional services businesses, the senior team plays a part in running the business, the people, as well as fee earning. If they have had a role in business development for years, chances are that it is now focussed on maintaining contact with a wide network of clients and consultants, that work often comes through them, and that new contacts come through recommendation and referral.
That is great, but it can mean they are somewhat reactive in their business development, sticking with the sectors, services, clients, and contacts that have resulted in projects that have kept them busy for years.
But what about new or emerging markets, new entrants to the market, innovators, and those disrupting the market in some way? What if the sector you are familiar with is in decline, clients change courses, are less active, or people you have known for years retire?
Proactive business development will mean being just that—proactive—which can be a challenge as that takes time away from their current work responsibilities.
That is when a consultant can bring their independence, expertise, market insights, and strategic guidance to help develop a client’s business to achieve their growth objectives.
These are the main areas where this can help:
Market Expansion: identifying and making inroads into new markets, customer segments, and geographic regions that present growth opportunities. Market research, assessing market trends, and developing strategies to penetrate and expand these markets effectively.
Strategic Partnerships: Identifying potential partners and developing strategic partnerships and collaborations with other organisations that can help create mutually beneficial relationships to drive growth and innovation.
Revenue Growth: Developing strategies to drive revenue growth for the business by analysing the existing business model, identifying areas for improvement, and recommending new revenue streams or business models to maximise profitability. This can involve diversifying into new service areas, exploring new areas of procurement, or enhancing fee strategies.
Client Acquisition and Retention: Identifying and targeting new customers while optimising customer retention strategies by analysing the client’s target market, developing customer plans, and advising on effective customer relationship management to improve customer satisfaction and loyalty.
Competitive Analysis: conducting thorough competitive analysis to understand a clients competitive landscape. Competitors’ strengths and weaknesses, analysing market trends, and helping the client differentiate themselves effectively. This enables clients to stay ahead of the competition and be proactive in how they respond to market changes.
Innovation and Service Development: identifying new service opportunities and guiding clients through the process of innovation. Assessing market needs, customer preferences, and technological advancements to recommend service offerings that align with the client’s activity.
Operational Efficiency: By evaluating the client organisation’s internal processes and operations areas, areas for improvement and cost reduction can be identified. This can mean streamlining workflows, optimising resource allocation, and recommending efficiency-enhancing measures.
If you stop growing, you risk stagnating, losing your competitive edge, limiting revenue and profits, losing talent, and not attracting new blood. Over the past few years, agility and the ability to change as businesses have become all the more vital to survival. If you don’t change, even your most loyal customers may choose to change in time.