What is business development really like at your firm?

It’s perhaps an obvious point, but until we’re aware of something, we can’t start to do anything differently, if that is what we need to do. Awareness can come from what we see ourselves or from others pointing something out to us.

What can block awareness?

Avoidance, this could be active avoidance. We know there’s an issue, but it feels too difficult or scary to consider. It’s very human; we all have a tendency to avoid things that feel uncomfortable or difficult to us.

Or, it could genuinely be a complete lack of awareness that there is any issue whatsoever.

Why does active avoidance happen in terms of business development?

Many firms and individuals realise that their business development isn’t really where it needs to be, but making a change can feel hard. Usually for one of the following reasons:

1. They are (or at least think they are) the only one that can see that something different needs to happen, and speaking up feels hard.
2. Lack of time, there’s already a lot going on, and it feels like a big project to tackle.
3. Having no idea how to start making change happen.

Firms are usually snapped out of active avoidance when they either aren’t achieving planned growth or revenue drops. They may know why e.g. a key person left/became unwell, or they may not. Not being proactive about BD is therefore risky.

What signs might indicate we need to focus on doing BD differently?

• Inconsistent levels of work.
• Departmental and firm revenue targets are not being achieved.
• Few people are contributing to BD proactively.

Sudden bursts of BD activity that aren’t sustained.

What follows awareness?

Action! Spend some time thinking about it. What is the situation now? What would you like it to be like in 6 months or a year?

After all, what could be the consequences if you don’t? A lack of growth could be the least worst outcome. However, this can still have consequences, such as in the long term, your firm not surviving or perhaps needing to be acquired to survive, when that might not be what you want. Or, not attracting the best people.

Worst case scenario, exposure to risk if you’re reliant on limited ways to win work, and particularly if you rely on a few people to do proactive BD.

It can seem like a big area to tackle, but it can be done in stages, and I always recommend starting with small steps and establishing those foundations well to avoid overwhelm and see progress, which motivates everybody to continue long-term. Over time, business development then becomes part of business as usual and becomes increasingly sophisticated and increasingly effective, decreasing risk at your firm and growing it. Of course, if you do then want to be acquired, your firm will be far more valuable.

If you’re a client-facing individual not involved in business development, it’s important to consider if this will hamper your career progression.

What will help you to raise your awareness of the current situation regarding business development?

Book a call with me if you’d like to talk through your thoughts.