Business Development in a Tough Climate

It’s tough out there. There are some businesses that will inevitably flourish in a downturn. Suppliers of medical equipment, Food manufacturers and retailers, logistics and distribution companies and, sadly, funeral directors. But due, not least, to the trickle down effect of many businesses pausing or stopping purchasing and activity, there are plenty of companies that have had to take drastic measures to keep afloat.

So, what does that mean for business development. Well, I guess it helps to define what business development is and what it isn’t. We could argue that business development is anything a business does to further its aims and goals. It doesn’t always have to relate directly to sales. It could mean a restructure. It could mean moving staff from an inward-facing role to one more closely associated with outward-facing activities such as sales, marketing or customer care. There are, no doubt, several areas where business development is important especially in this climate. These include:

Customer care - there probably has never been a time more important for this area of business. How do you respond to customer requests and concerns? Have you got enough people, the right people and the right approach. Customers are in distress. How flexible are you to accommodate their needs?

Credibility and visibility - the current situation won’t last for ever. So, without overtly selling, how do you keep customers and prospects aware of what you do and who you are? You can use social media to maintain a presence. But, you need to post content that adds value. It’s fine to talk about what you do but remember that now is not the time for pitching and pushing your products and services (is it ever?).

Products, services and solutions - how can you adapt? Are there different solutions you can offer that cater better for current customer requirements. At GSA, where possible, we’re switching to a more risk-reward model. Many business people are working and still open to speak. Hence, we’ve adapted our model, where relevant, to reflect that opportunities can still come from telephone appointments, online demos and conference calls. What can you do to refine what you offer?

Planning for the future - what projects have you been putting off through lack of time or some other reason? Perhaps now is the time to dust off the ideas and to work on those projects. That’s exactly what we’re doing. Whilst now is perhaps not the time to make significant investments in those projects, it can still be a good time to develop the ideas, research the market and to refine the proposition in readiness for the recovery.

Focus on what works - there will almost certainly be aspects of your business that are more resilient than others. Have you already shifted resource to those areas? Can you adjust your focus to promote these areas.

Use your resources - one can only admire the adaptability of some large companies to support the NHS in these tough times. It may be that you can’t repurpose your business to manufacture supplies for the NHS but how can you utilise your services for other purposes? At GSA, whilst we have a team of callers that, typically, make outbound calls for lead generation, those same individuals can make any type of call required whether that’s customer care, chasing payments or some other message. What can you do with the tools at your disposal.

Target areas of growth - perhaps you are solidly in one area or industry and it’s impossible to shift gear. But, if at all possible, try to match what you offer with those industries that are growing or at least not declining. If your business is focused on hospitality and travel, it may be hard to focus elsewhere. However, consider the reasons why those industries typically use your services. Are there other sectors to which you can turn your focus?

Take the long-term view - no matter how long the current situation persists, it won’t last for ever. We will emerge. During this time, overt selling should turn to relationship building. You won't nurture those relationships if you're constantly downbeat. Yes, it's really hard. However, even if it's only externally, try to be positive. You'll be attractive in every sense the more positive you can be and people are more likely to think of you when they start transacting again.