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Business development to bottom line: Turning effort into results!

October 23, 2024

Let’s assume…you’re a business leader who has worked hard to empower your team to fly your company flag with confidence and absolute clarity on your brand and what you represent.

This means you’ve successfully created a culture where your vision, purpose and core values are deeply embedded and understood, weaving through every decision made and action taken. Employees are aware of long-term business objectives and feel knowledgeable about the type of clients and projects you are striving to attract.

As a result, your team is nailing this business development lark and helping to position your company to better target the work you want to win. Genuine opportunities are coming your way…

Now what?

How do you give yourself the best possible shot at converting that live opportunity, be it a face-to-face introductory meeting with a new client, or the chance to submit a proposal or actively pitch your business for a dream project?

Let’s consider the steps you can take today to help fill up that pipeline of work for 2025.

The devil is in the detail

First things first, is the brief clear? Have you really understood what the client is asking for? If there are any grey areas make sure you get clarification now and eliminate any ambiguity before the meeting or deadline. It’s also the perfect opportunity to demonstrate early on that you are eager, knowledgeable and dependable.

If, for example, a client tells you they are interested in a certain aspect of your organisation, make sure you lead with that. If you are submitting a proposal or preparing for a pitch and the client has set out specific criteria, then respond accordingly. Don’t assume that you know what a potential client needs better than they do at this stage. You may wish to include other ideas but focus on the primary requirement first. Non-compliance will not do you any favours when your answers are being weighted in a competitive bid process!

Do your homework!

You need to gain an understanding of who the client is, the work they do, their values, their culture and what makes them tick…or the issues giving them sleepless nights. Ultimately, what do they care most about and how can you demonstrate that you align with them and can add genuine value to their business or project.

If it is a face-to-face meeting or a pitch opportunity, find out who will be in the room so you can tailor your messaging to those making or influencing the decision. If, for example, the CFO is in the pitch, you should make sure you are showing value for money, and so on.

Consider the following:

What are the primary challenges and what solutions would you recommend?
Can you prove that you’re best placed to provide those solutions? (the proof is in the pudding – case studies, testimonials, quantifiable facts and figures)
Who are the right people to take/involve in the opportunity from your side and why?
Do you have the right resources?
How would you approach the job and where would you start?
Do as much background reading/online research/fact-finding/site visiting as you can to show that you know what you are talking about and have taken the time to understand the scenario
Look at the industry and market competitors, physical locations if relevant and any existing/historical issues which may have implications
Bonus marks if you can pinpoint an issue the client has not yet mentioned AND provide a logical way to fix it!

Less is more…

We’ve all seen mammoth proposals and we’ve all sat through presentations that put you into snooze-mode quicker than warm milk at bedtime. As Mark Twain said (or allegedly several others), “If I had more time, I would have written a shorter letter”. Frankly, it might take longer to make your collateral shorter, but getting to the point succinctly is key so you don’t lose your audience.

Craft a narrative that’s aspirational, value-led and tells a demonstrable story of how you will meet and exceed all the client’s needs. Focus on the key points and portray them well:

Capture the attention with engaging, relevant and clear visuals. No fuzzy illegible tables allowed!
Lose the novel – key points only
Proof points, where have you done it before – and what were the results?
If it’s a written proposal – avoid the technical jargon
If it’s in person – practice, make eye contact, engage with your audience and of course, aim to wow them with your amazing energy and expertise!

Practice, but be authentic

When approaching a new business opportunity – be it a meeting, pitch, or similar – it’s crucial that your team fully understands the opportunity, the company’s strategy for converting it, and their specific roles in the process.

Many teams stumble at the finish line, even with their best members present, because they fail to properly brief everyone. This often results in a senior leader doing all the talking or team members saying the wrong things due to a lack of preparation.

Anticipating potential tricky questions during meetings or presentations is essential. Being ready with well-thought-out answers helps you avoid stumbling in front of decision-makers and eliminates any doubts about your capabilities.

If you’re giving a presentation, make sure to allocate time for questions at the end, and invite your audience to share any further inquiries they might have.

After the meeting, follow up with a thank-you note, send a digital copy of the presentation, and reiterate your enthusiasm and availability for the project or collaboration.

Final thoughts

Successfully identifying and converting work begins with ensuring that your business development interactions lead to tangible outcomes, and ultimately, to fee-paying work.

Building relationships takes time, and it’s natural not to get perfect results right away. Remember, each experience holds valuable lessons. Embrace feedback, learn from it, and refine your process, content, or delivery for the future.

In the words of Winston Churchill: “Success is not final, failure is not fatal: It is the courage to continue that counts.”