What Exactly is Business Development?
I know that most professionals will give you different answers to this question, and I feel like this is probably why the rate at which businesses fail is so high. Most people only think that it is focusing more on Sales, or Marketing, Or the Relationships that the company has in the market and with its team and culture. While this may be true, there isn’t a solid answer.
This creates a lot of confusion and I think that this subject needs to be discussed more in depth before I cover the Reasons you need a Business Development Coach.
I know that there is a lot of buzz around the word ‘coach’ these days,
and I think that you will appreciate that I am a certified coach by two of the top coaches and authors in the world, as as well as a certified partner and verified copywriter by 2 of the best marketing training companies in the world.
IF you don’t believe me, you can read more up on my qualifications to talk about this subject here.
Of course, If you don’t know and understand what business development is,
why in the world would you want to know the reasons you would need a coach for it right?
Before we can discuss the reasons you need to fix something,
let’s make this confusion terminology as simple as possible right from the start.
You probably know Albert Einstein said that when he had to solve a problem he would spend a majority of the time analyzing the problem and very little time actually solving it.
There is some real wisdom in that, because most people don’t have the patience to wait a red light more than 1.2 seconds after it turns green.
He also said if you couldn’t explain something simply, then you don’t understand it enough.
Although I don’t want to get into all the reasons this topic of business development is difficult to understand, I do want to give you a very simple explanation of what it is…
Business Development is defined by wikipedia as:
‘the creation of long-term value for an organization from customers, markets, and relationships.’
You can’t have a business without customers, markets or relationships. It takes maximizing all three to reach your full potential.
So, now that you have a fair understanding of what this term means, I want to dive into the reasons that you need a business development coach.
A good business development coach focuses on developing you as the leader first
Over the last few years I’ve had the privilege to hear John Maxwell speak on developing leaders in business. John Maxwell says the first step in developing a business is first to develop the leader within it. And John Maxwell’s book the 21 laws of leadership John’s first law is the law of the lid. This law basically means that a business or organization can never outgrow the leader that leads it. I know a lot of marketing specialists will probably scoff at this, but let me just say this.
The foundations in which a business can develop is built on to major pillars. The people that run the business and the community or groups of people or customers or clients that they serve.
To maximize the efficiency of a business you must learn to lead both of these groups of people. And the only way to do this is to become a great leader yourself.
Also, another great reference to this is Robert Greene’s 33 Strategies of War. Before you learn the strategies of war, Robert would turn the focus on the person leading the war. Their mindset and being able to withstand the pressure. You have to start on the leader first. Because like in sports, there is no such thing as bad teams, or bad companies for that matter. ONLY BAD LEADERS.
A good business development coach will help you focus on the right clients
There always seems to be a gray area when it comes to lining marketing and sales. When I first started my sales career, the marketing department’s job was to get as many appointments booked and keep the salespeople in front of people.
If you are a good salesman it was your job to close as many people as you could.
Over the last five or 10 years this strategy has become more apparent with social media and the Internet. Old tactics of sales and just don’t work like they use to 20 years ago.
I really think that the first step in doing any type of business is to make sure that you know what type of market or clients that you want to serve.
The next thing is to make sure that there is a need for what your company will fulfill to that market. Another Great Factor is make sure people are already buying what you intend to offer.
This requires being very specific on not just the type of products and services that you offer but the type of people that you want to serve. This is crucial.
I see a lot of people that have been in business 20 and 30 years that still think that they need to market to a broad group of people and this is a very costly mistake.
In reality, any business needs about 1,000 loyal customers to be very successful. Imagine 1,000 people spending 1,000 a year is a million in gross Revenue, and puts any business at the top 5%.
Each marketing campaign should be focused on one specific type of client or customer. A good business development coach will understand how to help you accomplish this.
A good business development coach will help you craft the right message
I have said this before and I’ll say it again. I really believe that leadership is probably one of the most important skills that anyone in business can learn. The second most ( if not tied with first ) important skill to learn is direct response copywriting.
John Maxwell wrote a great book named “Everyone Communicates Few Connects. I love this book so much, I got certified to teach on the subject, and In the book John explained that if everything rises and falls on leadership, the same can be said about communication.
Communications are so important in business and in relationships. They can be said that most of the failures in business and relationships are due to poor communications and unfulfilled expectations.
Make no mistake of it. If you have the right team in the right market, but the wrong message, your development will be limited. You have to Have great communication between your marketing, sales and the clients.
Equally important are the Values and principles that your company offers it’s team mates and leaders within the company.
Communication is every where, and the lack of it is usually the number one source of major problems and conflicts.
A good coach will help you craft not only a great message for your audience, but they will also help you get crystal clear on your mission statement and vision for the direction of your organization.
Good good business development coaches help you design systems for your business
I know that Michael Gerber is probably the best person besides Robert Kiyosaki that I heard talk about systems for your business. IF you don’t know these 2 giants, check out their first books, Emyth by Gerber and Cash Flow Quadrant by Kiyosaki. They are game changers.
I know that McDonald’s is famously quoted for their franchise systems that they have to run their business. Most multilevel marketing companies hail their story to describe the type of systems that run most multilevel marketing companies. I believe that every business needs to have systems in order to function at higher levels.
There are so many benefits to having systems in place to run a business, that I can’t get on into all of them at this time, but businesses that don’t have systems waste a lot of time and money on procedures and processes that could run smoother and at a lower cost to the company.
Michael Gerber has famously said that,
“Systems permit ordinary people to achieve extraordinary results predictably.”
I have had the pleasure to work with companies like Delta, UPS and several other large construction companies.
All of the the companies that grossed 50 million or more a year were built on systems and processes.
That is the reason why most of these companies will spend 1 to 2 weeks training their new employees on the systems that run their business. These companies understand and know that systems help them achieve more work and less time and with less mistakes.
Lower level employees need less supervision and help with the use of systems. I can go on and on about this but the truth is a good business development coach can help you design systems for your business.
A good business development coach will help you find your purpose and build your business around that… and they won’t stop there
I know that many good coaches will have business owners and their employees and subcontractors take personality tests. Tony Robbins and John Maxwell used the disk a test in these assessments I believe are very important part of every business is growth and development.
I grew up playing sports and I always remember when being on teams with kids that played the same position for many years suddenly have to change positions and play a different position. In sports its a little different. Most of the time coaches will not know how that player will react and perform until they are put into the situations and prove themselves.
In business, very similar to sports, you don’t really know how each employee may react or upper level management may react to certain things that happen outside of their control. There is one thing that will help with this however.
If you know exactly what type of personality traits each individual has, if you know their strengths and their weaknesses and what areas that they are naturally strong in and enjoy the being in, then this is a huge advantage to business owners and the development of a company.
This starts with the business owner. If you don’t think this is important then you won’t think it’s important for the rest of the people on your team and in your company. Finding your purpose and living it out is probably the most important activity that you can surround yourself with, it is also a great way to attract and help the best talent grow in your company.
People are always wanting to work for those companies that feel that their growth and development is as important to them as it is to the owner of the company.
If you don’t believe me, when was the last time you worked for someone that could care less about your own development and growth? Hopefully most of you won’t know what that is like.
I ,on the other hand, have witnessed this many times and with many companies. A good business development coach will help you find your purpose as well as the people in your company and help everyone reach their maximum potential. Everyone thrives in the areas of their biggest strength, and it is the leaders job to make sure they put themselves and their teammates in the best position to win.
Good business development coaches build companies on customer value optimization
I’ve saved the best for last. Customer value optimization is the most important and fundamental principle for any business. A good business coach will make sure that you are running your business and marketing incorporating customer value optimization.
If you are not sure what customer value optimization is then I suggest that you Read up on it here.
A good business development coach will show you how you can profitably outspend your competition to acquire a new customer. Dan Kennedy, the famous copywriter, said any business that is willing and able to outspend their competition on acquiring a new customer and even sometimes at a loss, will have a huge advantage in the marketplace.
The reason they can acquire customers at a loss is because they leverage the use of repeat sales, referrals and high ticket sales to increase the average lifetime value of a client, while reducing the cost to acquire new clients.
This is the Name of the Game in Business.
Every action should be focused on these to goals, lowering cost to acquire new clients and increasing the profits made off of each one.
Customer value optimization is built on building a relationship with your clients and prospects in a way that adds value to them, and helps them solve their problems, while offering them different offers that will maximize profits, repeat sales, testimonies and referrals.
I used to be a one man show, and sometimes, I still Revert back to my old ways.
A lot of times, it is because I am afraid to ask for help, or because I don’t want to look like a Needy Guy.
Everyone feels this way at some point, and this is a limiting belief, and you must realize that beyond a little pain and discomfort is growth.
Getting help from a business development coach isn’t something that most business owners want to do. But sometimes, it is the best thing to do.
In doing so, you save a lot of time, money and sometimes, stress. A good business coach will be someone that has been thru the ringer a few times. They have had their ups and downs.
They are not afraid of failure, because they know that failure is part of the process.
I didn’t realize this, until I became a Certified Leadership coach by John Maxwell.
He pointed out that sometimes you win, sometimes you learn. He even wrote a book on it. But One thing is always Certain.
If you don’t try something new, if you are afraid of failure, afraid of being ridiculed or talked down upon, then you can play it safe, but you ultimately lose the chance of being someone great by Default.
Don’t do that. Schedule a Free Strategy call and lets talk about your challenges and options today.