Business development is often a nice term for a job that involves finding new customers from lots of prospecting and cold calling. Without a doubt, business development involves sales.
Business development also has bigger and more important definition. Business development is the process of creating a successful and profitable entity that has value for the owner which goes beyond the income that is made from sweating it out year after year. Business development requires many successful activities beyond just sales.
To successfully develop your business, you must capitalize on your strengths and find a way to work with your weaknesses, and build a business model that can work without you there 24/7 or even 12/6. Too many people spend too much time working on their weaknesses. The problem is the time and energy it takes for small improvement on a weakness is better spent on making your strengths even stronger.
When we work on activities that use our weaknesses, we end up emotionally and mentally drained and our business suffers. Your best approach is to outsource your weakness or hire someone who has that skill or task as a strength. For example, if you are chronically bad at accounting and it drags on you, don’t ruin your day and put yourself in the wrong attitude for other critical activities. If marketing is time consuming, hire a marketing expert—they are available from free to very expensive and can make your life easier and more profitable.
Clients pay for A+ performance. If you have a strength in the B range, practice, take classes or find coaching to get to an A or better level where you can command more money and higher margins. Business development is finding where you can maximize your profit per hour.
Over the next months, we are going to profile company owners and successful professionals who figured out what they were good at and how they built their day and business around it, while dumping what they were bad at to someone else. If you read enough of the stories, you’ll probably find someone who describes themselves yesterday like you are today. Feel free to steal their strategy and call me. I’m always looking for good stories for next month.