Regardless of what industry one works in nowadays, there is always pressure to constantly develop new business in order to grow revenue. Developing new business is critical to the survival and longevity of an organization, however, it's surprising how often managers responsible for business development strategy still get this part wrong.
So often in business companies become complacent, and spend far too much time and energy on maintaining their market share, instead of seeking out new opportunities. You can rest assured that if you have good products, services, and people, and you're successful in the market place, competitors are going to do their level best to chisel away at your share of the pie. It is therefore of fundamental importance to maintain your market share as best you can, by providing superior servicing to customers, but simultaneously embarking on a strategy to develop new business. This could be accomplished by way of new products, new markets, clever market segmentation, taking some well thought through risks, and delivering something unique, instead of more of the same.
So many organisations are hamstrung and burdened by their 'day to day' activities, and defending their ever decreasing market shares, consequently losing sight of the need to constantly scout for new business opportunities. Don't get me wrong here, as defending market share is important, but it's even more important to develop new business, and offer customers products and services that others are either unable to, cannot do, or are unwilling to do. We are not reinventing the wheel here, just thinking logically about the future, and not just about the present.
Too many organisations don't have the necessary skills within their management to understand what developing new business really means in terms of their future survival. Secondly, far too many managers and consultants come up with an Aladdin's cave full of meaningless, feel good buzz words at their sales conferences and staff meetings, and sadly just never have the desire, will, or ability to implement any of these.
To stay afloat in our ever changing business landscape, it's critically important to plan all business activities with a view to the future. The 'day to day' will always take care of itself. If one provides something of value to customers, and salespeople are viewed as a resource, and adding value, then there is absolutely no reason why they won't stick with your company.
New business development is all about your survival, growth, and success, and not about 'same old, same old' and hoping for the best! If you are serious about business and revenue growth, then invest more heavily in the development of new business, and doing things others will struggle to do.
Tomorrow's success depends on today's smart planning.
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