Are these 3 challenges getting in the way of growing your business?
Putting yourself out there is difficult. Rejection is tough. And feeling like you’ve gotten the rug pulled out from under you is the worst. When you’re in charge of business development, where you’re responsible for growing your revenue within your current client portfolio as well as seeking out new potential opportunities, you can easily vacillate from feeling like a hero to feeling like a zero, depending on what kind of results you’re getting from your efforts.
As a time management coach for 17 years, I’ve learned how to summon the inner resolve to continue forward with business development even when it feels difficult, and I’ve coached many clients on how to do the same.
Here are three of the biggest challenges you may face with staying consistent with business development, and solutions for moving forward with tenacity no matter how vulnerable and overwhelming it may feel.
1. You’re So Busy with Current Clients That You’re Not Investing in Future Ones
One of the hardest parts of success is maintaining that success, particularly if you’re not solely devoted to business development. I often have individuals come to me because they’re taking care of their current portfolio but keep pushing off the activities that will help them sustain and grow their business in the future.
In these situations, I find this two-prong strategy works best: The first prong is to clearly define quantifiable actions that will support your goals. For example: “I will make 10 follow-up calls to strong leads per day,” or “I will have five business development meetings booked each week.” These concrete objectives help you to more clearly know what to do and to honestly assess whether you’re doing enough.
The second prong is to decide on a timing strategy so you don’t keep putting off the business development tasks. Here are a few examples: I don’t look at email until I’ve made five prospecting calls, or before I eat lunch, I do all the needed follow-ups on outstanding proposals. I’ve found that doing business development activities earlier in the day and before a habitual activity you really want or need to do helps them to happen much more frequently.
2. You’re Getting Too Many Noes, So You Shy Away From the Ask
Experiencing noes is a natural part of the sales process. But in most instances, there’s a typical close rate that you expect. When you hit a long series of deals that don’t work out beyond what you were used to experiencing, doubt can creep in: What if other deals don’t close? What if I don’t hit my targets? What if I don’t get my bonus? What if I lose my job? What if other people lose their jobs?
Even with a long history of success, this negative spiral can happen pretty quickly, and you need to catch yourself before your doubts and fears keep you from the actions that will move you into a more positive place.
There are two powerful actions you can take in this scenario: First, think about what you can learn—if anything—from the deals that didn’t happen. Was it the wrong type of client? Could you have presented the benefits in a different way? Was there something about the financial structure that needed to change?
Second, let go of the past and create as many opportunities as possible to get in front of other potential clients in the present and future. The only way to get out of a slump is to double down on the potential for people to say yes.
3. You’re Reeling From Market Changes, So You’re Uncertain About What Will Work
Most of the time, effective business development requires a greater level of commitment to the strategies you know work. But sometimes broader circumstances have had an impact on your business, and you need to completely change direction. It could be that a platform that has been a wonderful source of leads no longer provides them. It could be that the industry you’ve typically served has contracted, and you need to pivot to a new one. Or it could be that AI has changed how people view the value of your business.
These shifts can make business development even more overwhelming because you no longer have a repeatable, predictable strategy for your sales process.
To keep moving forward when you face this dilemma, you need to shift your definition of success from closing deals to systematically testing strategies to learn what does or doesn’t work in this new environment.
For example, you might decide that you’ll run a new ad campaign and see whether it generates the type of leads you’re hoping to attract. Or you might work with a consultant on tactics for breaking into a new industry. Or you might work on a new presentation strategy to help people understand the unique value of your company within the context of AI and test the response you receive.
In these circumstances, it’s too vulnerable to base success on what revenue you do or don’t generate as a result of trying new things. That can leave you feeling frustrated, angry, and demoralized, thinking you would have been better off not even attempting a certain experiment if it doesn’t work out the way you hoped. Instead, you’ll want to count it as success that you tried something new, and then understand there’s valuable learning in every attempt. As you persistently try new strategies, you’ll eventually land on what works.
Business development in the face of disappointing results requires enormous inner courage to not give up. But by following these strategies mixed with a strong dose of resolve, you can not only survive whatever difficulty you may face but also thrive.