Overcoming the Challenges of Business Development: Strategies for Success

Business development managers often face a variety of challenges in their careers. Learn how to overcome these issues with advice from 13 members of the Forbes Business Development Council.

Overcoming the Challenges of Business Development: Strategies for Success

Business development managers often face a variety of challenges in their careers, from unrealistic goals to lack of persistence. Fortunately, with the right advice and strategies, entrepreneurs can learn to address and treat these problems on their own. In this article, 13 members of the Forbes Business Development Council examine the most common challenges and offer advice on how to overcome them. One of the main issues is not achieving objectives.

This can be due to companies setting unrealistic goals for themselves, not dedicating enough effort to activities, or simply lacking persistence. To combat this, professionals should take the initiative and be resourceful. Working collaboratively with the chief operating officer and chief financial officer can help optimize cash flow and free up resources to drive growth. Even small improvements of 1% can make a big difference. Staying informed is also important.

Keeping up with global issues, national news, and industry trends can help identify potential areas of growth or challenges that need to be addressed. Additionally, it's important to understand the preferences of Generation Z, who will make up 30% of the workforce this year. Digital communication is preferred over voice or in-person interactions, so it's important to build relationships with this new generation. The best strategy in the world won't work without the right human capital to execute it. Making poor hiring decisions can have a negative impact on teamwork, culture, and profitability.

It's essential to take the time to find the right people for the job. Financial accounting is also essential for business success. Companies should focus on data not only for business development purposes but also to make more informed decisions. The largest firms are investing in technology that streamlines the relationship between business development and lawyers. Public procurement requests are increasing, placing a burden on fee earners and business development teams when it comes to identifying relevant previous work and professional experience within the firm. It's important to prioritize tasks when there is information overload. Generating value for customers requires synergy between merging companies and clear communication between business development and commission earners.

Business development leaders are at the forefront of the industry and are often directly responsible for an organization's sales volume. Finally, a business development director often faces additional stress due to other challenges such as workloads and lack of time. It's essential to understand these issues in order to succeed in business development. By following these strategies, entrepreneurs can overcome the common challenges associated with business development. With a little bit of effort and dedication, they can achieve their goals and create a successful business.