Let’s talk “business development” with Paul Kennedy, Principal at PGV Consulting.

Vue: Paul, you have an extensive background in business development. Why do you think many professional advisers struggle in this area? What hurdles normally stand in their way?

Paul: Most professional advisers are qualified and trained in a particular field or discipline. However, that doesn’t mean they are qualified and trained in business development. And even more importantly, it doesn’t mean they enjoy business development. If you’re not qualified and trained to do something (and you don’t enjoy it), there’s a high likelihood you’ll put it off (or avoid it altogether).

In my own case, I’m not good at doing repairs and maintenance jobs around the house (and because of that, I don’t enjoy doing those jobs - in fact, I hate them with a passion!). These days, I’ve learnt it’s better to employ someone who is qualified and enjoys that sort of work (you can only ask friends and neighbours so many times!). I’ve also gained a healthy respect and admiration for people who are good at the things I don’t like doing (no matter what it is - because I value their service).

Perhaps that’s an alternative - if it’s just not your thing, consider using the services of someone who is trained and enjoys business development to do so on your behalf.

Vue: You are quite active in the business to business area but have also worked in business to consumer. What differences do you see in the approach to business development in B2B vs B2C?

Paul: Yes, my background is mainly business to business, although I have also worked in the business to consumer arena (mainly to business owners, senior executives and people in the professional service fields). I found that more difficult because these people are usually more focused on looking after their clients than they are on looking after themselves. It’s a bit like the plumber who looks after their clients really well, but neglects their own needs. You do get there - but it takes longer.

Always focus on why this prospective client should deal with you? (what’s in it for them? - not what’s in it for you?). If you are good at what you do and you always do the right thing by your clients, success will follow!

Vue: Do you belong to any networking groups or attend regular business networking functions? How successful are these events or what makes them successful?

Paul: Yes, I belong to a number of professional, business and community related groups. I attend lots of functions (not all specifically networking events - but networking happens at all of them - it’s just human nature). It helps that I enjoy these events (whether they are professional, business or community related, or simply social - and it keeps me close to my ‘ideal clients’).

If you meet someone, always follow up with a phone call or email ... let them know what you do, be interested in what they do ... create the mutual opportunity!

Vue: One of the questions training participants often raise in the area of business development is how long they should chase or keep calling a prospect who isn’t responding? Any thoughts or tips you can share from your experiences?

Paul: Not everyone you meet is going to be your ideal client (and not everyone you meet is going to do business with you). Accept that fact. However, if you believe a particular organisation or person is your ideal client, you want to create every opportunity to win their business.

Give it your best shot - there is no silver bullet that is guaranteed to always win their business - you will often be surprised how new business comes about and where it comes from!

There is also no single answer to how long you should chase or keep calling a prospect who isn’t responding (it depends on the industry, lead times, the prospect’s particular circumstances, their reasons for not responding, etc). You can always ask directly if they see themselves using your products or services (and if so, in what circumstances and timeframe).

If after a worthy time (plus a bit more!) you’re still not making any headway, then back off and move onto more fertile ground. But still keep in touch from time to time. Always create the opportunity ... always (or almost always), keep the door open! Note: I should probably listen more to my own advice .... but I just love the thrill of the chase!

Vue: Finally, what’s your #1 business development tip? Share a secret with us...

Paul: Identify who your ‘ideal clients’ are (build a profile of your ideal clients - what industries are they in?; what are their demographics?; what characteristics and traits do they have?; why are they your ideal clients?; what makes them your ideal clients?).

Generally, there isn’t just one type of ideal client - typically, you will have many different types of ideal clients (across a wide range of industries, each with different characteristics and a different profile). Identify them all, prioritise them and then set about getting your story in front of them.

Also think through why you are the best solution for their particular situation and needs - in communicating with that prospective client, focus on the benefits to them of them dealing with you.

Vue: Time for your “stadium pitch”. You are standing before 30,000 people and have 30 seconds to get them to come and have a coffee with PGV Consulting. You step up and say…

Paul: Business development is easy. All you have to do is:

• identify your ideal clients (the type of organisations and people you want to do business with)

• invest your time with your ideal clients (this is how you should spend your day - it is your business activity plan)

• constantly surround yourself with your ideal clients

• know what your ideal clients want

• be the best there is at delivering what they want

• you can’t be everywhere, so tell people what you do, how you operate, who your ideal clients are, etc

• appoint everyone you know as your business development manager (so if they hear of an opportunity, they can refer your ideal clients to you)

• keep it simple

• love and enjoy what you do!

Thanks Paul! You can learn more about the business development strategies available to clients of Paul and PGV Consulting at www.pgvconsulting.com.au