Business Development
DEFINITION
Continually seeking to attract new clients in order to grow the business
WHAT IS IT?
Business development is intentionally deepening relationships – with existing as well as with future clients. Doing so generates new business for the firm at a consistent and reliable rate. It is the art of quickly finding new clients while continuing to fortify relationships with current clients.
WHY IS IT IMPORTANT?
Business Development creates new and long-lasting business for your firm. You bring in new clients and work to keep your current clients coming back for more business. Furthermore, business development focuses on keeping all clients, new and old, satisfied to keep business growing and improving.
Suggestions for Improvement
- Learn How To Network
First, learn how to network effectively. This can open doors to many new opportunities within business development. Developing effective networking skills enables you to find, meet, and build relationships with new clients for your firm. Networking is the first step in business development and growing your clientele. Take advantage of networking events, social networking sites, and existing relationships to broaden your number of connections. - Develop Good Communication Skills
Second, commit to developing superb communication skills. With strong communication skills, we can better convey facts and ideas, correspond with others, and build professional relationships with new and current clients. Actively work to improve both oral and written communication, as they are both imperative to working with clients. Be attentive to your vocabulary and tone. Observe those whose communication style you admire. Revise your writing. And, of course, ask your co-workers for feedback. - Develop a Specialty
One of the best ways to improve your business development skills is to develop a niche or specialty. Clients want the best, so be the best in a very specific area. Research new and changing laws, find facts, and look at industry trends. If you stay up to date with client needs, you can give the best advice and counsel. Once you do that, you can keep your current clients coming back and show potential clients that your firm is the best choice.
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