Many small businesses overlook the potential opportunities available to them through going down slightly different routes to new and previously unexplored seams of lucrative business opportunities in the B2B arena. They have often been so involved in their current business streams that they just don’t have either the time or the resource to look at these new avenues. One of the most obvious of these is to look at larger business opportunities and customers that may have not been previously considered. Businesses often have the skills and services to win larger and more profitable accounts but feel that they are either too small or don’t have the resources to achieve their goals. There are ways around this. We have been working with businesses recently who understand that they may need to grow their customer base in case of a potential down turn, but are finding it difficult to gauge their potential in their market place. They have normally already identified the need to win larger and more significant customers that they can develop and build their future success around. They will normally be aware of the customers that they would like to win and recognise their main competitors on either a regional or national basis. We have worked with various business owners recently to assist them to establish how to identify and attain their business development goals.
Whilst each and every case has been different the end objectives have always been basically the same despite the various different routes to ultimate success. Whilst some smaller companies think that they lack the resources to win bigger business opportunities, they can often achieve success through making some smaller initial changes and then making further changes in response to increased demand. The most obvious initial change can often via the revision of their marketing message to better fit the profile and needs of their intended target audience. It is essential to project an image that clearly represents what they believe will help them to both win and develop larger and more profitable long-term business relationships.
The next stage may involve the adding of additional resources into the business either on a temporary or permanent basis. This could involve either recruiting permanent or temporary staff, the purchasing or renting of additional equipment and services for example. In some cases, it may be possible to find a short term solution by simply entering into short term strategic relationships with other suppliers. The key to successful growth essentially requires careful and strict control of both additional expenditure and cash flow management whilst new methodology and business processes are adopted.
We have worked with business owners and management to develop the most cost effective short and longer term solutions that avoid additional funding and unnecessary expenditure until it is absolutely essential.
New business development in the B2B sector is and never has been easy as it usually involves winning business from existing suppliers and breaking through what have been long term relationships. It is essential to have a clear, considered and concise plan that covers both winning new business and then profitably retaining it.