Most companies are looking for new business, no matter what time of year. With just two days before 2015 is officially here and consumer spending not at the levels businesses had hoped, more emphasis is being placed on how to grow business by developing a new business strategy. No matter what your plans are for new business, in 2015, you need to consider new business as a key component of your company from here on out. Remember, new business means you are working with companies and people you don’t know. And with any relationship, be it business or personal it takes time to develop trust. Sometimes you may find you are able to set up a meeting within the first week or so of contacting a prospect. Keep in mind, some great business will also be found months or even years later, depending on your products and services and your current prospects’ needs. Keeping in touch and being available, while not communicating too much too often, is all a part of developing a smart and long-term business relationship.
But before you can begin calling anyone, begin to build a contact list, which will be your new business database. To do this, compare what your company’s products and services are to what industries and companies in these industries need.
- Industry – Taking your products and services in mind, what industries can best benefit from your offerings?
- Annual Revenue – A publicly-owned company states what its annual revenue is. Based on a company’s revenue, you may be able to identify if your offerings are something the company would be willing to purchase from an outside source.
- Headquarters/Decision Maker’s Location – Verify the mailing address and NOT just a PO BOX address and also the name of the decision maker – the person who will make the decision to hire you for your products and services. You should develop a profile of the decision maker so that you have a clear understanding of how this person thinks at work and begin to develop a relationship with this person based on the decision maker’s comfort and not your impatience of trying to obtain new business.
- Geography – To start out, consider all new business prospects that fit your target industries, annual revenue, decision maker profiling and also use a map to define a 50 to 100 mile radius from where your offices are as a starting point to build your new business database.
Have a particular question about developing a new business plan? Let me hear from you.