The reaction to that question will be met with various responses depending upon your company, your role, and your engagement with business development.
If you believe that business development is essential for a company's success - and let's face it, who doesn't? - this article is for you. It provides best practices for 2024 planning and is designed to help you plan and grow your business more effectively, both personally and professionally.
Is your company ready?
Let’s begin by first asking about finances.
To achieve success and growth, ask yourself, is funding appropriate for our business development goals?
Many A/E/C companies approach business development as necessary but rarely align funding with the goals. The challenge is to be realistic. We have all read the forecasts for the industry, and the future looks bright. More importantly, business development in this industry relies on strong relationships, and to build strong relationships, there are associated costs. Therefore, strategic planning is essential.
Speaking of goals, when was the last time your company – or you – conducted an audit of what is needed to achieve said goals? A solid starting point can be found in asking what was not successful and what we can do to avoid that result this year. Apply that same question to your messaging, visuals, and available resources. Are there processes that need to be revamped or developed that would be helpful to tell your story?
Lastly, ask yourself if you or your team are aligned with company goals. Does your selling strategy align as well? Within the audit, also inquire if your team is attuned to the various sectors that have proven profitable and successful.
What about me?
For those working in BD, start your 2024 planning with a personal evaluation focused on intent that supports impact.
Intent equates to motivation. Impact equals results.
We are all competitive and passionate when it comes to business development. Make time to reflect and focus on your intention to ensure your personal goals align. What can you do personally to move from a space of expectations to execution?
For example, are you spread too thin attempting to be all things to everyone? Which meetings or associations are you engaged with, and which will bring the most benefit – so many times, each of us views a conference or event as ‘something I should attend and be seen,’ but overlook the impact of participation.
On that note, when in attendance, are you meeting and speaking with the right people to help you achieve your personal and professional goals? Are those that you meet with capable of providing an introduction or referral? Focus your intention to ensure you are creating a lasting impact.
Admittedly, the questions posed in this article will require 15-20 minutes of thought to come to your individual conclusion. The intent is to provide a resource in 2024 that supports clarity and alignment. Once that is achieved within your business development approach, we are certain that you will agree that BD is most definitely worth it.
About the Authors
Tonya Byrd is the current Chair of the AGC Business Development Committee and a Business Development Manager at Gilbane Building Company. Tonya has more than twenty-five years of sales and industry experience developing influential relationships and delivering value. In her role at Gilbane, she works closely with operations to enhance and expand client relationships, as well as gain market share in select public and private sectors. Tonya has spent her entire career in the Georgia market doing business development. She is focused on client relationships, tracking new markets, industry trends and securing sales growth and client satisfaction.
Chris Martin is the current Vice Chair of the AGC Business Development Committee and the President of Atlas Marketing. As Founder and President at Atlas Marketing, his role is to set the path and ensure their customers understand exactly how his company can support the customers' efforts. Every week, Chris talks to construction industry leaders via the Building PA Podcast where he serves as a co-host. Chris has had to opportunity to work for a variety of agencies before building his own — Brunner and Marc USA to name a few. He led public relations, crisis communications, and marketing teams that supported national clients like Zippo, Dow Chemical, and Bryant Heating and Cooling along with regional projects and clients like the Flight 93 Memorial, PENNDOT, and the City of Pittsburgh.