Businesses usually fit one of the three viability types below. Which of the three types best describes your business?
1. Live the Dream!
'Live the Dream!' businesses have both strong business development expertise plus strong technical skills for the services they provide. The benefits of further business growth and helps them with their biggest challenges, which may include staying ahead of competitors, ‘bullet proofing’ their strong market position, expanding their range of services and markets, as well as other strategies. With these types of businesses, 'fine tuning' in certain aspects of the business can often have a major impact.
2. Struggle Street
'Struggle Street' businesses have strong technical skills but are weak when it comes to business growth know-how and expertise. They may survive for a while but seldom prosper because they fail to achieve the necessary growth in clients and sales, which sometimes can be due to disruptive changes in their industry which in turn affects their business model. Struggling to generate enough income, they may discount their fees or prices when in reality they may not need to. Investing in business development can make a dramatic difference to these types of businesses by substantially increasing client numbers, the quality of clients, and sales revenue.
3. Never Mind the Quality
These businesses usually have strong business development skills but are lacking when it comes to technical skills for the services they provide. Nonetheless, because they tend to be able to make sufficient sales, they are often viable. 'Never Mind the Quality' businesses frequently rely on push marketing and typically have high staff turnover, high client turnover, and low client loyalty. Business development can help these businesses improve the level of client satisfaction thereby lifting their performance.