Young Professional’s Startup Guide to Business Development

It seems like regardless of what day of the week it is there’s always some sort of networking event, seminar, or committee meeting going on. Has the calendar always been this crammed? For some young professionals, yes it has, but for many others it’s been a side-effect of the emphasis companies are placing on business development and sales. Gone are the days when professionals were solely expected to produce high-quality work; now in order to increase their value to an organization they’re encouraged to bring in business as well.

So you’re new to this; where do you begin? Or perhaps you’ve  been at it for a while, but don’t seem to be getting anywhere. What next? In both scenarios, I suggest taking a step back to lay out a thoughtful, strategic approach to improve your chances of success. It’s important to understand that business development is a long-term process and it isn’t easy … but then again nothing worth doing ever is.

Follow these five steps, and you’ll find that business development is not nearly as intimidating as it sounds, and it can be quite rewarding to boot.

1. Learn everything you can about your company. What products or services does your company sell? What is its value proposition? Who specifically is the target market? Understanding these aspects of your business and being able to articulate them to the people you meet is critical.

2. Read, read, read. Start reading everything you can to acquire a well-rounded depth of knowledge. This applies to specific content relating to your industry and spans to a more macro perspective of business in general. While books are irreplaceable, especially my personal favorite, “Never Eat Alone” by Keith Ferrazzi, don’t overlook local business publications. You’ll gain invaluable insight into the way business works, who the key players are, what they’re up to and how to speak their language. Being aware of what others are doing can be quite an advantage, whether they’re your customers, centers of influence/referrers or competitors.

3. Set goals for yourself. Do you want to network with large groups, build a book of business through one-on-one lunches and social media, or boost your CV through thought leadership? Do some honest self-reflecting to come up with a business development approach you’re comfortable with, yet one that forces you to grow.

Once you’ve determined the type of business development activities you want to pursue, set measurable and attainable goals (e.g., attend two events per month, write one blog post per week). The  challenge is maintaining realistic expectations while attempting to do something that doesn’t always come natural. Hold yourself accountable by evaluating your progress on a bi-weekly or monthly basis.

4. Start doing it. If you decided to start attending networking events, then go to a few. Showing up is half the battle. As a young professional, you may feel intimidated at first, but ignore the stigmas. Anyone within an organization can help develop business. For example if you’re attending a networking event, but you’re naturally shy, remember that most of the people in the room are probably just as anxious as you are. They will likely be relieved when you break the ice. On many occasions even when I dreaded attending an event, good things happened (I made a new connection, reconnected with old contacts or even just learned something valuable). And the more you show up, the easier it gets.

If your business development approach is thought leadership, start small by writing blog posts on topics you’re passionate about. As you get better at it, graduate to by-lined or op-ed articles and try to get them published. All it takes is getting over the initial hump and gaining experience for you to realize you’re more than capable.

5. Follow up. This is often where people falter.  Trying to keep up with a multitude of conversations, requests, emails, etc., can quickly get overwhelming if you’re not prepared. However, aside from perhaps the first impression, following up is the most important piece of business development. It may take several touch points with a prospect before he or she builds up enough trust and familiarity to consider doing business with you. Worse yet, if you don’t follow up, there’s a good chance they’ll soon forget you.

To help you stay organized and automate the follow-up process as much as possible, set up a tracking system where you house all your contacts. Include as many details about them, their businesses, and their interests as you can. Then set up reminders to reach out to them on a structured and timely basis.

Once you get these five steps down, you’ll see that business development isn’t such a scary thing after all. You may even find it exciting, rewarding and empowering. The key is for young professionals to keep an open mind and start with a thoughtful and strategic approach. As with many things in life, the more you do it, the better you’ll get.