I am working with many leaders who have spent the last 18 months managing a fairly stable business. ‘Stable’ only because their retained clients and referrals provided just enough business to ensure the company could function and survive but with minimal success.
As corporate growth depends on increasing revenue by bringing in new business, these business leaders are unable to achieve the right level of development that would allowe their businesses to expand and prosper – mainly because of the difficulty in predicting future needs. And, of course, one of the fundamental steps required to consistently meet the demands of future customers is really being able to second-guess what they want.
So, I ask them to consider; what is the current pain point, unmet need, performance issue or commercial targets that must be met? What is the minimum viable value that your future customer will pay to believe in the delivery and return of your offering?
The single most common failure amongst many of the business leaders I encounter is the inability to clearly position an offering and value as the solution to an unmet need of the future customer.
Sometimes, minimal or even no business intelligence has been developed alongside poor market and environment insights. And the picture becomes one of new business failure when coupled with an internal team who are not equipped to meet new demands and market environments.
The result? Stunted corporate growth due to the lack of a robust strategy for targeting business development and building your sales pipeline.
As the business leader, you are ultimately responsible for ensuring the business is fit to face 2022 with some degree of certainty. So, ask yourself again:
- Have you gained ‘voice of customer’ intel?
- Do you know what your competitors are doing?
- What in the market is driving decisions?
- Do you have the right sales team?
- Is your sales team trained and able to deliver your offering?
- Do you have a product or service that the market wants?
If you answer any of the above with a ‘no’, then action is required right away.