Review your Strategy: When should you be concerned about your business development activities?

There are a few signs that you should be concerned about your business development activities and might need to change things up.

Lack of progress:

If you are not seeing any progress in your business development efforts, it may be time to reassess your strategy. This could include looking at what is and isn’t working and making adjustments as needed.

Lack of new leads:

If you are not generating any new leads through your business development activities, it may be time to reassess your approach. Particularly if everyone else is busy but you are not. This could involve looking at new ways to reach potential clients or reassessing your current strategies.

Decreased revenue:

If your business development activities are not resulting in increased revenue, it may be time to reassess your approach. This could involve looking at what is and isn’t working and making changes as needed.

Lack of engagement:

If you are not seeing engagement from potential clients or partners in response to your business development efforts, it may be time to reassess your approach. This could involve looking at new ways to reach potential clients or reassessing your current strategies.

However, it is important to remember that sometimes there are external factors that are at work. Brexit and the Pandemic are examples of where external factors had a massive impact on businesses. If you are pondering whether it is not just you and whether there are external factors having an impact here are some red flags to look out for:

• Your best clients are proactively taking cost cutting measures
• Highly experienced members of your team are worried about the pipeline of new work into the team
• Deals are being pulled.

Overall, it’s important to regularly assess your business development activities to make sure they are effective and aligned with your business goals. If you are not seeing the results you want, it may be time to make some changes.