Entrepreneurs and business owners want new business. Yet they don’t always have the time or resources to find it. Because of this, some hire business development specialists. However, for small to medium-sized businesses, a new employee whose sole role is business development may not be feasible. As a result, many business owners outsource their development in order to grow their businesses.
Below are the top five reasons why business owners should choose to outsource their business development:
Your business is your baby. Because of this, you might have a hard time identifying ways to help your businesses grow. You’re too close to the source. Letting an unbiased party examine your business is highly beneficial. They will see things you don’t see and pinpoint solutions you may never think of.
As stated above, the need to increase development leads some businesses to hire a full-time employee. This not only takes a lot of time but also comes with a significant cost, not to mention risk. After choosing a suitable candidate and agreeing going back and forth on comp package, the first thing 99% of sales professionals will insist they need a team of people to “implement their process.” Most most likely, they’ll also need an Inside Salesperson, an SDR, maybe even an assistant! Worst of all,, it will take a significant amount of time for themselves and their new team up to speed, possibly months, maybe as long a year or more.
However, outsourcing your business development gives you an instant expert, who leads a team, at a set price (typically the cost of a single full-time employee) who hits the ground running. On top of that, outsourcing gives you access to a person or team who knows the current trends and, most importantly, what the shortest route to revenue will be for your business..
Until now, you may have done development yourself. Or you may have divided development efforts between several members of your team. The problem with this method is that no one is focused on development. Everyone already has other tasks to accomplish. As a result, it’s difficult to gauge how much time each person spends on development, to track the quality of each person’s efforts, to and consistently test your process. In contrast, outsourcing provides a focused, accountable team whose job it is to consistently deliver for you, or risk losing you as a client..
When you outsource your business development, you work with people whose sole focus is development. With tried and true systems and methods already in place, you can guarantee their approach will be systematic, well-planned, and well-executed.
At the end of the day, outsourcing business development is good for your bottom line. It significantly reduces the time and cost risk associated with hiring a business development professional. You save on the typical costs associated with a full-time hire (expenses, training, travel etc), but you also save yourself a massive amount of time. Leaving you to focus on the important things – like growing your business.
Working With Business Development Outsourcing Companies There are many reasons why outsourcing your business development is key to growth, but if you leave this post knowing one thing, make it this:
Outsourcing your business development to a team that eats, sleeps, and breathes the space will significantly reduce all of the risks and costs associated with a full-time hire. As well, it will significantly improve your odds of generating new business as they will already have a framework in place to build around your needs.