Throughout the development of your business, there are numerous basic but often fatal mistakes that are frequently made, even by professionals who have been in the trade for quite some time. At times, they are not recognized until much later, making them difficult to rectify. Here are the most common mistakes to avoid during the business development phase.
It is surprisingly common for a company to eagerly pitch their services to executives without proper preparation. Prior to meeting with a potential client, research not only the sector they are in, but also the individuals you will be speaking with as well. Generate an agenda and focus on specific areas of interest. This saves valuable time for everyone and exudes confidence.
During the first meeting with a potential client, focus should be placed on a limited number of objectives such as building rapport and trust, establishing your credibility, understanding a client’s pressing issues, and creating interest. Too often, meetings are drawn out due to a sales pitch geared towards sealing the deal or talking in detail about a project. Refrain from overloading the conversation.
Focus on Solution Versus Need
While there is nothing wrong with trying to provide a solution to a problem, trying to fully understand the client’s needs can help illustrate how your product or service could adequately address their issue. Refrain from pushing your methodology on them and instead, work in conjunction with them to provide a solution.
Lack of High-Quality Questions
Questions are a normal part of meeting delivery and are an essential component to getting a client on board. Unfortunately, many individuals make the mistake of either talking nonstop or asking mediocre questions. Generate some truly thought-provoking and interesting questions that can be applied to a variety of settings.
Not Deriving Value
If your potential client does not feel a sense of value from your product or service after the first meeting, an additional meeting is most likely not in the works. Make your conversation useful, containing imperative information and a discussion geared towards the understanding of the presenting concerns. Use examples of what other clients have done and apply scenarios to help address their problems.
Business success is not all rainbows and butterflies. It is difficult and requires team effort. It takes hard work, knocking on door after door, making cold calls, and learning a number of lessons along the way. At the very basic level, you need a team to collaborate with. While this task may be more difficult for some, it is essential for the success of your business. Let’s explore how to build a team for your company.
Business Name vs. Trademark: What’s The Difference?
When you start a business, one of the most important things you can do is protect your name. If a company opened up shop using your same name, it could take a big hit on your sales. When building a brand, investing in advertising, and ensuring that consumers can find you, it is essential that you have properly protected your business name in the event that others want to use it. Unfortunately, many business owners are unaware of the difference between registering their name and filing for a trademark.