TIPS for business development
Here are a few tips for business development：
- Getting referrals is quite lucrative and a good businessman knows that there is a “cost of acquisition of new clients” and this must be costed into the business if they want it to be a sustainable long-term arrangement. It is far better to create a garden that attracts butterflies forever versus you personally catching butterflies with a net. A referral fee is a good way to incentivize a referral partner to continue to refer more clients.
2. Hiring new staff should never be about throwing more bodies at the workload as it rarely works because often it adds to your costs, but the productivity is not proportional to the cost. It’s about getting your resource mix right.
3. You need to start thinking about withdrawing yourself from your firm’s day-to-day. This is your gradual transition away from being the person your business is always reliant on.
4. What doesn’t get measured doesn’t get managed. So, if you’re not meeting with your remote team on a set time to a set rhythm then people can get very distracted and are likely to underperform as they lack the focus.
“When your values are clear to you, making decisions becomes easier.” – Roy E. Disney
“People ask the difference between a leader and a boss. The leader leads, and the boss drives.” – Theodore Roosevelt