Maximising your Business Development opportunities

SHB Real Estate
Nov 6 · 5 min read

As a commercial real estate firm, our business activities begin with our mighty Business Development team.

For any organisation just starting out or on the hunt for new business this is one of the most important aspects in an everchanging world where the internet is so important, as well as proactivity.

Business Development is often the missing link and getting this functioning and operating correctly provides companies of any size with a continual flow of opportunities. This all starts with someone picking up the phone, booking the meetings, the surveyors attending the meetings and pitching to the prospective client, which results in SHB winning the project.

For SHB, the journey fundamentally begins with the business development team, which entails effectively managing both clients, landlords and tenants. This, like any business development role dealing with clients, requires planned attention and organisation. Meetings arranged where appropriate followed by confirmation, is the start and sets the standard for promptness from the get go.

However, attending meetings and following with terms of business with the odd call often may not be enough to secure the business, therefore building a trustworthy relationship during the whole process is absolutely paramount. This starts with the BD callers…

Trust is built by several factors, but adding value by providing knowledgeable insight, is undeniably appreciated by clients throughout all industries. This is achieved by different methods:

· Know your market: Market information is more accessible than ever, so there is no excuse for not implementing tenacious research. Whether you are sourcing specific information on line, to reading the City AM property articles on the morning route to work, all knowledge used relevantly is powerful. When the information is transferred to the client, not only do they cherish the insight, but your passion is infectiously relayed and as a result, trust is improved because they know you care about the day to day activities of your industry and will gain confidence that you are able to achieve the desired goal.

· Having an efficient in-house CRM system which is helpful in keeping your leads and pipeline organised is indispensable when it comes to preventing business becoming a missed opportunity and slipping through the fingers. This is something we invest a lot of time (and money) in to so sticking to the rules and ensuring as much detail is inputted is absolute key.

· Your calendar is either your best friend or, if not used with diligence, your worst enemy. There are very few opportunities to prove that your word is your bond, so if you promise a client you will next be in contact with them at a certain time or date, make sure that happens on the dot or without even knowing it your putting yourself on a heavy backfoot when it comes to extracting the business you are hoping for.

· Business development is most beneficial where the relationship is built based on mutual interest, this is achieved by both recognising that there is opportunity, therefore exposing your client to as much relevant knowledge as possible is instrumental but this takes time and effort. Rushing through ‘the steps’ for the quick sale will more often than not result in no sale at all. Slow and steady may win the race after all..

· Consistent and quality communication, is fundamental amongst new leads but perhaps even more so with clients who have already dealt with your company. A recent online study noted that ‘Acquiring a new customer can cost five times more than retaining an existing customer. Increasing customer retention by 5% can increase profits from 25–95%.’

The success rate of selling to a customer you already have is 60–70%, while the success rate of selling to a new customer is 5–20%.

#businessdevelopment

#businessstrategy

#networking

Go that extra mile:

Set targets!

Which should be both quantitative and qualitative. For example, number of meetings arranged and time spent on the phone are simply quantifiable, whereas the quality of the meetings arranged, the methods of finding these new opportunities are qualitative factors to consider when effectively setting targets.

Individual success is obviously desired, but overall it is the collective effort that counts, this is particularly true within a SME. Helping those who need, and asking for help when necessary, results in the marginal gains that make a phenomenal difference overall.

(Healthy) Competition

The market will naturally create competition within your industry and every firm wants a slice of the cake but what is vital is keeping healthy competition high within the office, specifically amongst peers to improve productivity.

Positivity is key

Don’t lose hope if you cannot get through first point of contact, and if you do get through, do not expect Rome to be built in a day and extract the desired business immediately. Often it will take several conversations, so ensure you are consistently checking in.

Work hard, play hard.

Working hard is helpful, working smart is efficient, and the two combined is what will make the difference in the results you and your company are aiming to achieve.

Check out our other business tips by visiting our SHB Real Estate Blog. If there are any topics you would like to see us write about, please do get in contact by sending us an email to info@shbre.co.uk.

SHB Real Estate blog

We love London and we love what we do. www.shbre.co.uk

SHB Real Estate

Written by

We love London and we love what we do. www.shbre.co.uk

SHB Real Estate blog

We love London and we love what we do. www.shbre.co.uk

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