Business, which doesn’t like uncertainty at the best of times, is facing challenging times in the midst of Brexit and current global economics; the marketplace is changing and businesses need to start shaping up for the future.
Predictions are that innovative approaches to client service and delivery will become a mandate for survival. New business development will always be at the heart of growth and future success, defining strategies from the outset. ‘Letting go’ and outsourcing that part of your business can be a tremendous relief, particularly when it’s followed up with a buzz of new business contacts and activity. It can also pay off if you choose a partner with a long experience in helping businesses connect with other businesses, to reach the next level of profitability without impacting on billable hours.
Yes, but why do I need to outsource new business development?
Because, an experienced, professional team will generate leads, build growth and create a business which is fit for the future. Therefore, firms that value intelligent tactics as part of an innovative new business development strategy viewed as an investment rather than an expense, will be the ones that thrive.
However, if you are still not convinced, here are a few advantages and disadvantages of outsourcing new Business Development.
Outsourcing new business development: The advantages
- Allows a company to focus on its core business, strengths, strategy, competencies, and values whilst generating income
- Flushes out inefficiency
- Facilitates fast execution and quick wins in new client growth
- Jettisons the burden of getting in new business
- Provides a flexible solution which you can scale up or down
- Specialised knowledge & an experienced team
- Growth hacking mind-set and inspirational, technical approach
- Access to a team which can build brand and business strategy
- A fantastic solution for the risk averse
- Lastly, outsourcing business development makes financial sense: costs of space, staff, skill-set and time to adopt an effective in-house solution for new business growth are prohibitive.
Outsourcing new business development: The disadvantage
The only real disadvantage is that if you choose the wrong partner you will end up damaging your brand. Therefore, look for one with a great track record to make your company grow, building credibility and thought leadership along the way, so you don’t end up counting the cost of outsourcing.