Strategic Business Development
Quarterly strategy sessions with the senior leadership team are an invaluable opportunity to assess progress against stated organizational objectives, take a check and make adjustments as needed. One item that should be on the agenda (and is often missing) is what I call Strategic Business Development.
Why a senior level discussion concerning the status of top prospects would not occupy a fair amount of time and attention at a quarterly senior team meeting is a mystery. A common response I hear is that this is the responsibility of the sales team. At the level of tactical execution, yes. From a strategic perspective, no.
There are three phases which frame the discussion of Strategic Business Development. The first is a close-up review of the status of existing key accounts or “the top 20.” Next is an assessment of current clients not yet in “the top 20” but could (should?) be within a reasonable period of time. The third step is an in depth look at the “top 20 prospects,” accounts that are not yet on our customer roster but should be.
Step one can, and often does, reveal important insights about top clients that the senior leadership should know about. The "Key Account Accelerator Process" is a useful tool to guide this discussion.
The “next 20” is often overlooked from a strategic perspective but adding this to the agenda can tee up a robust discussion and often yields important insights.
The “top 20 prospects” discussion helps the senior team gain intimate knowledge of the accounts that are being courted and your progress against the same.
There are many key questions to ask and answer under the agenda item Strategic Business Development. The extent to which this effort is developed, monitored, driven, and guided by the senior leadership team can determine the level of success the organization will enjoy in each of its three key phases.
For information on ways to structure this discussion at your next senior leadership team meeting (including a sample agenda), contact me at joe@ajstrategy.com.
Joseph P. Truncale, Ph.D., CAE, is the Founder and Principal of Alexander Joseph Associates, a privately held consultancy specializing in executive business advisory services with clients throughout the graphic communications industry.
Joe spent 30 years with NAPL, including 11 years as President and CEO. He is an adjunct professor at NYU teaching graduate courses in Executive Leadership; Financial Management and Analysis; Finance for Marketing Decisions; and Leadership: The C Suite Perspective. He may be reached at Joe@ajstrategy.com. Phone or text: (201) 394-8160.
