After 25 years of developing new business in the areas of marketing, healthcare, media and finance, I have certainly learned what not to do when growing a business. By process of elimination, here are 9 tips to improve your success in your own business development efforts. Good luck and happy hunting.

1. By 2018, 80% of all purchase decisions will be made before ever being in contact with your organization. Plan accordingly. Update your web site and social channels, and then create valuable content so you can be found. The life of your business depends on it.

2. Cold calling is dead. It is next to impossible to get through to someone who has never heard of you, not to mention that you have no idea if they even need your product or service. Use networking, social media, blogs, etc. to expand your reach, so that you can start the process with a warm lead.

3. Be respectful and professional…ALWAYS! Prospects are not waiting by their phone or computer for you to contact them. Introduce yourself and ask if they have a few minutes before your pitch and ask when you might contact them again.

4. Be prepared. Study the company’s web site and social media pages. Know the key players, products and services. Look for areas where your business can improve their business. Position yourself as an expert and BE ONE.  

5. Make each call or meeting informative for both parties. Fight the urge to sell yourself and your company. Instead, ask what their challenges are and offer solutions to solve them. Use the 80/20 rule: Spend 20% of the meeting introducing yourself and your company and 80% of the time listening and learning about their business. 

6. Speak to the decision maker. This sounds obvious, but all of us have wasted countless hours working with a mid-level person only to find out that they do not have the final say. Find out immediately who is in charge and have your contact commit to putting you in touch with the decision maker after you introduce your product or service.

7. Confirm that a budget exists and find out what it is. If your contact is not willing to share this with you, they have no real intention of working with you. You would never start a journey without a plan and a map, so treat this process exactly the same. If your prospect truly has no idea what they need, educate him or her and provide a ballpark to gauge if it’s in their comfort zone.

8. Before proceeding, find out the top three KPIs (key performance indicators) that your prospect measures. These measurements must be identified to craft your message when closing. No one cares how long you have been around, that you have the best employees or that you are the “leader” in the industry. If you can’t solve or positively affect their business challenges, move on.

9. Close or concede. It’s time to close the loop and ask for the business. If you have done your research and presented a valuable solution, you will win most of the time. If your product or service isn’t a great fit and the prospect continues to push back, politely bow out in a professional manner. Your time will be better served working with a potential client that sees value in your offerings.