3 Keys to Sustainability and Scalability
What is Business Development?
There are tons of answers to this simple question. Answers like partnership, more sales, or come to market strategies. According to Saleshacker, business development is a set of tasks and processes meant to develop and implement growth opportunities within organizations in a sustainable and profitable way.
Everyone is partially correct, but it is all the things we do as a collective that ultimately helps our businesses reach their full potential and sustain through hardships. Our primary focus at Pennington Perspective, within business development, are business models that meet the needs of customers that have built-in sustainability and scalability.
Why strategy is an important component to biz dev
Strategy is how we here at Pennington Perspective define business development. It’s how one is able to confidently reach their desires. Put simply, strategy is a means to accomplishing a goal no matter what it is. There are strategies in almost anything we want to learn, but rather than calling this a goal or just another thing you want to accomplish, let’s take it a step further.
Strategy is how we execute on the “how” of any given idea. Because, as we like to say, there is a single “why” but a million different “hows.” And this is also why we refer to ourselves as mentors instead of coaches, because we want each person to create the version of their business that is authentic to them with offers/services that meet their needs and those of their customers. There is no one-size-fits-all version of this. And so we need strategy in order to determine how each person applies business development in their unique way.
Strategy is the execution of a vision.
What is a Vision?
We’re not talking about psychic powers, but we’re talking about your why.
Why do you want to accomplish whatever it is you’re aiming for? It can be different for all of us, but if you’re not clear on your vision… if you’re not clear on your why, then you won’t be able to reach them (or you won’t know it when you do). If you’re not familiar with Simon Sinek’s Golden Circle, check it out here to better familiarize yourself with Why, What, How. This is the foundational understanding of everything we teach in our courses, which is why it is the intro to our pillar course, the Start-Up Incubator.
Let’s say you’re in the beginning stages of wanting to start a business. And you decide you’re going to take the plunge and go for it, but then… a roadblock appears. And then? You give up. The fact that you’re giving up means you’re not clear on your why. You don’t have it seeded into you strong enough to want to push forward when everything feels like it’s going wrong.
Because things will go wrong, they always do. There will always be a version of failure. A challenge will always appear. Trust us, we’ve been in entrepreneurship since 2012, we know first hand how much can present itself as a problem while scaling to success.
But, what keeps us grounded when this happens is our why. A just cause that perseveres any finite challenge that may present itself. A purpose that is deeper seeded and carries us through the hard times. Our Why is also what helps define the strategy we apply in the business model, because the delivery of our services hinges on why we do what we do. Business development is simply the execution of our why.
How to Get Clear On Your Why
If you want to get clear on how to push forward in times of stress and unknown, you’ve got to pinpoint why you’re doing it to begin with. What is your purpose, what is the deeper reasoning that drives you to desire what you want?
Here are a list of reasons to think about:
Time freedom: the desire to not worry about when you’re working because you have the freedom to make your own schedule.
Location freedom: the desire to want to travel the world and freedom to choose either to take time off or work from wherever you travel.
Family: the desire to want to spend more quality time with your family rather than being burnt out from your long day.
Extra income: the desire for extra income.
Being your own boss: the desire to stop taking orders from someone else. If you want to set your own rules, company culture, and schedule, having a business is a sure fire way of making it happen.
Generational wealth: the desire to redefine what it means to be wealthy with regard to your own family. You’re ready to break barriers and create something past generations never thought possible.
These are some of the reasons we’ve started and grown 3 businesses. It’s the same for our clients as well. Are there any that stand out to you? There’s no shame in wanting any of these things for yourself. And any or all of them are available to you.
Whichever you decide is YOUR why, it’s a good idea to list out what that “WHY” can do for you. If it’s location freedom… what can that award you in your future and why do you want it so badly? Knowing these, believing in them for yourself, will make the pursuit of any endeavor (business or otherwise) worth it.
Once you’re clear on your why, write it down, keep it visible, remind yourself of it daily. No one said building a business was going to be easy, but it can be simple. Remind yourself that your just cause, the deeper reason for pursuing what it is you desire, is worth it. That is what business development is centered on, creating revenue streams that execute on your just cause.
#1 Tip on Staying Focused on Your Vision
Some of us need a little extra support to stay focused on our big picture visions. There is a constant tug and pull in business that requires us to zoom in and zoom out between our big picture vision and the specific strategy implemented to execute. That’s why we recommend finding a coach or mentor who has a strategy in place that aligns with you and your vision.
When you work with a mentor or coach, they’ll help you stay accountable to your small goals to reach the ultimate dream. Stay true to your why, use strategy that executes on the sustainability and scalability, then watch all your wildest dreams come true.
Want to see if we’re the right coaches for you? Check out our services and courses.
Want to get laser focused on what is vital (and what is not!) for each stage of business? Enroll in our FREE BOSS Up Masterclass!
