When it comes to business development, most management consultancies look to the partners or senior consultants within the firm. Indeed, since the firm’s expertise resides within these individuals, it’s very difficult to uncouple them from the business development process.

However, there are areas where external business development services can be utilised to more effectively drive revenues.

If you consider the business development process to include three key stages, finding, winning and retaining accounts, the areas where business development services work best are in the "finding" stage of the process.

Before we explore how a business development services firm can help, let’s quickly look at why you should consider using one:

1) Capabilities – be honest, how many management consultants like cold-calling? Presenting to clients, yes, but actually cold calling – no way. The art of the rainmaker may sit well with senior partners who have a large black book, but for many smaller firms business development starts from a cold contact. This is one area where a business development services company will bring additional capabilities.

2) Positioning – for many smaller management consultancies, employing an external company to provide business development services can help with positioning with a prospect client. After all, if the senior partner is cold calling a prospect and dealing with their PA, what does that say? Isn’t it better to get your business development services firm to set up the meeting?

3) Efficiency – finally, for many management consultancies, using an external business development services firm is both more efficient and cost effective. Utilisation and maximising billing is the manta of many a successful consultancy. If it’s possible to get someone to do the work for you better and at less cost than your own billable time, doesn’t it make more sense?

So, if you are starting to think that business development services could be a good way to build your firm, the next question is what services should you be using?

There are three main areas where a business development services firm can be effective. These are: i) Building your wish-list ii) Research iii) Cold-calling

These are all time-consuming activities that require specialist capabilities but limited expertise of your particular management consultancy discipline.

Building your wish list Unlike referrals, which is traditionally what most management consultancies rely on, business development services firms are both outbound and targeted by nature. The good news is that you get to pick the accounts you want to work with. Your business development services company will work with you to build your wish list, identifying the correct contacts within the buying circle. This is a critical part of the business development process. It takes time, as perfect lists are seldom available to buy for many management consultancies.

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