How To Achieve Your Business Development Goals in 2023

Every successful organization is made up of a team of people dedicated to the growth and improvement of the business. Business development can be defined as the process of strategically identifying and implementing internal and external growth opportunities. This process is essential to stay ahead of competitors and increase market share. Here at Power Assemblies, we want to see our distributors succeed! In today’s article, we will be sharing our top 5 tips for successfully growing your business!

Build Value-Based Relationships for Business Development

Forming value-based relationships means focusing on building all relationships on a foundation of trust. In order to achieve this, Power Assemblies emphasizes the value that we provide our distributors by creating products that solve problems rather than simply focusing on increasing our revenue. We build trust with our distributors by consistently offering the best client support possible. We understand that our distributors determine the demand for our products, so we are sure to keep them at the center of everything that we do. We also provide value to our distributors by offering free training videos and 1 on 1 meetings with lead engineers to educate our distributors on how to use our products safely. 

Integrity Matters in Business Development

Valuing integrity throughout your organization means that your customers can count on you to do the right thing when nobody’s watching. Be intentional and pay attention to every detail. Never cut corners so that your company can avoid costly mistakes. At Power Assemblies, we implement integrity into everything that we do. We have a strong focus on consistent, transparent communication so our distributors know that they can rely on us. Staying true to our word is also very important to us. We hold ourselves to high moral standards. Every product that we offer is handmade and carefully crafted to avoid defects. We strive to offer our distributors superior experiences to cultivate relationships, promote positive word of mouth, and increase market share for our partners. 

Be Solutions-Oriented

A solutions-based approach is a sales strategy that focuses on using your company’s products to solve your client’s problems. This sales approach strengthens relationships because it keeps the customer at the center of the sale, rather than focusing on the features and benefits of your products. Power Assemblies offers a wide range of high-quality innovative power solutions to make sure that we always have what our distributors need! If one of our distributors needs something that isn’t currently offered, we will even design a custom-tailored solution that meets their exact need. Listening to our distributor’s needs is our top priority. We carefully stock and manage our inventory so that we can provide our products with the shortest lead time possible.

Develop A Plan

Having a clear strategy is critical to successfully growing a business. Bring your entire team together and carefully define what success for your business looks like. Choose KPIs (Key Performance Indicators) to help you gauge how your business development efforts are doing. Examples of KPIs may include the number of prospects that signed up for your newsletters, the number of new leads you acquired, and how much your market share has increased. Defining and regularly measuring your KPIs will allow you to see how effective your strategy is, and make corrections as necessary. 

After your team has defined your KPIs, your business will need to construct a timeline for executing your business development strategy. Create a calendar outlining what dates your business plans to begin new projects and share it with your team. Developing a timeline will keep your team on the same page and will create a sense of unity as you all work towards your goals. Power Assemblies holds weekly meetings where team members debrief each other so that each employee is aware of what is happening throughout the company. We also set new goals together and hold each other accountable to give every day our all.

Be Consistent

Growing a business takes hard work and consistent effort over a long period of time. Consistency will make or break your company’s business development efforts. View every day as a fresh start to give it your all. Focus on building strong, lasting relationships with your clientele. Take the time to get to know each one of your customers as an individual rather than treating them like a number in your sales pipeline. Strong relationships help to build a strong foundation for repeating business and earning long-lasting success. Power Assemblies practices consistency by promoting the values of self-awareness and honesty amongst our team. We are honest with ourselves and hold each other accountable for performance to the highest degree. Power Assemblies values being a reliable manufacturer for our distributors. We strive to consistently offer top of the line power products with short lead times.

Power Assemblies Can Help Your Business Development Efforts

Power Assemblies understands that our distributors work tirelessly to expand their businesses. That’s why we make certain to provide high-quality, low-cost power solutions that deliver results to their customers. We consistently keep our distributors at the center of everything that we do! We also offer innovative, custom builds to meet distributors’ needs that aren’t currently addressed in the market.

If you’re interested in becoming a distributor, please contact us at [email protected] and a representative will be happy to help you apply to become a Power Assemblies partner. If you are interested in Power Assemblies products but you are not an electrical distributor, unfortunately we do not sell directly to the end-consumer and all purchases much go through an authorized distributor. However, you can contact us at [email protected] and we will connect you with a distributor located in your area or you can use our find a distributor page! We hope that you’ve enjoyed this blog and that this information helps your business succeed! If you have any questions or concerns, please contact [email protected] or call us directly at (866)-825-8525.