As the saying goes: If a business is able to last in the marketplace for the first five years, then its founders and C-suite executives must be doing something right. But what else can today’s business development leaders do to ensure that they maintain their status in the industry, continue to retain loyal customers, acquire successful partnerships and build a team that will stick around for the long haul?
Below, 10 leading experts from Forbes Business Development Council discuss the type of investments that every company leader should consider if they want to help their company continue to stay ahead of the curve.
1. AI Education
Investing in employee enablement is key. This can take on different forms based on function, but continual learning and tooling are mandatory. Artificial intelligence (AI) is an example of a technology that can drive employee efficiency and effectiveness. With new use cases rapidly evolving, placing resources behind employee education for utilizing AI can be a competitive game changer for enterprises. – Patrick Doherty, Flexential
2. Tech Tools To Enhance The Customer Experience
Brands should embrace the power of generative AI to enable their employees to deliver truly remarkable and personalized customer experiences. AI can be trained and integrated with chatbots to act as a co-pilot to assist agents and expedite support for customers. Leaders who invest in tech that enhances the customer experience set themselves apart from the competition, earning the trust and loyalty of their customers. – Brian Hannon, TELUS International
3. Human Capital And Career Growth
This isn’t a one-size-fits-all solution, but if you want to stay ahead, invest in people and data. Finding ways to securely automate data analytics and management is key for business decision-making, while also remaining agile. Secondly, focusing on getting the most out of your teams means that you must provide an environment where they can be their authentic selves, have a purpose, are fairly compensated for their jobs and have a defined career path. – Jessica McDowell, TD SYNNEX
4. Company Culture And Employee Retention
Companies need to invest in growing company culture, employee engagement and professional development. Do not underestimate the time, resources and missed opportunities when a key employee needs to be replaced. Investing in mental health, DEI, team-building experiences and training helps employees feel valued. Investing in employee retention is the best way to stay ahead of the curve. – Matthew Rolnick, Yaymaker
5. Untapped Markets
Balance your investment strategy. Focus on your main revenue and profit sources while exploring underpenetrated markets in your industry, new technologies and new products. Being the first to market can be too risky; prioritize being a fast follower and enhancing innovations. And, most importantly, invest in a talented team that cultivates a culture of innovation. – Rosandra Silveira, Dell Technologies
Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?
6. Personal Skills
Warren Buffett once said, “Investing in yourself is the best thing you can do.” We should invest in people to help them build robust skill sets and continuously improve their abilities. They need to do work that won’t easily be disrupted and build relationships that robots can’t replace. If you’re exceptionally good, you’ll stay ahead of the market and be protected from inflation, which is crucial in these uncertain times. – Anna Jankowska, RTB House
7. Time For Planning The End Goal
For a company to stay ahead of the curve, the first investment is time to determine and define what staying ahead means for the business. Plan for the end goal, and work backward before the money is spent. A clear vision builds a culture of innovation, which is a priceless investment. With every team in alignment, it’s easier to map out your spending by finding gaps or improvements to achieve that end goal. – Laura Kegley, Revuze
8. Professional Sales Learning And Development
Focusing on the area of professional sales learning and development is essential. Often training is the first thing cut when things become challenging. However, this is exactly when you should be investing in the people most able to turn the tide and drive revenue growth and profitability. Invest in your sales organization as if your organization’s success depended on its efforts and results—because it absolutely does. – Vincent Burruano, Vince Burruano Consulting Services, LLC
9. New Talent
Hiring the right talent to represent your company is very important. Hiring, retaining and developing talented team members can help businesses stay innovative and ahead of the curve. Recruiting talents with fresh perspectives and ideas, as well as developing existing talents with relevant, diverse backgrounds and experiences, enables businesses to tap into a wider range of creative thinking and problem-solving skills, which can give them an edge over competitors. – Chor Meng Tan, Wiley
10. Communication, Mentoring And Relationship Building
Invest in sales enablement and personal development. Embrace technology to make data-driven decisions and optimize processes. Automate manual drudgery to free up sales time. Offer ongoing training, workshops and mentoring to build skills. Keep abreast of industry trends and prioritize communication, negotiation and relationship-building skills to maintain a competitive edge. – Michael Fritsch, UST Xpanxion
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