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Improving Business Development Leadership Skills – 3 Tips!

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The Point: In any business development effort, the leaders are the key elements of any organization to increase the number of sales. Effective business leadership gives direction and defines the framework to achieve the expected objectives, all the while attempting to avoid inefficiency and misuse of resources. So in this post, we’ll explore improving business development leadership skills and share 3 tips… Enjoy!

Improving Business Development Leadership Skills - 3 Tips!

Business Development Leadership… Lonely at the Top?

Business development leadership is the driving force behind efforts to achieve best sales, innovation and productivity. In my years of consulting, it shouldn’t come as a surprise that I’ve identified that there is a strong correlation between leadership development and business performance. So why are so many organizations reluctant to invest in leadership development training for sales leadership? The answer may surprise you!?!

The Best 3 Tips for Improving Business Development Leadership Skills

A leader with a vision ensures that people understand not only where the company is at, but where it plans on going (and how the people listening play a vital role in how the organization will get there!) The sales leadership in the company can, and should, be seen as the engine that powers the business. The business development leadership role is to be an influential person who motivates their troops and displays a natural positivity.

The following are what I consider to be the top 3 tips to achieving a good sales leadership dynamic:

Tip #1: Be Transparent

Good communication skills are essential for leaders to perform well.

The first step is to be totally transparent with the employees and to tell them exactly where the business is and what their role is.

I often see Sales Leaders that lack authenticity (Be yourself!) attempt to hide behind a proposed leadership mask. People, especially salespeople, will know if you are sincere or not. Your salespeople need all the information they can get to help you achieve your business development goals. Not disseminating information can only provide you confusion/trouble along the way.

Tip #2:   Know Your Strengths and Weaknesses… Then Delegate

In good business development leadership the particular leader must be aware of his or her skills and personality. Make sure you know your strengths, weaknesses and gaps. You can focus on what you do the best, while knowing where you are likely to need help. Furthermore, you could reinforce a weak point in your skills by hiring an external consultant.

The inability to delegate is probably one of the biggest challenges for many leaders who often practice micromanagement (or mismanagement). Sales leadership should recognize the strengths of other members of their team in order to benefit from them. It is important to learn how to surround yourself with competent staff, but you must provide them with the opportunity to prove that competency.

By delegating you also develop your employees, which would be essential to the long-term growth/stability of both the individuals and your organization (People are generally up to the challenge!)

Tip #3: Networking

Another effective business development leadership tip is business networking. If ABC stands for “always be closing,” then the sales leader should employ ABN (Always Be Networking!)

Business networking is a leader’s best friend, regardless of business size (but especially for small and medium-sized businesses). Leaders often need to connect with other business owners, so as to share experiences and learning from each other. Effective leaders know how to build relationships and build beneficial partnerships/alliances.

Networking is also a way to keep up with trends and maintain your visibility in a highly competitive market.

SUMMARY

In this post we’ve explored how improving business development leadership skills can be beneficial. Effectiveness in business development leadership often results in improved performance and improved the sales in the organization. The 3 top could create wider opportunities in business development. These tips have benefited from actions that have had a lasting impact on their business growth.

Sam Palazzolo

 

The Tough Work of Turnaround Management – 4 Tips!

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The Point: If you’re like me, you love CNBC’s “The Profit” staring Marcus Lemonis! Week after week Marcus seems to not only identify, but successfully partner with organizations looking to turn their business around. But does reality really work out this way off of television? The Profit makes turnaround management look so damn simple/profitable! So I started thinking, “What is the tough work of turnaround management?” So in this post, we’ll explore the tough work you’ll need to employ in order to achieve success in your turnaround endeavors… Enjoy!

The Tough Work of Turnaround Management!

Wait a Second… This is NOT so Easy!

Are you a businessman or a prospective businessman who is just curious to know how tough turnaround management can be? You may not want to feel too inquisitive, and therefore keep your curiosity to yourself (or as my old-boss used to say, “Kid, don’t quit your day job!”) If truly you belong to this category, then you are currently perusing the right post. Turnaround management and business change are important for new developments in an organization’s business strategy, and should be done with adequate seriousness, regardless of how tough they seem. Although I won’t say it is elusive to achieve success, it can require some special dedication and seriousness to achieve desired outcome (Value creation, profitability, etc.)

The Tough Work of Turnaround Management!

Here are four (4) tips to help keep you aligned for success in a turnaround based on the most common failures I’ve seen/experienced:

Tip #1 – The Toughness of Taking Charge: Factually, you have to learn to be a leader before you can finally lead. For an effective business change, you must be ready to take charge. Among the members of your business, there will be some that appear hard to control. However, know this much that you must do it! Having an excellent business strategy but zero leadership is like having a good car with no one willing to drive it (or no engine!) (If you’re looking for leadership development while encountering a turnaround scenario, I’ve established a new offering just for you. Drop me a line at selections@tipofthespearventures.com).

Tip #2 – The Power of Confrontation: Some people need confrontation before they can get things done. Confrontation is not really bad as people perceive it to be, and it can be highly effective! You have to apply pressure sometimes to get people to work. Some people always try to avoid confrontation so they don’t look cruel, but this notion should be erased when it comes to business change. Confrontations do not always mean lambasting a person, and if you are the kind that confront this way, you may have to change completely. Every statement uttered by you when confronting a team member should be positive, so as not to dispirit them.

Tip #3 – Building a Culture of Success: It takes more than a well-designed business strategy to metamorphose from a business that has gone sideways/down completely to a business that everyone wants to liaise with. If you do everything possible by you for turnaround management, but don’t get success, it is equivalent to you doing nothing. A business owner who has lost superfluously may even dash his hope in business change, and feel it is no longer possible to recuperate all that is gone and go back to normality. It is tough for you to lose too much, and still believe you will be successful, but it is paramount to believe so.

Tip #4 – Choosing the Right People: Choosing the right persons is also a challenge in going back to normality. Developing a new business strategy to bring back you company to normality may entail you dismissing wrong people, and retaining or recruiting the right people. This is a difficult task, compounded by the fact that it is difficult to differentiate between the right people and the wrong people.

SUMMARY

It may not be stress-free for to turnaround a company, but I’ve found degrees of success can be achieved if you take charge, are willing to confront, looking to build a culture of success, and choosing the right people. Remember, real-life isn’t like a made to order television show! You’ll have to put in a great degree of dedication and seriousness in order to achieve the best outcome within a short period of time as possible.

 

Sam Palazzolo

PS – If you/your organization has challenges as a result of Turnaround Management activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

 

 

The Importance of a Mergers & Acquisitions Strategic Plan – 3 Tips!

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The Point: The thought of acquiring another company can be a very seductive strategic plan when CEOs wish to improve corporate performance and overall growth. Companies spend a huge amount of money every year on acquisitions – yet studies have confirmed that the rate of failure among mergers & acquisitions is at an all time high (peak!). What exactly are the causes of these failures (and more importantly successes)? In this post, we’ll discuss the importance of a Mergers & Acquisitions Strategic Plan and provide 3 Tips… Enjoy!

The Importance of a Mergers & Acquisitions Strategic Plan – 3 Tips!

What Leadership Does Wrong?

A large number of acquisitions miss the mark in regards to expectations since organizational leadership mistakenly attempts to coordinate candidates with the strategic aim behind the arrangement, neglecting to recognize bargains that may enhance current operations and those that could drastically change growth prospects of the company. These often make organizations pay the wrong price (i.e., overvalued) and integrate the acquisition wrongly.

There are two motivations behind acquiring a company, which most executives frequently befuddle. The first, and the most widely recognized one, is to increase your organization’s present performance – That is, to hold a superior position, while cutting expenses. The second, and less-known reason for acquiring a company, is to re-evaluate the mode of business operations through expense reduction – This is most likely to confound investors with spectacular pay off (especially when labor costs are slashed).

Integration often determines whether the acquisition will succeed or fail. You should be able to describe exactly what you are buying to foresee the way integration will play out.

One powerful way forecast effectively is to view the established targets/goals in its business model. Additionally, value is created and delivered through 4 interdependent elements of a business model:

– The customer value proposition is the first element

– The profit formula

– Available resources (such as technology, employees and cash)

– Lastly processes (including budget, R&D, manufacturing, and sales)

Three Tips of Having a Good Mergers & Acquisition Strategic Plan

Tip #1: Helps in Acquiring Resources That Command Premium Prices

Having plans to improve a new product or service is no guarantee to command a price premium. Buying improved components (compatible with their products) is a strategy that is routinely done by some companies to command premium prices.

Tip #2: It Helps to Lower Company Costs

Leadership often promise that an acquisition will lower costs, where in reality, it’s only possible in few scenarios, such as, and acquiring company with high fixed costs can expect higher profit potential. Most deals succeed using almost the same strategy.

The parent plugs some particular assets from the procurement into its current model, ejecting whatever is left of the acquired model and closing down, laying-off or offering redundant assets for sale. The execution help comes about because of utilizing the objective’s assets such that scale financial matters can drive down expenses. The strategic use of resources from the target will help in boosting performance and drive down costs 

Tip #3: A Disruptive Business Model can be Acquired

Disruptive business models and products have been proven to be the most reliable sources of massive growth in both margins and revenues. Disruptive companies typically offer simpler and more affordable products than what bigger players offer. Their footholds are well secured in the low-end of a market and gradually step up to products with higher margin and performance.

SUMMARY

In Mergers & Acquisitions, we all believe that success will be the end result. However, wrong companies are being purchased daily for the erroneous motive, wrong elements are integrated into the wrong business models, and wrong measures of value used when pricing deals (This is a mess that shouldn’t be!) You must be able to predict accurately if a company under acquisition consideration is a great deal, or just a debacle in the waiting!

 

Sam Palazzolo

PS – If you or your organization are challenged as a result of M&A activity, please don’t hesitate to drop me a line and request future post titles! Here are a few of the other M&A titles previously published/in the works:

– Will Your M&A be a Success of Failure? (CLICK HERE)

– How to Successfully Survive Mergers & Acquisitions

– M&A: Creating Shareholder Value

– M&A: Should You Go For Stock or Cash?

What Role Does Technology Play in Turnaround Management?

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The Point: When a company is on the brink of financial havoc (or already facing financial havoc!), we tend to look for ways to turnaround the operation. Technology has been looked to as an answer to the financial havoc problem. The role technology plays in turnaround management has been a great one to explore (Keep in mind, there are other areas of a business to explore… But those are for a later blog post!). Companies can not only explore business technology, but now rely on it heavily whenever they identify a turnaround condition. Technology is filled with the means to improve the positive effects of your business strategy. In this blog post, you will get to know how technology has been able to be leveraged so as to help turnaround management, and why you should put it into consideration when you next face a turnaround opportunity… Enjoy!

What Role Does Technology Play in Turnaround Management?

Roles Technology Plays in Turnaround Management

ROLE #1: SURVEILLANCE – One of the reasons a company may be failing is the devoid of effort produced by members of the company. If your company happens to be failing because of this reason, and you finally detect that, it will still be difficult to make necessary amendments without business technology. However, with the help of technology, you can check out the efforts each member of your company is putting to work. This can be done at anytime, and it has even been made advance that you can check this out right from your home or even when you are outside the country. This can direct you in turnaround management and even in the designing of a new business strategy if needed.

For example, let’s explore the surveillance camera. If you do not have a surveillance camera in your company, you can do it at anytime and it is very easy to install. Surveillance camera has made it possible for business owners to detect a lot of unknown and obscure things that happen in the place of work when he or she is away. This is a major role technology plays in turnaround management.

ROLE #2: COMMUNICATION – Apart from the fact that surveillance can be very helpful in detecting useful information, there are also communication tools that can make the management of a company get to know information from both business members and outsiders. The internet has also been helpful in making anonymous individuals share reviews about the company (Think Yelp!, Google+, etc.) This can help business owners have insight of what the company is lacking, and more importantly what is needed to be done for an effective turnaround management. Business technology that enables communication between business owners and employees should be reviewed/mined for input in further modifications (Products/Services, Processes, and People). It is a shrewd business strategy to survey employees so as to get information from them, rather than approaching them personally, as they may not feel too comfortable divulging some information without fear of retribution.

SUMMARY

In this blog post we’ve explored the question “What Role Does Technology Play in Turnaround Management?” and provided 2 roles to assist turnaround management. Keep in mind, technology has gained wide acceptance by majority, and there is rarely a company that will say no to business technology adoption. What might be questioned is the timeline for installation.

 

Sam Palazzolo

PS – If you/your organization has challenges as a result of Turnaround Management activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

  • Why Companies Fail or Enter a Declining Period
  • The Stages of Corporate Turnaround
  • The Stages of People Turnaround Process

 

 

Tip of the Spear Ventures Announces Restructuring of Business Advisory Services

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Private Equity | Venture Capital firm fulfills clients needs in Mergers & Acquisitions, Sales/Business Development, and Turnaround Management business advisory service offerings.

 

Las Vegas, NV (PRWEB) August 1, 2017 – Tip of the Spear Ventures, a Private Equity | Venture Capital firm, announces the restructuring of their Business Advisory Services. The restructuring of advisory services came about to satisfy client demand looking to accelerate exponential growth and minimize chaos along the way.

Sam Palazzolo, Tip of the Spear Ventures’ Managing Director, states:

“Sales / Business Development is crucial for business leaders, regardless of whether they are a startup or existing business entity. The saying ‘nothing happens in business until someone sells something’ has never been more true in the new economy!” As such, Tip of the Spear partners with clients to put in place proven sales/biz dev practices that lead to results.

“Mergers and Acquisitions can be, and often are messy. When two entities processes/people combine, a ‘perfect’ storm climate presents itself.” Whether you’re the acquiring organization or the acquired, Tip of the Spear assists M&A organizations in front-end target selection, approach strategies, and post-merger integration.”

“Lastly, what if you’re not looking for M&A as a solution, but instead towards Turnaround Management? Leading a turnaround rarely goes as smoothly as a made-for-television CNBC show!” Tip of the Spear provides their years of experience in the turnaround space to assist.

Tip of the Spear Ventures’ Business Advisory Services offer organizational leaders an opportunity to strategically partner with a firm with a “boots on the ground” methodology leading to innovative strategy execution and results.

 

About Tip of the Spear Ventures

Tip of the Spear Ventures (Private Equity | Venture Capital) operates a financial investment business with aligned advisory service offerings. Our business focus is based exclusively on sound transactions, and on strategically partnering with accomplished leadership teams to drive results. We have worked for more than 5 years identifying, investing in and creating value in great businesses.

 

Contact Information

Sam Palazzolo, Managing Director

Tip of the Spear Ventures

www.tipofthespearventures.com

855.97SPEAR (855 977 7327)