What Will Business Development Look Like in 2023?

With markets softening, it’s very likely that client demand will weaken in the coming months. So, many firms are turning their attention back to business development.

Unfortunately, most seller-doers have let their broader networks atrophy. They rarely make time anymore for power lunches and client site visits. They tell themselves they can build relationships just as effectively with a quick Teams or Zoom chat.

That’s good news for those who plan to put in the extra effort and go “old school.” Their willingness to meet in person over a cocktail or get on a plane and do a roadshow will give them a considerable competitive edge.

Because there is simply no substitute for in-person interaction. You spend more time connecting personally and understanding each other’s needs. You share a meal or a drink and develop meaningful camaraderie. You earn a spot on each other’s shortlists.

Of course, virtual BD has its place, but when it becomes your strategy, you have to ask yourself whether you are prioritizing convenience over efficacy.