Posted In: Business Development by admin

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. Utilization and maximizing 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:

1. Building your wish-list

2. Research

3. 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.

Research

As well as generating a target list, business development services firm will undertake research into both accounts and markets. The research includes monitoring relevant news, combing for trigger events and intelligence that can be leveraged to open doors within a targeted account. Again, this is an area, which is costly to perform in-house, and can be effectively outsourced to a business development services firm.

Cold-calling

Finally, the task of getting that all-important “creeds meeting”; inevitably, it requires someone to pick up that phone. Even if you’re using a softer business development approach, such as running an event or researching for a “white paper” interview, the telephone is still the most effective method of contact and one where a business development services firm can add the most value. And let’s be honest, it the bit you really hate doing anyway, isn’t it?

So, if you are a management consultancy seeking to drive revenues, utilizing the expertise of a business development services company can be an effective approach to growing your firm.

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Posted In: Insurance by admin

Insurance is among the fastest growing trade in India. Insurance is sold by a large number of insurance agents. These insurance agents play a very important role. They are answerable for the reputation of the business they are dealing with; in fact they have some kind of obligations towards their customers.

The insurance regulatory board of India or IRDA has written down the code of conduct for the insurance agents. Here are some of the codes of conducts listed below:

An insurance agent should discuss all the facts while selling any insurance policy. He should be clear to the customer.

An insurance agent can’t expand the advantages of any policy to the client.

He should be responsible enough to discuss the nature of the policy properly to the client as this will help them to take a wise decision.

He cannot even hide any facts from the business on the behalf of the client in order to sell the policy. He should be fair to the customer and the company when the policy is being sold.

Insurance is taken to have protection for future. It also requires long term devotion on the behalf of the client. An insurance agent cannot sell a policy by saying that insurance is very short term agreement. He is responsible to tell the customer that insurance is a kind of long term procedure. Even in the case of ULIP plan, an insurance agent should say that it’s a long term contract though it is a kind of investment along with insurance benefits.

Between an insurance company and the customer, an insurance agent is the only mediator or you can say a contact point. So he should be fair as well as ethical at the time of selling the policy which is beneficial for them also.

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