As the marketplace across industries continues to fluctuate, it can be a scary time for leaders and their teams as they try to adjust to unforeseen circumstances, keep the business afloat and maintain their brand's reputation and relevance in a tight economy. But these aren’t the only challenges they’ll face this year.
Below, 13 experts from Forbes Business Development Council are weighing in on some of the biggest challenges many biz development professionals are facing in 2023 and how they can overcome them.
Members pictured from left to right.
Photos courtesy of individual members.1. How To Cut Costs Without Affecting The Bottom Line
Some of the challenges that we will face are economic uncertainties—with the increase in food and gas prices—and the need to cut costs and grow our business smartly without affecting the bottom line. Leaders can also make changes within their organizations by incorporating remote work and by making it more obtainable and rewarding. They can also add a cybersecurity plan of action and coverage. - Sandra Day, Purple Ribbon Office Solutions
2. How To Allocate More Resources To AI
The generative and machine learning sides of the AI industry will bring startups more chances to expand horizontally and vertically. To do so, the core business development team members would get more offers than last year. Enhancing the AI department and allocating more resources and a key person retention strategy will be important factors for the biz development leaders to secure business. - Gyehyon Andrea Jo, MVLASF
3. How To Make Accurate Financial Predictions
The global economy is still likely to remain uncertain, with a recession expected. This will make it challenging for companies to make accurate predictions about their financial performance and to make sound business decisions. We must stay flexible and be prepared to adapt to changing conditions to remain competitive by prioritizing resources on a few core areas critical to our business. - Lomit Patel, Tynker
4. How To Meet Higher Standards In Product And Service Accessibility
People’s expectations have vastly changed since the pandemic, specifically around product and service accessibility. In healthcare, for example, individuals can now access basic care (e.g. Covid-19 tests and vaccines) directly in their communities. Now there is a higher expectation for biz development leaders in healthcare to focus on accessible infrastructure, allowing them to meet these demands across the country. - Caroline Savello, Color Health
5. How To Work With What They Have
Tighter budgets and leaner teams! The year 2023 is going to be a year of scarcity. The biz dev leaders who can adapt to the new reality by investing in scalable processes rather than hiring more people, and instead motivating and retaining their top performers to take on the challenge, will be well positioned to ride out the storm. - Sparsh Mehta, Belong Home Inc.
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6. How To Develop The Right Market Strategy And Flexibility
Leaders will need to develop a strategy while showing flexibility in their execution of it. Markets and consumers will be adapting to the environment of each community, and hyper-segmentation will become key. Biz leaders should empower their teams and create an environment of ideas, creativity and execution, but never allow things to get off the path of the long-term strategy. Leaders should communicate their expectations with their team members. - David Mahbub, MACH9
7. How To Stay Close To Their Existing Customers
Recessionary times bring challenges—especially when budgets are cut. Existing customers can start by looking for other low-cost solutions. It's imperative to double down on your existing customers. Are they happy? If not, invest in making them happy. If they are, make sure you stay close and find ways to make their lives easier. If you grow your existing customer base, they'll advocate for you and help bring in new business. - Erin Raese, Annex Cloud
8. How To Properly Align Buying And Go-To-Market Teams
Buying teams will continue to grow and sales cycles will continue to delay purchasing decisions in 2023. However, leaders can overcome it with better alignment and enablement of their go-to-market teams. Is your team sending the best-performing content to buyers? Are sellers making connections with everyone on the buying team, including the CFO? The little things will count even more in the next year. - Hayden Stafford, Seismic
9. How To Defend Price Hikes While Retaining Business
Sales executives should prepare their staff for tough talks about raising prices or retaining business due to market instability and inflation. Make proactive strategies to defend your firm and prospect for a new business to coach your biz dev staff. - Saydiburkhon Saydirasulov, Jafton.com
10. How To Sufficiently Highlight A Brand's Value Proposition
Companies are likely to tighten their spending in 2023 as they plan for turbulence in the economy. Biz dev leaders should be prepared to focus on their value proposition and make sure their prospects understand why that value proposition is critical to their business operation. - Tyler Trimbath, Trimbath Advisory Group
11. How To Grow And Maintain Partnerships
In 2023 we will likely see less capital allocated in partnerships, especially global relationships given the macroeconomic landscape. While some might see this as a challenge, the overall opportunity is bigger than it seems because it will force teams to properly communicate their concerns and prioritize tasks. This, in turn, will strengthen team trust and collaboration. - Laura Vidiella del Blanco, LedgerPrime
12. How To Own Mistakes And Learn From Them
Whatever the challenge is, it's important to update your approach each year based on the lessons learned. Trust your decision-making process, skills and experience. If you do your homework each year, make mistakes and then learn from them, then every challenge will be easier to overcome. Know your strengths, work on your weaknesses and take responsibility for your actions and for the lack of them. - Anna Jankowska, RTB House
13. How To Diversify Revenue Streams
Business development leaders should be ready to face a continued downward trend in the economy throughout 2023. Cost-cutting measures such as reducing overhead expenses and diversifying revenue streams through new product or service offerings should be their primary focus. They should also focus on building and maintaining solid relationships with existing customers to encourage repeat business. - Chris Schmidt, Esq., Le-Vel
