One lesson a Business Development Professional learns over time is the cost of bad business. Early in our careers, we are so anxious for business that we fail to establish relationship guidelines, which results in bad business relationships. This failure to set the rules and to evaluate the actual cost of a bad, long-term business relationship leads to trouble. If we’re lucky, we generate some revenue and commission, and perhaps some profit, all the while rationalizing that at least we have business. Unfortunately, the full cost of bad business is never calculated. We remain in a dependent state of mind, believing that what we have is all we deserve. This makes us vulnerable to taking on additional bad business.
As we gain experience in our careers, we begin to develop some positive, long-term, professional business relationships that benefit both parties. These relationships are based on mutual respect and professionalism, where both parties help each other as well as those beyond the immediate relationship. By comparing these relationships to ones earlier in our careers, we realize that bad business really is worse than no business at all. Bad business often holds us back. We take comfort in believing we have business; however, it’s not the kind of business that makes us successful! On the contrary, if you don’t have any business, you work hard to find some. It’s time to review your opportunities, get rid of the bad business and become excited about finding the good!
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Founded in 1979, MBDi is a global Business Development services firm headquartered in Charlotte, North Carolina, USA, providing expertise in Business Development best practices in the national security, defense, scientific, energy and engineering industries. MBDi’s mission is to transform our clients’ organizations and people into proven Business Development leaders by addressing the conditions and behaviors that assure positive culture change creating clear paths to professional success.