As a CPA, CFO, and business owner for nearly 20 years, I’ve participated in business development to some degree throughout my career, but last year I transitioned into a full-time business development role. I made the switch because I love helping business owners achieve greater success and I’m passionate about supporting my fellow CFOs and team members by showcasing their incredible talent and accomplishments. As a relationship-driven person, I thrive on building and deepening meaningful connections that create mutual value and drive positive outcomes for everyone involved, so the role was a natural fit. But the best part is that making this change taught me a lot about business development that I can now share with you!

Business development (also known as BD or Biz Dev) is a strategic approach to growing a business that relies on establishing long-term relationships, achieving consistent branding, and pursuing new opportunities. Business development takes a big picture approach to growth, which means that communication and strategy are the most important elements to master.

For current and aspiring business owners and partners, business development will eventually become a vital part of your role if it isn’t already, so now is the time to get started!

The following strategies will help you identify areas where you can grow professionally and acquire new skills:

Learn to Listen

Throughout my career, I have learned to observe and to listen, which is one of the most valuable skills for any business leader. Deep, active listening is a vital skill for any leader. It’s easy to say “me too” when you relate to what someone has said or talk to fill awkward silence. Instead, pause occasionally and ask open-ended questions like “Can you tell me more about that?” or “Why do you think that is?” This approach allows space for the other person to elaborate and share. You will be surprised at what you learn in the process!

Strategize

Time is a limited resource for everyone – prioritize it well! As much as we’d love to meet every great businessperson, identify those who are most beneficial for your business and you for theirs to create a win-win scenario. Once you know who you want to talk to, craft a clear and concise message about your business and target audience and then arrange a meeting to make a connection. Keep it simple! Remember, you can easily lose someone with a long-winded pitch that’s muddled with minutiae.

Step Out of Your Comfort Zone

Growth happens outside your comfort zone. Make a deliberate effort to meet new people. Be curious, ask questions, and explore agenda-free connections. Learning about someone’s interests, family, and pets will create a more meaningful bond that naturally will lead to business collaboration. If you’re busy or apprehensive, start small!

Find a Mentor

If you do not have a mentor, get one… or three! No matter how old you are or how smart and independent you are, having a mentor will always pay off because it gives you a glimpse into the future. A mentor can guide you, provide honest feedback, and help you avoid pitfalls. Choose someone whose communication style resonates with you and who offers constructive criticism. And don’t hesitate to ask for mentorship! Mentors find great joy in helping others because they find it rewarding to share valuable insights with someone who is eager to grow, and they want to leave a meaningful legacy. If you don’t know someone who can fill this role, I’d be happy to help you try to find a suitable match.

Master Networking

Are networking events easy for me? Is “working a room” a talent I was born with? No and no! I still feel awkward at networking events sometimes depending on the setup or the mix of personalities in the room. However, networking is a skill anyone can learn. For most of us, moving through a crowd doesn’t come naturally. It’s easy to stick with one person for the entire night to hide out, but that’s not the right strategy. Instead, keep conversations brief and move on. If the connection is promising, there will be opportunities to build on it later. If you lean toward the introverted side of the continuum, start with a goal of having only one or two authentic conversations at an event - that’s enough to build momentum.

Follow Up

Statistically, most people don’t follow up after meeting someone. If there is one thing you can do to stand out from the crowd, always follow up. It’s very simple! Keep the communication flow alive. Respond to emails promptly, even if it’s just an acknowledgement, and use tools like Outlook and Google, or task apps like Todoist, Any.do, or Notion to manage snooze features and reminders.

I hope these tips help you realize that the professional strengths that have made you successful in your chosen field can seamlessly translate into business development when you take on that role more deeply (or entirely). It’s an opportunity to step out of your comfort zone, develop new skills, and keep your mind sharp and agile. Embrace this transition as you would any exciting challenge, and seek mentorship from colleagues, business leaders, or anyone further along the path you’re navigating. Explore networking events that resonate with your interests and make them enjoyable by bringing a friend or colleague to ease into the flow. Most importantly, always follow up – small steps build lasting connections and pave the way for meaningful opportunities.

About CFO Selections

When you need a CFO that can combine deep financial acumen with knowledge of business development strategy, our team can help! Our outsourced CFOs use their extensive experience to help businesses grow every day. We provide CFO consulting services to companies of all sizes at all business stages on a part-time basis until they are ready to hire a full-time CFO or on an interim basis after they have lost their CFO. Contact us to find out more!

About the Author
Jolie B. Jameson, CPA – Business Development Manager, CFO Selections

Jolie Jameson is a financial management professional with two decades of demonstrated experience leading key financial and operational initiatives. She is an expert in delivering innovative solutions and strategies to improve processes and cut costs. She is obsessed with relationships and is an excellent communicator who makes the complex simple and delivers results. She has built an impressive network and served as a financial consultant and strategic advisor to established companies as well as start-ups.