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Hiring a Strong Business Developer – How Any Company Can Hire Superstars (2024 Update)
September 10, 2024 @ 1:00 pm
Client Code Required
In the competitive federal marketplace, a strong business developer is crucial. Yet, many companies—both small and large—struggle to find candidates who can successfully win contracts, despite their impressive resumes and outstanding references. This session aims to help companies avoid the frustration and cost of hiring ineffective business developers.
On average, it costs a government contractor $85,000 annually to replace a poor hire. If you’re looking to elevate your hiring practices and secure top-tier business developers, this session will provide the answers you need. While an average sales professional may not cover their salary, a star can increase your revenue by 25% to 50%, and a superstar can double your company’s size.
Like everything else in business, we learn from experience, colleagues, and mentors. However, few companies are taught best practices in hiring business developers. This session will guide both small and large businesses on how to attract, interview, and assess sales professionals to determine their true capabilities. You’ll learn how to quickly identify the strength and potential of any business developer.
The session will conclude with an overview of compensation strategies, providing insights on how even small businesses can develop affordable and effective compensation plans.
Key Takeaways:
- Understanding the typical timeline for a new business developer to win a large contract (3-6-12 month ramp-up, building a pipeline, and securing contracts).
- Detailed discussion of 10 key interview questions to assess the strengths and potential of business developers, including the most critical question to ask.
- Exploring the psychology of compensation from the business owner’s perspective.
- Recognizing how direct and indirect costs impact your pricing and your ability to hire and retain top business developers.
- Analysis of six case studies focusing on margin, commission percentages, and company profit.
- Strategies for using commission escalators based on revenue thresholds.
- Guidance on commission payment obligations after an employee’s termination or resignation.
Target Audience: Business owners, HR, marketing, sales, and proposal personnel
