What is business development? While a consultants hourly rate may be higher than you’re comfortable with a deal can be put together much faster by a professional than someone trying for the first time to structure a business partnership. If you’re the typical small business starting, growing or even just surviving in a tough economic market with little or no credit, you also need business development strategies that don’t eat up your cash flow.
Many separate workgroups or business units support the BD process, from corporate management to the operations staff to production personnel and administrative staff inside the company, to third party Subject Matter Experts (SME) or professional proposal preparation personnel like those provided by third party consulting firms.
Identify – Before you can seriously plan for business development it is necessary to identify new business opportunities. With the help of the business development plan you can monitor the progress of all the current programs and evaluate the efficacy of your future endeavors.
Plan – Once new business opportunities have been identified you will need to decide how you can best reach those new customers and markets. Given the growth stage in which your company finds itself it can indeed be worthwhile considering employing business development services in one way or another.
So many professional service firms we meet bemoan the track record of most of their folk in developing new work and new clients in attractive niches. Many business that do not have the internal man power and capabilities to identify, engage, and do the business deals necessary for growth can benefit from a consultant or consulting firm that has access to the business decision makers or the experience necessary to reach out to companies and develop the relationships required to put together a great business deal.
During this phase cash flows stabilize and establishment of marketing networks and operational channels are completed. Hiring a consultant or consulting firm to act as a business development team for you company is a great route for many small businesses. In a new business development it is a visionary process, in which a direction for the venture can be identified and a systematic and orderly processes can be established as part of the overall business plan.
While there of course exist much overlap between of these fields, it gives an idea of who, how, when and for whom various actors interact with firms on their path to growth. During this phase, the business experiences market pressures from all quarters, and are unable to handle them successfully.
Business Development Plan
Starting a new business is far more than simply hanging a sign out and waiting for customers to pour through the door and I’m sure anyone willing to invest in a new venture is well aware of this fact. Working in business development is an excellent way to develop skills in strategy, negotiations, and managing partner and client relationships. Incorporate sales training for business development and growth. At this stage … Read More