A correct strategy can simplify the complexity of business equations. A particular interest will be taken into how business development activities differ across company sizes and growth stages, from early-stage startups to fully-grown companies, and the various institutions that can support companies on their paths to growth.
But if you need help refining your business model or if you are a first-time CEO seeking guidance from proven peers and entrepreneurs, these types of services can be perfect. The Seed Accelerator derives much of its characteristics from the business incubator; their services often include pre-seed investments (usually in exchange for equity) and the focus is on business model innovation.
Companies that want to execute business deals with larger fortune 500 type companies should always highly consider hiring an expert that has preexisting relationships with the company that you want to do a deal with. This is an ideal time for businesses to consider expansion or diversification.
While the business plan is critical for the success of the new venture, it is not the first step in the process. Undeniably, business development is a crucial component of a firm’s success – the opportunities forged today will define what the company is doing on tomorrow.
What is business development? 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.
Business development involves all tasks and processes concerning both the analytical preparation, monitoring and support of growth opportunities. You will be left with a balance – i.e. “20% of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.
While a business development expert can always play the role as sales person the opposite is not always true. Examples of niches in which boutique consulting firms operate include human resources and staffing, IT, healthcare, business process outsourcing, and accounting.
If your business has been struggling to get more clients in the last few months or year then consider hiring a business development expert that can find the right joint venture marketing partners that can deliver hot leads to your sales team. In many cases this role is a liaison between sales, marketing, procurement, and management. It might be hard to decide if and when to use various business development services. For example, life science and other firms with R&D cycles require more time in an incubation program service companies.
This is an extract from my FREE eBook – “How to Construct an Effective Business Development Strategy” which is available for download – please see details below. Business Process Management (BPM) is an all-round management approach that aims at aligning all the business processes with its core vision and consumer … Read More