Business development requires a multi-disciplinary approach and there is no ‘one size fits all’ strategy. An effective business development approach is to encompass several major steps in the evaluating process including: your identification of the opportunity; what are your committed resources; the actual development of your business proposal; market evaluation; competition; and your time restraints.
Marketing – Your marketing strategy will have a direct impact on your success. Just as when buying any service, when contracting for professional business development services it is important to have clear deliverables. This is the third stage of a business development.
These firms tend to work with private sector companies but also with governmental institutions and nonprofits. Marketing is not ‘selling’, though sales is considered as a part of marketing. Yet, management consulting has long been a booming market with numerous players, both large and small, offering their advice to firms.
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{1c82fb2f91e411783981e1bf94b1927e709ccc3a34348206967bbb0a3f68d586} of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.
Management Systems
The Business Development Strategy is used to underpin your main Business Plan and essentially it sets out a standard approach for developing new opportunities, either from within existing accounts or by proactively targeting brand new potential accounts and then working to close them. 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.
Fast growth can cripple a small business if there isn’t enough cash flow to fulfill on the sales. Marketing involves all activities such as planning and strategy, marketing research, pricing, advertising, branding, communication, customer service and other important functions, that finally make selling possible.
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.
Business Analyst
In the almost 30 years that I’ve worked as a CPA, I’ve had the opportunity to see businesses go on to achieve amazing results in the marketplace and for their community and for the owners. In the cases where the business has taken the steps to develop and to base their activities on foundational marketing planning then in these circumstances – these plans can be used to serve as a basis on which to base the digital marketing; search engine and social media activities upon.
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 … Read More..