A business development plan is an essential tool for all prudent entrepreneurs if they wish to remain in business. 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.
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.
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.
Firms of all sizes will sometimes find that they lack a particular skill or area of expertise, and seek the advice of a specialist. In the table below a classification of business development institutions are plotted out, based on the various stages in the company life cycle.
Business Development Consultants
Every business has its life cycle that it undergoes during the course of its entire existence. One important aspect of the BD process is that it is most effective as a closed-loop system, in which the Operations Phase information feeds into the Positioning Phase for an ever-changing system that quickly reacts to changing conditions in the marketplace.
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.
From the birth of firms through incubators and seed accelerators, to boosting growth for small and medium firms by means of second stage business accelerators, to advising corporate giants through management consulting firms, business development constitute an important element any phase of the company life cycle.
What Does A Business Development Specialist Do?
Business development requires a multi-disciplinary approach and there is no ‘one size fits all’ strategy. Large management consulting firms are able to draw from massive reservoirs of overlapping knowledge and expertise in contrast to the more narrowly focused boutique consulting firms, and can offer a single client support on IT, strategy, operational, human capital, and financial issues.
Implement – If your business is not at the stage to appoint a full time marketing director, at least hire an experienced business development professional to work with your company for a few days a month. A person that specifically focuses on business development will understand how to communicate potential business deals to perspective businesses in the right manner.
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.
Hire A Business Development Expert
A correct strategy can simplify the complexity of business equations. 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.
fees under management, outside personal billings, own workgroup, and practice group – that is, relationship management value contributing to the rest of firm and indicative of spread of fees and services. Every business, big or small, has unlimited scope to grow if it plans and implements proper business growth strategies.
Business Development Strategies That Work
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. In essence, a second stage accelerator bears a strong resemblance to traditional management consulting firms, but adjusted to fulfill the needs of SME’s. A consultant brings fresh perspective, yes, but they also bring to you a proven track record of helping businesses like yours.
Its products and services are gaining acceptance in the marketplace and customers are patronizing them in increasing numbers. Find all kinds of information about small businesses, right from beginning a small business, to getting government grants, analyzing the market, etc.
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.