How important is it for any business entity to have a sales or business development team? The answer to this question is simple yet confusing. As many business entities, even today fail to understand the importance of business development. One of many reasons is not eligible enough to manage business development activities right.
Who may benefit from this article?
- Small to medium-sized enterprises.
- Offshore Companies trying to outsource Business Development operations.
- An entity who plans to indulge with business development activity 1st time.
- An entity that continuously fails to have a business development team.
- An entity that struggles to understand the potential of Business Development.
- An entity that thinks there is more potential but fails to understand the right strategies for growth.
Suggestions and tips will be shared for consideration. It may apply to any business entity directly involving with B2C or B2B transactions. Important tips on growing business!
What is Business Development?
Many confuse business development with sales as similar to how few are confused with a basic difference of Marketing & Sales. I will not further elaborate on the difference as at times it gets complicated. However to be not complicated and defining difference with utmost simplicity ‘Sales is selling products or services whereas, business development is having people buy your business as a whole as it is about getting known in the market as an entity.
Importance of Business Development team!
The business development team may assist any potential small business entity to reach a benchmark of getting known as Mid-Size to eventually large size business entity. The Business Development team allows any business entity to reach its full potential. Business Development teams assist entities to compete efficiently against competitors by getting known in the market. Business Development is about getting known in the market to the right buyers for an eventual close. Mark my words;
There is a set closing time for any customer if dealt right!Route2Success
You have to be efficient enough that when the right time comes for the buyer you are known to them. The Business Development team just does that for you to get known to buyers at their right buying time.
Growth is never by mere chance; it is the result of forces working together.James Cash Penney, founder, JC Penney
To be simple and have you better understand I will introduce you to myself and Route2Success. If you are reading this now you know if you may need assistance with the Business Development team or training your business development team with the right strategies we may be a great help. I can help your business development team achieving desired results by retaining new business clients generating more profits. Contact me for Business Development Consultancy.
If you fail to understand your business development team’s potential, an outside eye may be of great help. Let Route2Success train your existing team or assist with building a new team for your business core operations.
Business Development is an art and in order to learn the art, you have to teach the art.Route2Success
What did I do?
As a reader, you may not realize what I just did above. As an entrepreneur, owner of a business organization, Manager, Operations Manager, Team Lead, anyone from the strategic management directly involved with managing business operations I am sure you will love to hear me out what I have to offer instantly or maybe in the future.
Few may be in dilemma and curious to know how I may help. Trust me, we will not be able to help until we hear your problems out. Others will not even bother and pass but it does not mean they will never want to seek our services.
Every customer has a right time
Here is what will happen. Board rooms, meetings, sales discussions, changing strategies, and etc., etc. require a lot of creative, skillful, and experienced individuals. Consider being in the board room discussing strategies for business growth. If an entity will continuously fail to understand the failure of business development activities and if Route2Success will be known that business organization will call minimum once for how we may assist. Next step is how we take that call resulting in totally a new process with skillful strategies.
Business Development is a Process
Business Development is a process and has its own phases. Business Development comes into existence with a fair amount of knowledge and experience. One has to lead from the front in order for business as a whole to be successful. Business Development mainly comprise off;
- Identification of its buyers
- Getting known to buyers
- Introducing right while being different from its competitors
- Engaging with buyers through proper follow-ups
- Closing the buyer
- Making a sale
- Maintaining long-lasting relationship
Each process directly involves business development activities and has its own strategies. I will be discussing the whole process sharing my couple of strategies and experiences hopefully in the next upcoming articles. Stay Tuned!
Let’s just stay focus!
For now, let’s just stay focus on how business development plays an important role in business growth. If you failed to have a business development team or expect more from the business development team you have stayed with us as I will help you identify the loophole. It really does not matter if you are an entrepreneur, business development team manager, CEO, Operations Manager, or anyone ultimately being held responsible for Business Development associated with a business entity. Is pandemic really a concern?
Motivation is the catalyzing ingredient for every successful innovation.Clayton Christensen, economist and Harvard professor
You are the loophole!
Failure of business development activities associated with business growth is ultimately your failure. You are the loophole. You do not have the right knowledge to lead a team if you are managing a business development team or failing to create one again and again. Business development does not happen on worthless motivated talks. It happens with guts, energy, self-confidence, knowledge, learning, and most importantly by leading from the front. You are the loophole.
The only strategy that is guaranteed to fail is not taking risks.Mark Zuckerberg, founder, Facebook
Stop directing and start leading (For all managers)
Market changes with a snap of a finger. With what is happening one should understand that strategies associated with business development activities changes as market trend changes. New approaches are required, new techniques for getting known are required, and if you are only involved with directing your team and not leading that’s the cause of the failure. Business Development requires a lot of guts, passion, self-belief, importantly confidence that if I am to be responsible to start from scratch I should be able to grow and develop business and not just by directing team members. Leading from the front will have you understand what team members go through and any strategy you will create will impact more as you will be more knowledgeable about market trends.
Increase your knowledge (For all entrepreneurs, CEO, Directors, etc.)
In Pakistan, entities fail to understand having a business development team. I understand business owners or decision makers not having knowledge about business development and trust managers with all on-going activities. Many outperform the competition being successful in managing a business development team but few fail. You have to increase your knowledge and seek assistance from experienced professionals. If you are failing again and again do not try to do things on your own but seek assistance from a professional. By professional I don’t mean to say hire someone having more than a decade of experience. I am sure you must be known by now if you can relate that’s not the solution. Hire an outside eye that is well experienced and ready to help. There are not many who may be able to help but seek assistance from one who understands business core operations (a tip).
Who may be able to help?
It gets confusing whom to seek assistance from when in need of consultation or who to hire for running business development operations. Well, I am not sure either. It is totally dependent on creativity, knowledge, and experience. Knowledge is vital and with what I have experienced myself and suggest on basis of my results if you plan to start a new business development team. Hire an individual with Information Technology & Sales background. Someone who understands basic IT operations (Necessary for business), excellent with sales, good communication skills, Learning mindset, and honest with the employers he/she worked with (get a reference check).
Failure of one department results in failure of all.Route2Success