Type “business development” in Google and you’ll get a lot of articles talking about long-term value, growth, strategies and how the term connotes ambiguous definition, without really getting one single specified meaning.
What exactly is business development? And how do we go about understanding it? The term in itself connotes a defined meaning that we correlate in moulding and growing the business. It is all about discovering and identifying new business opportunities, including outsourcing business solutions that could positively equate to company growth.
And what better way to do it than coming up with strategies that is intertwined with marketing and results in sales? Business development, as vague and encompassing as it may sound, is a plan. Drop off the ambiguity and start simple. Look at it as a plan, and look into it the way you would prepare for a party. What are the key aspects that you would have to think about?
FOCUS ON THE RIGHT TARGET WHO
Who are attending the party? Who is celebrating and who are the invited guests?
In business, you have to define who your market is, and target it with a concrete plan. Maintain your focus on the market and your customers. The same principle follows for partners and deals. Instead of being reactive to who is chasing after you, focus and keep your mind on what really matters. Get into selective hunting and strategic targeting instead of riding along in what is openly available. Focus on the right target. Who are you targeting?
UNIQUE SELLING PROPOSITION (USP) WHAT
What are you celebrating? What is this event that you have a total control of?
In business, make it a point that your product or your service stands out. Have a unique selling proposition. Bring an asset to the table — something special, something that cannot easily be copied by another company. It can be tangible or intangible, a new product or a buzz. Find your company or your business strength and use it as a competitive advantage.
TIMELY MANAGEMENT WHEN
When is the party?
The aspect of time is important. Proper and timely management are essential keys in a growing business. Seek out a plan that coincides with the market. When do you launch your new product? When is the best time to increase marketing? When do you say yes to a deal or a partnership, and when is it time to leave? Know when to cut to the chase and go.
LOCATION IS KEY WHERE
Where is the party?
Location is always the key. In developing a business, it is not simply a matter of branches or the number of franchises. The governing rule in business growth, at the end of it all, is long-term sales. Having only one or a few branches with optimized sales is way better than having a multitude of branches that are not profitable. Is your business growing in its current location? Is your business targeting the right location? Furthermore, develop your business by locating your strength and your weakness. Gather up the team and locate what business aspects need an overhaul. With the ever growing and evolving technology, get your business up to date with the latest marketing trends that fit your business.
Just like in parties, all the above will not work right if you do not have the right people. Without organizers, there wouldn’t be a party in the first place. This leads to another important, if not the most essential, aspect in developing a business, the workforce and partnerships:
DEVELOP THE WORKFORCE
In business, the workforce is the backbone of a company. Develop your work force. Invest in human resource service that will constantly enhance the knowledge and skills of new and existing team. Know when to increase the number of people, and know when to cut-off the team. Continuously enhance the knowledge of your staff by attending seminars, conference, workshops, etc. Let the work force join formal training programs to develop and enhance skills.
Outsourcing business development is a trending strategy to develop business. Not only will it ensure that a specific aspect of your business is handled by experts, but the cost and expense can actually be more beneficial to your company. Just like in a party, why do you have to do everything on your own when you can get someone to do it for you? Instead of taking all your time and resources decorating the venue, puffing balloons and hiring people to help you, why don’t you get one point person that will help you save time and possibly money because they are experts on the field? Business Development is indeed comparable to planning a party. If figuring out how to create opportunities for growth may put you in a complex situation, break it down and start simple. Understand the underlying terms. Dice up the ambiguity and look into the basics. Figure out how to create opportunities for growth by looking into 4 core practices:
- Focus on the right target
- Unique Selling Proposition
- Timely Manner
- Location is Key
The backbone of these 4 practices is the workforce and forging partnerships. Outsource business solutions when needed and develop the workforce by investing in human resource services.