TECH CRATES

Business Development – Get The Basics Right First!

I would like to become a Business Development Executive or a manager of Business Development or even VP, Business Development, these impressive job titles are often heard while working in a business organization. But do you what actually business development is all about? Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing- everything is a part of Business development but are often mixed up and mistakenly taken as the sole function.

The following post emphasizes on the nitty-gritty of business development, what it actually encompasses of, and how to become a right fit. So are you ready to learn the basics right?

What does the term business development mean? If I put it in simple words, BD is all about the ideas, initiatives, and activities aimed towards making businesses better. This incorporates increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.

In order to be successful at business development, one needs to keep in mind that this role is a mix of sales, marketing, negotiations, networking, project management and contact review. In fact, do you which is the best part of working as a BD, it is that you’re not only provided the opportunity to work with various business units throughout the company but even allowed to influence the growth and direction of your business. (This can be easily done on the basis of current business and market trends). 

How to become a right fit for Business development?

A business developer can be the owner himself or a designated employee. Anyone who is capable enough to make or suggest a strategic business change for a value-add to the business can contribute towards business development. Businesses often encourage employees to come up with innovative ideas, which can help in improving the potential of the overall business. Now since this field involves high-level decision making, the business developer should know about the following:

 

Fundamentals of creating an outstanding business development team

BD’s must know that first call is never meant to be a sales call, it has to be something that builds a relationship. Afterall, People buy from people that they trust.

So what can be done is make the follow-up personalized and be sure to recap their main pain point or points that they shared with you. This proves that you actually listened to what they had to say. Also, be sure to include the date and time of when you will talk next. And now it’s time to wait! Don’t stress. Big decisions take time.

In a nutshell

It’s not all about you. We get it, your business is AWESOME! You can do it all; in fact, you have pigs in the backyard behind the building that actually do fly!

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