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Figuring out a Good Business Development Strategy

Figuring out a Good Business Development Strategy

Business development strategies are formed so that a business is able to determine how best to allocate its resources when developing a business plan and figuring out when to invest its limited funds. The basic elements of a business development strategy can be developed by looking at the seven basic questions: who, what, were, when, which, why, and how.
Who is the target audience?
What will be sold to the target audience?
Where is the target audience?
When will they be approached?
Which employees are appropriate to approach these particular customers?
Why would they want to meet with and ultimately buy from the company developing the business development strategy instead of the competition?
How will the company reach their target audience?
Drafting effective business development strategies becomes less complicated if regular account reviews are conducted among key accounts on an on-going basis. Regular account reviews should indicate that 80 percent of a company’s business should come from existing customers, with 80 percent of that revenue coming from just 20 percent of those customers.
This breakdown, which is known as the Pareto Principle, will allow a company to determine how much marketing time, effort, and money should be dedicated to growing new business. Ideally, this number will be around 20 percent of the total selling time.
One effective business development strategy involves growing an existing account by working upwards, downwards, and sideways, since it takes more effort to develop a new relation

What Does a Business Development Manager Do?

What Does a Business Development Manager Do?

A business development manager can be the individual in a small company that oversees the business development goals of the company. In a larger company, one which has a dedicated department focusing on business development, the title for the person who is responsible for overseeing the work of business developer employees may be the Business Development Manager.
The job description for a business developer or business development manager may include identification and development of market strategies; generating ideas and initiatives that capitalized on the strengths of the company or reliable partners’ building a pipeline of revenue generating opportunities; assisting other departments in preparing written presentations, reports, and term sheets in addition to preparing these same documents for their own work; assisting in contract negotiations; reporting on any ongoing and potential business deals; analysis of the prices charged for services and the negotiation of appropriate price changes; drafting brand marketing proposals; and being a contact for outside growth opportunities presented to the company.
Depending on the size of the company, and whether the role is as the lone business developer or as part of a business development team, an individual’s responsibilities can include one or all of these tasks.

Marketing Sales Business Development

Marketing Sales Business Development

A marketing/sales/business development plan requires the culmination of the business development work that is necessary to expand a business or a particular sector of a company.
When doing the business development work to draft a marketing/ sales/ business development plan, the business development work should take into account the planned activities and aims of any entity, group, individual, organization, or company that wants to convert the work into successful results.
No matter how large or small the business or how many individuals are involved, the marketing/ sales/ business development plan should take into account overhead, the needs of the organization, the activities and resources available to the group, and the purpose behind undertaking the business development work.
The marketing aspect of a marketing/ sales/ business development plan applies to the process by which the group determines what it will sell and who it will sell to. Moreover the plan pinpoints when the sale will take place and how execute the transaction. The sales portion of the business development work is sometimes used interchangeably with the marketing aspect, although it is restricted to how and to whom the sales will be made.
Business development work may be the specific responsibility of a particular individual or department, although it is affected by the actions undertaken by every employee in the company.

Importance of Small Business Development

Importance of Small Business Development

The Office of Small Business Development Centers is a Government program that seeks to provide management assistance to current small business owners, as well as to individuals who are considering opening a small business. Small Business Development Centers provides individuals and small business owners with one-stop assistance by making available a wide variety of information and guidance through central and easily accessible branch locations.
The Office of Small Business Development Centers is a cooperative effort between the private sector, the educational community, the Federal Government, state governments, and local governments. These Small Business Development Centers are an integral component of a large network of training and counseling services that are provided to the general public.
These small business development centers also involve assistance from the United State of America Small Business Administration. There are small business development centers in all fifty states, with Texas being home to four and California six, as well as one in the District of Columbia, Guam, Puerto Rico, Samoa, and the U.S. Virgin Islands, for a total of 63 Lead Small Business Development Centers.
These 63 locations oversee a network of more than 900 service locations. These service locations are located at two and four year colleges, universities, vocational and technical schools, Chambers of Commerce, and economic development corporations.