Business Development Tips

Business development involves tasks and procedures that can help develop and implement growth opportunities within organizations. It is the creation of long-term value for a business or organization from customers, markets and creation of relationships. The following are business development tips you should know:

Get the right person at the right time

In the commercialization stage of any business or brand, there are three stages involved; scouting, testing and scaling. Some people can be an asset at the first stage of the commercialization process while others are best suited for the last stages of the process. An individual with strong knowledge about the industry, who knows how to effectively network may be better suited for the initial development stages. Conversely, one who can finalize deals would be better suited at the later stages of the product or service lifecycle.

Understand the difference between sales and business development

A professional in charge of business development as a process is responsible for identifying and creating partnerships and relationships that will enable you to drive revenues, product distribution and product / service development. Sales only focus on driving revenue and not fostering long term relationships. If you can differentiate between these two, you will be able to understand what business development is all about, and create to right team to help achieve your growth goals.

Know your competition

It is important for you to understand who your competitors are and what they are offering that you are not offering. This will enable you to differentiate your products and your business from your competitors, and thus create an important competitive advantage. Work on this differentiation, and help your business progress.

Add value and build trust

The best way of attracting and retaining customers is by adding value to what you are offering and building trust with them. You can add value by providing knowledge and information, give advice, treating your customers right and even offering after sales service. This way, you will be building a reputation and trust among your customers. Loyal customers are the best customers, and they tend to be the ones who stay around for awhile.

Leverage your resources

Delegating responsibilities is one way of making your life easier, while involving your employees into the day to day running of the business. You can let other people do those minor tasks as you concentrate on the major tasks like decision making in your business. By leveraging your resources, with both people and technology, you will be able to get more things done for your clients, suppliers, prospects. Plus, you will have time to focus on business development and building long term relationships.

Follow these business development tips, and you will be assured of raising your business to the next level.

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