5 Business Development Don’ts

5 Business Development Don’ts

In my over 25 years experience in business development for Financial institutions, IT enterprises, Law Firms and Medical Practices there is an unfortunate, common repetitive pattern/tendency that costs unnecessary money and reduces efficiencies considerably.

This tendency can simply be defined as “unproductive” business development practices. While it can be stated simply it is NOT a straightforward problem in the least. Not appropriately, consistently and diligently creating and implementing a business development plan can and does cause significant financial and productive leakages to a business entity. For a small or growing company, business or practice, such a business development oversight can and often is very detrimental in many ways.

I have identified 5 of the most common unproductive business development practices. I hope that, if you can identify any or all of these within your business entity, you recognize the red flag and take heed.

The 5 Major Business Development Don’ts are the Following:

1) Don’t Randomly Advertise. Sounds weird, but it is NOT. One of the most common mistakes and seemingly harmless ones is to advertise a company, product or service without a clear target.

Unless you are a large entity, advertising expenditures should be seriously confined for specific targeted campaigns. Brand recognition advertising for smaller and or new practices is NOT an optimum use of resources.

2) Don’t Just “Get” Business- Instead Get the Right Business.

A common mistake in small to medium size companies is to “accept” any client even if the fit is not perfect, i.e. a client project that is not cost effective or a “difficult problematic client” or a client whose request is out of the range of expertise.

This can be a seemingly difficult situation, especially, if there are cash flow issues within a company. However, ultimately, saying no to these clients is the most cost effective solution.

3) Don’t Leave Your Business Growth to “Chance”

Many small businesses and medical practices get “caught up” in servicing clients when ample clientele is at hand, thus, ignoring future business needs. For small to medium size businesses this is one of the major causes of cash- flow problems. There should always be a consistent everyday effort to bring in new clients. This ensures a constant source of new clients as they progress through the customer life cycle.

4) Don’t Ignore Your Previous Clients

One of the biggest sources of potential revenue for any business, medical practice or law firm is satisfied past clients. There are three ways that these clients can generate new revenue for a business: firstly, by cross-selling other products or services that are complementary to what they bought last time; secondly, by up-selling services or products that enhance their growth or customer satisfaction; thirdly, referrals. Satisfied customers are one of the greatest sources of new business. However, in order for this to be successful you must cultivate a “relationship” with your clients via warm calling, holiday cards, emails, gift certificates etc and you must ASK! Previous Clients are the quickest most effective way to gain new clients… do not ignore this financial resource at your fingertip!

5) Don’t Confuse Business Development/Sales/Marketing

Sales and Marketing are quite distinct from Business Development. Simply put Sales represents the completion of a client prospecting stage, Marketing is the means to communicate value and awareness of a product or service, while Business Development represents the holistic/big picture for business growth. More specifically, business development concerns the tasks, processes and preparation for business/opportunity growth. Business Development is in essence the means to obtain the plan and targeting for growth. Having this plan/bigger picture helps to refine the client/service/product penetration and thus expedites and streamlines the sales and marketing efforts.

Ironically, most sophisticated and large companies have well funded business development departments, however, it is the start-ups, small and medium size enterprises that actually need a business development team or process the most.

It is my sincere expectation and desire that should you identify any of these “red flags” in your business it will start a thinking process and adjustment of your entity’s activities and strategies.

Georgia Ismini Lainiotis is an international expert in business development. Her industry expertise is primarily within the financial services, IT, medical, and law fields with some specific manufacturing experience as well. She has written and presented numerous articles on business development, global strategy and strategic alliance formulation. Georgia Ismini is a graduate of Smith College and holds an MBA and MA degree. She speaks 5 languages fluently Portuguese, Spanish, Greek, English with working knowledge of Japanese, French and Italian.

Services Provided By Business Development Consultants

Before a business goes public, it must create for itself an identity. To effectively accomplish this, many businesses turn to the help of business development consultants. These professionals are able to help businesses create business plans, brands and much more. Sometimes, they help with development expansion as well as the day-to-day operations that companies carry out. Because of the services these types of consultants provide, they tend to be experienced in an assortment of business-related topics. From brand marketing to start-up budgets to brand development, there are many areas in which the consultants can be of great value.

Brand Development

There is much involved in creating a brand. From a logo to a catchy slogan, a business development consultant will be able to help with the many different brand-related aspects. By creating an effective brand, a business will be sure to establish itself as a trusting company that consumers consistently turn to when they need particular products and/or services. Many times, a business will already have an established brand, but will turn to a business development consultant to help enhance the brand. In doing this, the business is able to reach a wider audience, which helps in boosting profit levels.

Marketing Techniques and Strategies

No matter the industry a business is operating in, it will need to effectively market its products and/or services. For businesses who struggle with this aspect of running a company, it can be of the utmost value to turn to the services offered by business development consultants. From social media marketing to print marketing, the consultants can make sure that a wide variety of marketing outlets are used to increase the brand awareness of a business. Businesses that have yet to create a company website for their selves will definitely benefit from obtaining website development services from a business development consultant.

Business Expansion

Once a business has implemented an effective business plan, it is then time to attract clients and customers. To do this, the business will need to generate and follow through with leads. Generating leads can sometimes be quite difficult; however, with the help of an experience business development consultant, attracting, finding and retaining leads can be much simpler. From identifying target markets to gathering contact information, there is much involved with generating new leads, but a business development consultant can carry out a wide range of processes to ensure new leads are obtained on a consistent basis.

A successful business entrepreneur doesn’t have to possess a formal college degree; however, he or she will need a wide range of expertise knowledge relating to the business world. For some entrepreneurs, the best way to obtain this knowledge is by hiring a business development consultant. This type of consultant can be very resourceful in many business situations, including the development of effective marketing strategies and much more. For many businesses, their success is determined by the consultants that they partner with, making it very important for a professional consulting firm to be hired.

AllbusinessCoaching.com is a Mountain States based Business Coaching Consultants Small Business that provides professional Leadership, Management, and Business Development Consulting & Mentoring, Training, and Coaching services and product solutions. Find out more about entrepreneurial resources.

Would You Aim for a Business Development Manager’s Role?

The presence of an efficient business development manager is crucial to a business’ existence. It is one of the key roles of this age, that every business seeks to fill in, hiring a strategic planner, who can grow with the company. Those employed as the business development managers look after his/her team’s collective effort, looks for potential clients in the market, defines the target audience, and if needed, even redefines the company’s objectives.

These are top-level executives, who remain I contact with the management. Their ultimate goal is to create new business opportunities and ensure the company’s long- term growth. The term ‘business development’ can be described as an amalgamation of strategic planning, sales and marketing. Those holding more than 5 years of experience in sales can also be considered for this position. Besides, many leading firms consider MBAs to be hired as business development managers. Most commonly, those hailing from sales are seen heading for these career options. However, business development has a lot more than just sales, but the sales professionals are found suitable to fit in these jobs.

Job Description

Defining target audience and looking for potential clients
Preparing strategies to pitch the products to clients
Marking team’s collective efforts and keeping a checking on the lead generation
Representing the organization in the corporate events
Preparing monthly reports and analyzing the same
Providing essential data to the management
Taking essential steps for corporate associations
Identifying new sales opportunities
Working in coordination with other departments such as sales & marketing

Key elements for a business development manager’s role

For every business development manager, the following elements are of great significance.

Business Acumen

A business development manager can explore job opportunities in numerous sectors, including FMCG (Fast Moving Consume Goods), IT (Information Technology), Finance, Manufacturing, Consulting, and others. In any of these sectors, an understanding of the industry and the business is needed for the professional to possess. It will not just help him conveniently take on the role, but will also take the right decisions with an understanding of the business.

Management & Research

He plans as well as manages to take the business the next level. A professional serving as business development manager has to lead the team and direct it to the right path. For this, leadership and management are of great essence. Besides, research too is a major element for these professionals. They need to research well about the market, the prevailing trends, the customer’s requirements, and so on.

Strategic Planning

The business development managers are also involved in planning the campaigns to target the potential clients. They may even look for marketing and sales related data for the same.

Customer Service

Another major element remains the customer service. They need to ensure whether the customer their team is dealing with, is entirely satisfied with the services. They also need to constantly check on a crucial deal that has not been closed.

The Other Essential Details

In the recent years, the need to hire these professionals has been realized by most of the brands. They can explore the job offers from varied sectors as per their preferences and knowledge. However, some of the leading organizations they can aim to work with include Infosys, Deloitte, KPMG, Ernst & Young, Wipro Technologies, Cognizant, and many others. Further, these professionals can expect to earn Rs 578,392 per year in India.