The Business Development Strategy is used to underpin your main Business Plan and essentially it sets out a standard approach for developing new opportunities, either from within existing accounts or by proactively targeting brand new potential accounts and then working to close them. In many cases this role is a liaison between sales, marketing, procurement, and management. It might be hard to decide if and when to use various business development services. For example, life science and other firms with R&D cycles require more time in an incubation program service companies.
From the birth of ideas to early startups, to small and medium enterprises (SMEs) who seek second stage growth, and all they way to strategy implementation for corporate giants, many institutions exist to support firms in their business development efforts.
While a consultants hourly rate may be higher than you’re comfortable with a deal can be put together much faster by a professional than someone trying for the first time to structure a business partnership. If you’re the typical small business starting, growing or even just surviving in a tough economic market with little or no credit, you also need business development strategies that don’t eat up your cash flow.
Boutique consulting firms offer organizations highly specialized advice that addresses specific problems or aspects of a business. The inevitable is cash flow drying up and losses mount up. Most businesses fold up during this phase. Failing to do this a common problem with companies and their sales teams and even more so with business development professionals as the relationships they have and bringing to the table are often held tightly and not given up easily.
The 5 Phases Of Business Development
Every business has its life cycle that it undergoes during the course of its entire existence. While a business development expert can always play the role as sales person the opposite is not always true. Examples of niches in which boutique consulting firms operate include human resources and staffing, IT, healthcare, business process outsourcing, and accounting.
One way or another, these institutions interact with companies on their growth journey and provide all kinds of resources to support them, including funding and physical work spaces (offices), professional support, advice and mentoring, tools and frameworks, strategy development and operations efficiency, and access to important networks in the business ecosystem.
Another dynamic of this is that it can be difficult to admit that sometimes we need help, or it could be that upper management would take a dim view of our abilities if we asked for outside help with our internal processes. Incubators often employ a selective screening process assessing the feasibility and workability of the business plan of incubatee prospects before letting hem join the program.
What is business development? A marketing and constancy firm can demonstrate where they’re succeeding. Using the help from a second stage business accelerator can be one way to overcome these challenges; to (re)establish the entire “business machinery” required to allow growth to take place.
They come in the form of governmental institutions providing funding and support to entrepreneurs, and private institutions in the form of business angels and venture capitalists, business incubators and seed accelerators, second stage business accelerators, boutique consultancy firms, and large management consulting houses.
Its products and services are gaining acceptance in the marketplace and customers are patronizing them in increasing numbers. Find all kinds of information about small businesses, right from beginning a small business, to getting government grants, analyzing the market, etc.
Business Development Plan
Business development requires a multi-disciplinary approach and there is no ‘one size fits all’ strategy. During this phase cash flows stabilize and establishment of marketing networks and operational channels are completed. Hiring a consultant or consulting firm to act as a business development team for you company is a great route for many small businesses. In a new business development it is a visionary process, in which a direction for the venture can be identified and a systematic and orderly processes can be established as part of the overall business plan.
With the development and constantly-expanding use of the Internet, many entrepreneurs are finding it easier to tap their potential market, and market their products and services to customers across the globe. There are both niche specialists targeting specific business needs and generalists taking a 360Â° view of the firm and its strategy and objectives.
So many professional service firms we meet bemoan the track record of most of their folk in developing new work and new clients in attractive niches. While there of course exist much overlap between of these fields, it gives an idea of who, how, when and for whom various actors interact with firms on their path to growth. During this phase, the business experiences market pressures from all quarters, and are unable to handle them successfully.
In such instances boutique consultancy firms come in handy to for example support a particular project or give advice on matters related to a specific topic such as law, finance or HR. Larger corporations often make use of larger management consultancy firms to identify existing organizational problems and development of plans for improvement.
Lastly, the value of business development services is discussed from the perspective of small and medium sized enterprises (SMEs). This is the third stage of a business development.