Job titles continually evolve based on the
changing needs of companies. An evolution of a sales function could look like:
sales person, account manager, business development specialist.
A job of a sales person is to sell to customers
and prospective customers. An account manager makes sure that existing accounts
are taken care of and services. A business development specialist might also
work on specific accounts to help develop the business to its full potential.
Business development specialists might work on
accounts but they might also work with the executive team of a company to
develop the business in general. This can be done through several methods, such
as:
- Gathering Business Intelligence - A specialist can help you learn about things going on in business and in your industry that can help you strategise.
- Generating Leads - Lead generation and follow-up are vital aspects of making money. A specialist can help you uncover new leads and ensure that you are taking full advantage of every hot and warm lead you get.
- Strategic Planning - Are you planning for the future based on business intelligence and competitive analysis? A consultant or specialist can help.
- Marketing - Your marketing strategy will have a direct impact on your success. A specialist can help you market effectively and measure your success to help you continue to plan and grow.
A business development specialist is typically a
cross between a marketing and a sales person. In many cases this role is a
liaison between sales, marketing, procurement, and management. They'll
sometimes work internally and at times they'll work directly with clients as
well.
Should You Develop Your Business?
Companies that choose to hire people in these
roles (or that choose to hire a consultant) want to ensure that not only are
they servicing existing customer needs but that they capitalize on
opportunities as well. Those opportunities can exist based on existing
customers, prospects, and industry changes, such as new products and / or
services.
It's no longer enough to simply manage your
business. It needs to continually evolve with the changing tide of business in
general as well as the changes in your specific industry. So many things need
to be considered when trying to service your existing customer base and grow.
Some business development specialists are worth their weight in gold; working
with your customers, your sales force, your management team, and even with your
vendors to ensure that you're best able to position their products as well.
Your Business Development Strategy - Refine Your Plan
So you had a good year last year, that's a good
thing. What do you think was missing that kept it from being a great year? In
his book, Good to Great, Jim Collins says "Good is the enemy of
Great". Oh great you say, it isn't enough that I had a good year, now
someone wants me to be perfect. No, not perfect, just great! And why not, after
all when you started your Business you likely had a vision or dream about how
you were going to do things differently, bigger, better, faster than anybody else.
You were going to make a difference, innovate and dominate, leave a legacy that
would live long after you left the scene.
What will become abundantly clear when you are
growing your company is that the work will be hard and much of your time will
be sacrificed to make it happen. The learning curve will be very steep at
times, but the reward will be sweet and worth every moment you have to wait.
For those of you that think success will happen overnight, you're probably
better off buying lottery tickets, the odds are better. The concepts of
business development are not just some irrelevant abstract theory, they are
essential to the future success of your business.
The truth is, most Businesses are quite simple to
operate, just not easy to do. Almost every Business operates on the same model
of gathering customers through various marketing strategies and then having an
effective conversion process or sales system to create a new customer. The next
step is to implement customer service systems to serve them well, keep them
coming back and become raving fans for life. We must also have an effective
Human Resources division to select, hire and train our personnel to perform the
duties and responsibilities of the various positions. All of these areas affect
your business development and management.
Ideally, with a fully executed Business
Development Plan, we would have a policy or procedure for every operating
component of our Business, a system that would ensure smooth operations. A
system that would allow the Business to operate with or without you being
there. Finally, we must understand our financials, manage our fixed and
variable costs and keep the cash flowing. All of this of course hinges on one
critical component. That component is your leadership. You must create a
culture that rewards and empowers your team to be their very best and to have
them constantly seeking ways to do better than before. All of this must be done
while juggling your family life, personal interests and maintaining excellent
health!
Simple enough right? Just not that easy to do! So
where do you start on this road to greatness? The question our clients hear us
ask all the time is "How do you eat an elephant?" "One bite at a
time!" That first bit is creating your business development plan.
So in the interest of greatness, take a few
minutes and do the exercise below. This is the first step in forming your
strategy for Business Development.
The Work/Career Wheel
Draw a circle on a piece of paper and divide it
into eight sections, like a large pizza. On the outside of the wheel above each
slice, write the following points; Marketing & Sales Processes, Customer
Service Strategies, Relationship with Employees; Understand Your Financials,
Systematization of Business, Organization & Time Management, Leadership
& Vision and Work/Life Balance. These represent the most common ares of
business development.
For each section of the Work/Career Wheel, score
your sense of satisfaction on a scale of 1-10 (10 = very satisfied). If an area
doesn't apply, replace it with a more appropriate label. Once you have
scored all the sections, identify the top three areas that you would like to
target. Ask yourself the question "if my current score is ____ in this
area, what would a 10 look like?"
I hope this has been revealing and at the same
time encouraging that you can build a successful Business with an effective
business development strategy. At the very least,set aside 1-2 hours each week
to work on your Business in the areas you have identified as priorities to help
improve your Small Business Management.
