Since there is such a wide range of ideas of what business development actually is, I thought it might be a good idea to offer a starting point and some common vocabulary. Because they can answer to an address that is close by, your company recognition as a reliable vendor is immediately appreciated. Tim Stokes is a small business management with his company Business Building Mentors specializing in business training services for SME businesses.
Through all the new ideas and steps taken for the business development it ultimately aims in developing the business prospective. In this example, business development or Alliance is responsible for recruiting, managing, and supporting partner companies.
Identifies and executes NEW areas of business – new markets, new distribution channels, new products: typically through the use of partnerships between another company and an internal department at your company. The recession phase is completely over and people are coming back to normal schedule of business. Business development may be difficult to define concisely, but it can be easily understood using a working concept.
Too many professionals spend a lot of time and energy to gain a meeting with a target client, and then go into the in-person with little to no company and industry research completed. The same applies if you find the capacity or skills for business development do not already exist within your business. Each Manager makes a list of clients and segments them by priority such as Gold, Silver and Bronze.
The business growth department of the organization is liable to find the most reliable business partners and maintain good long-term relations with them too. This is quite difficult to do when the sales representative knows little to nothing about the company and their prospective industry.