Brilliant business development ideas have helped small businesses grow into big businesses that employ hundreds to thousands of people. This job is suited for Marketing-oriented people who have good knowledge of market and understand the clients well. The function of business development is to work through partners to sell to the end customer, in a scalable way. In actual terms, every business – big or small wants to have a business development manager to promote business and make new customers.
But if you need help refining your business model or if you are a first-time CEO seeking guidance from proven peers and entrepreneurs, these types of services can be perfect. The very first function of a business growth team or department is to think of new ways of doing business. Overall, boutique consulting firms focus on a limited scope of industries, and resolve business issues quicker than large management consulting firms that require more time for a specific project.
If the contact is decided to be monthly, then within a quarter, you may have a coffee meeting one month, contact by email another month and invite them to be your guest at a business breakfast the next month. It sure works for consumer goods, save for a few fashion disasters, but doesn’t work as well for business development. There are times when a company needs to work together on a specific business opportunity.
We become trusted advisors to business owners (and often their management teams) wanting their companies to grow because they see new opportunity. Business Development experts are known for being trusted advisers who influence the decisions of leaders around the world. Strategic partnerships needed for these initiatives are a part of business development.
Furthermore, they must embody the desired development culture of the value based business by being open to new ideas, by listening intently and by incorporating different ways of looking at things into the business environment. Due to the wide open scope of business development and activities, there are no standard practices and principles.