The Taxonomy Of Business Development

October 4, 2019 Off By Katy

Business Development
When it comes to improving the running of your business or building up a solid business from the ground up hiring a firm of business development consultants are a great way of increasing your profits and developing a solid business plan. 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.

There are a plethora of activities, conceptualizations, methodologies, tools, frameworks, models, subfields, and buzzwords employed across industries and geographies when implementing growth opportunities for firms. Business growth strategy formulation is an intense process of studying the firm’s strengths and weaknesses, that are used to exploit growth opportunities if and when they present themselves.

Business development involves all tasks and processes concerning both the analytical preparation, monitoring and support of growth opportunities. You will be left with a balance – i.e. “20{1ee280bc6cf9000d563d179381e29c6134a11693ff6a15afd1cf123a0ce7a33d} of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.

A particular interest will be taken into how business development activities differ across company sizes and growth stages, from early-stage startups to fully-grown companies, and the various institutions that can support companies on their paths to growth.

Business Development Metrics

Business Development
Business development requires a multi-disciplinary approach and there is no ‘one size fits all’ strategy. 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 360° view of the firm and its strategy and objectives.

There are resilient businesses that do survive this phase and go on to succeed on a new lease of life. The case for increased focus on the integration of digital marketing with core business development planning must be highlighted. Market research is an important part of business planning.

Implement – If your business is not at the stage to appoint a full time marketing director, at least hire an experienced business development professional to work with your company for a few days a month. A person that specifically focuses on business development will understand how to communicate potential business deals to perspective businesses in the right manner.

Business Development Consultants

A business development plan is an essential tool for all prudent entrepreneurs if they wish to remain in business. 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.

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.

An effective business development approach is to encompass several major steps in the evaluating process including: your identification of the opportunity; what are your committed resources; the actual development of your business proposal; market evaluation; competition; and your time restraints.

What Does A Business Development Specialist Do?

In the almost 30 years that I’ve worked as a CPA, I’ve had the opportunity to see businesses go on to achieve amazing results in the marketplace and for their community and for the owners. In essence, a second stage accelerator bears a strong resemblance to traditional management consulting firms, but adjusted to fulfill the needs of SME’s. A consultant brings fresh perspective, yes, but they also bring to you a proven track record of helping businesses like yours.

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.

Hire A Business Development Expert

Business Development
When it comes to improving the running of your business or building up a solid business from the ground up hiring a firm of business development consultants are a great way of increasing your profits and developing a solid business plan. During this phase, the business require infusion of additional capital to buy capital equipment to increase production (for manufacturing businesses), to establish additional service network (for service providers) or procure more goods for trade (for trading businesses).

Many separate workgroups or business units support the BD process, from corporate management to the operations staff to production personnel and administrative staff inside the company, to third party Subject Matter Experts (SME) or professional proposal preparation personnel like those provided by third party consulting firms.
Strategic focus, institutional strengthening, human resource training and financial strategy, are some of the dimensions that a second stage business accelerator may offer.