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Business Development Tips

Business development can be one of the fastest ways to grow your business.

Business Development Tips In early 2017, Entrepreneur Hideout will release its next book on business development. To get you ready for the book we have included below a few of the highlights from the book.

“Business development can be one of the fastest ways to grow your business,” writes Bruna Martinuzzi. “Doing it right may pay big dividends; doing it wrong can be demoralizing.” But doing it right is often easier said than done.

Two reasons that many companies fail at business development is that they do not themselves know what they mean by “business development” and they don’t have the right person in the business development role.

In small companies and start-ups it is usually the founder and/or CEO that is mostly responsible for business development. As the size of the company grows, companies typically hire business development professionals to focus exclusively on developing future business.

What exactly is business development? Like so many other concepts in entrepreneurship, it depends on who you ask. Some consider it relationship building. Some consider it sales. Some somewhere in between. This variation in business development job descriptions is one reason companies struggle in hiring the right person. to a large degree, business development is in the eye of the beholder.

For purposes of this article we’ll take Eric Grafstrom’s definition of business development: “In general, the person (or team) in charge of business development will identify and create partnerships that enable leverage for driving revenue, distribution or that enhance the product.”

Each company should take their definition of business development and drill down into what successful business development looks like. The process should result in the development of SMART goals (Specific, Measurable, Agreed Upon, Realistic and Time-Based) that can be documented, measured and used to guide and hold accountable business development officers.

The inability to establish metrics, or key performance indicators (KPI), to measure results will surely result is failed or poor business development efforts.

While KPIs enable the company to measure business development results, ultimate business development success is dependent upon having the right person driving the efforts. Besides obvious characteristics such as strong communication skills and tenacity, successful business development officers will also possess deep industry knowledge and maintain a strong network comprised of decision makers and gatekeepers that can provide access to decision makers.

In early 2017, Entrepreneur Hideout will release its next book on business development. To get you ready for the book we have included below a few of the highlights from the book. Feel free to share this page and tweet your favorite business development tips.

 


























About Jesse Torres (37 Articles)
Jesse Torres has spent over 20 years in leadership and executive management positions. Jesse maintains a wide range of skills that include risk management, internal audit, operations, information technology, marketing and public relations. Jesse has written books and articles related to entrepreneurship, marketing, and social media. Jesse is a contributing writer for Entrepreneur, a frequent speaker at conferences and is often interviewed by business publications. He holds a B.A. from UCLA and is a graduate of the Pacific Coast Banking School. He holds several certifications, including Certified Information Systems Auditor, Certified Internal Auditor and Certified Information Systems Security Professional.

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