19 Jun Business development: The key to success!
The business environment is evolving everyday: new markets, new type of customers, new ways to advertise your products… Being able to adapt your business to this new environment is essential if you want it to be successful. Business Development may be the key to your company success!
What is Business Development?
How to understand exactly “business development”? This expression is more and more used in the business world and sometimes we don’t really understand what “Biz Dev” really means.
You can see it as the global strategy to make your business better: how to increase the profitability and the revenues and making all the strategic business decisions for the success of your company. This decisions and elaboration of strategies can be made in many areas: sales, marketing, project and product management… Companies now look for business developers and have recognized their importance and we totally understand why!
What is an effective business development strategy?
But how to be sure to make a successful and effective business development strategy? Here are a few tips for you dear readers:
-You have to understand that business development can be tied to many functions and departments. Business Development is sometimes confused with sales. Business Development and Sales are not the SAME things. Neither it is marketing or product management but Business Development is the expansion plan scenario that can be applied to very different and specific departments.
–Hiring the right business developers is essential if you want your strategies to work. You need people who suit your business, who understand what are its goals and objectives and who can, thanks to that, elaborate the more suitable strategies.
-Knowing your company and its environment means you know who your competitors are. You know what they sell and how they advertise their products. It will help you to differentiate yourself and to stand out in the crowd.
-You also have to know your market and who your customers are, what they want and how they want it. It will help you to win their heart and their fidelity.
-Finally, don’t neglect your online presence. Check the online reviews, improve your web site and be sure your business is adapted to the new digital dynamic.
For sure, elaborating the right business development strategy takes a lot of time and work but if you never lose focus and find the right persons to work with you are going to find the key to success!
That is LSL Management Tip, thanks for reading and be sure to check the other management tips on our blog for LEARN. SUCCEED. LEAD.