Our Business Development approach helps you get focused on the key elements of business growth.
- Goals:We get you focused on measurable, specific timely goals that get you motivated and create momentum.
- Reality:The foundation for goals is a thorough needs assessment, GAP analysis and capability assessment or in other words: Define your team, core values, resources and starting point.
- Options:Our job is to provide a roadmap in the form of a business plan, and guide you along all steps of growth and business development.
- Move Forward – after the roadmap we will help you execute an immediate action plan with milestones to measure progress and results.
Business development activities extend across different platforms, including sales, marketing, project management, product management and vendor management. Networking, negotiations, partnerships, and cost-savings efforts are also involved. All these different departments and activities are driven by and aligned to the business development goals.
- Sales: Sales personnel focus on a particular market or a particular set of client(s), often for a targeted revenue number. With such set goals, the sales department targets the client base in the new market with their specific sales strategies.
- Marketing: Marketing involves promotion and advertising aimed towards the successful sale of products or services to the client. Marketing plays a complementary role in achieving the sales targets. Marketing is broken out by budget and will often include print, social media, online generation tools, email blasts and sector specific promotional events.
- Strategic Initiatives or Partnerships: To enter a new market, will it be worth going solo by clearing all required formalities, or will it be more pragmatic to strategically partner with local firms already operating in the region? Assisted by legal and finance teams, the business development team weighs all the pros and cons of the available options, and selects which one best serves the business.
- Product Management: Regulatory standards and market requirements often vary across different states and municipalities. Does the new market requires any customized version of the product? These requirements drive the work of product management and manufacturing departments, as decided by the business strategy. Cost consideration, legal approvals and regulatory adherence are all assessed as a part of a business development plan.
- Vendor Management: Knowing what vendors to choose from can make all the difference as vendors must mirror the business objectives. We work to assist to make sure that the vendors meet the requirements necessary to meet company goals.
- Negotiations: A few business initiatives may need expertise in soft skills. For example, negotiating may be needed with different third-parties such as vendors, agencies, government authorities, and regulators.
- Cost Savings: Business development is not just about increasing sales, products and market reach. Strategic decisions are also needed to improve the bottom line, which include controlling operation costs. An internal assessment revealing high spending on travel, for instance, may lead to travel policy changes, such as hosting video conference calls instead of on-site meetings, or opting for less expensive transportation modes. Similar cost-saving initiatives can be implemented by outsourcing non-core work like billing and accounting, financials, IT operations and customer service. Strategic partnerships needed for these initiatives are a part of business development.