“Do not be afraid to hire or promote outside of linear experience and exacting parameters,” said the C.E.O of Collective, Kerry Bianchi. While business development has evolved to mean different things to different companies, the core principles of creating long-term value are globally applicable and acceptable. Whether you are a relationship manager, a painter or a lawyer, you should understand the importance of growth and how to navigate to the top. A recent survey by Forbes of executives of large companies to unearth effective and practical tips for new business development professionals found the following fundamentals:
Build relationships early
“Looking back, I would have focused on broadening relationships and expanding my personal network, both within and outside the organization much earlier in my career,” said Beth Brooke-Marciniak, the global vice chairperson of public policy, Ernst & Young. She added that young people in business could often find themselves excluded from many emergent networks, so it is imperative to make a conscious effort to build relationships early in addition to conducting business perfectly. In this regard, you should take advantage of opportunities to network by pursuing avenues to meet successful individuals outside your setting. Be sure to attend events that are relevant to your operations and interests and do not hesitate to introduce yourself. “Most of them tend to work with those they like, and if the right one takes a liking to you, your business could benefit largely,” she said adding that the more people you meet, the more chance you have of meeting your game changer.
Prioritize your time
“It’s important to simplify your services or products for 2 reasons; so your customers are clear about what they will receive from you, and so you can build in time to properly manage your business, ” said the C.E.O of Chicago Planner Magazine, Jessica Dalka as she emphasized the importance of treating time as a precious resource. Most startup entrepreneurs and business development professionals often lament that there is so much to do and not enough time. However, she says that because it gets even busier, entrepreneurship teaches you a vital skill for success in business development: prioritization. Global Resources Reviews adds that the only way to accomplish your most crucial goals is by focusing and spending much of your time and energy on them. As such, before scheduling your meetings and other undertakings, always consider the resulting opportunity cost.
Companies are most fruitful when everyone on the team works in unison. “Your employees are your greatest asset, but adding more does not mean increased productivity. Rather, it is more effective to have the right team with the right skills, and focused on the right opportunities. It is also important to make sure that your employees are in line with your business culture and philosophy,” advised the C.E.O of TextNow, Derek Ting. When looking to add to your team, examine each potential addition thoughtfully to understand their fit.
Some significant events that have happened in the last decade such as the collapse of leading American and global financial institutions suggest that developers should not assume that things will stay the way they have always been. To be successful, you have to see beyond the status quo and disregard assumptions that lead to static thinking. Central to success in business development right from the start is the ability to think outside the box, building networks, having a perfect team and claiming opportunities that others are yet to capture.