What is Business Development? Broadly it can be defined as the things you do to grow your business. For many people, that is a daunting proposition. However, when it is broken down into smaller, more manageable activities, it is less intimidating. Business Development is comprised of six general activities.
- Brand. It is difficult to grow sales if you don’t know what you are selling. Define your brand. Know your value proposition. Your brand will benefit if you develop your voice and look and keep it consistent.
- Research. Research your competition, your clients, and business opportunities. In a dynamic business environment, things shift and change, so research is never complete. Stay current to stay competitive.
- Socialize. Whether you call it networking, building relationships or just plain socializing – it is hard to win business if no one knows you. People typically do business with people they know and like, so get out there.
- Listen. Listen for connections between people and ideas. Listen for problems that you can solve. Listen for feedback that can make you better at what you do. Listen to fuel creation.
- Create. Use your intellectual capital to develop proposals, products, and prototypes which demonstrate your value add. Share them with prospective clients.
- Compete. In most industries you have to compete to get what you want. Competition hones and improves your skills. Compete to win!
Mastery of these six activities along with persistence and patience is a recipe for Business Development success.
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