The Value Of The Service Business Development For Professional Services Firms

One of the basic requirements for business development is to assess the current market value, as is more related to the growth and maintenance of the company. To do this, providers of development services called business development specialist who will work with sales and marketing professionals to develop an effective strategy. This business strategy is based on the popular that the company already has in other areas of the clients.

Specialist business development will be sought for customer feedback frameworks customer care. These leaders will help the manufacturer of the strategy for collecting data from existing customers for their opinion on the company and its services. This type of action can often develop specialists to learn more effective ways to promote the company, which can replace the current marketing strategy and objectives more number of customers in the market where the company is already present. In addition, the acquisition of client statements by executives of the channel for customer care specialists assist business development to identify areas of the series of new products and develop a marketing strategy adapted to them. This strategy will lead to the rapid commercialization of new products and services later.

The role of business services development is not limited to an increase in sales and customer satisfaction. Even if these things come naturally in the development of the service, development strategy Maker is to ensure the best use of company funds, management and improve the functioning of various departments, and resolve legal problems that may arise to continue to grow. Many companies offer professional development of creative business strategy, the right to charge business information relating to all levels of corporate structure and use it to attract more customers.

Every little to the organization of large companies may choose to develop the company. It brings success guaranteed for all types of legal entity. Many companies have little time to have tried and achieved a solid record in their own sector. In most cases, companies were able to capture the targeted area and achieve growth due to the efforts of specialist business development. Thus, companies must focus more on development and leasing for professional development, if it seems impossible for them.

Corporate retain their own wing of business growth and development that will deal with all development activities. But small businesses can not afford to do so. Then they can apply to a development consultant to work for them. The consultant will help assess the current situation and develop strategies to bring business growth in the future.

How Is Business Development an Important Factor for the Advancement of Business Initiatives?

The simplest and most direct way of describing what business development is all about is that, it is the initiatives and idea taken, discussed and put forth in order to make a certain business bigger and better.

This includes a lot of factors such as the steps taken in the expansion of business, planning strategies and implementing them, seeing where the profit lies and focusing it to grow further and making effective business decisions.

There is a lot of scope and concept and understanding that goes behind Business Development. It doesn’t happen in a day and with just one step taken.

Here are a certain fields where business development can be connected and made to bring in a change

1. Sales need the expansion if they need the advancement

The key function of someone in Sales is to prod upon a targeted client or a particular market which seems to be booming with prospects. Now the sales department makes certain strategies and focus on certain goals to assess these particular markets and see how the sales of that market can be achieved in a specified amount of time that can bring advantage to their field of work. The sales department keeps their main focus on the customer based in the targeted markets with their discussed strategies.

2. Marketing is for the ones with quick brains

Marketing is basically a smart and innovative way of advertising a certain product or a brand that would promote the sale of the same. When we come into the picture of Business development in these scenes, the ones with this initiative need to finalize on a certain budget. Higher the budgets, more effective and extravagant are the marketing strategy like making personal visits or phone calls. Lower budgets call for minimal sort of strategies such a limited newspaper advertisements. So here the Business development helps in allocating the budget based on the kind and level of profit the marketing team is looking for.

3. Cost effective moves for beneficial grounds

A lot of people might conclude that this kind of development is only about promoting sales and advertising marketing reach. But no, it involves a lot of cost saving measures as well. The strategic decisions that are taken need to include cost cutting measures to have a balanced step taken and not overdoing on the expenditure. Through all the new ideas and steps taken for the business development it ultimately aims in developing the business prospective.

Thus here we get a clear idea about how business development is linked with other career linked paths and how it is enabling their growth and advancement.

Having a Spotter in Business Development

I recently watched Mark Wahlberg’s movie Shooter “again”. I really love this movie! In the movie Shooter, actor Mark Wahlberg’s character is a sniper and he lost his spotter. He died in a maneuver that went wrong. This spotter was the sniper’s good friend and military comrade. So, he recruited actor Mike Pena as his new spotter.

The movie reminds me of business development. You know, in business development, you really should not go it alone. There should be a business development team. The team would be responsible for finding new business opportunities, pitching the company’s products and services to ideal prospects, attending pre-bid meetings, attending trade conferences, drafting bid proposals, and attending competitive interviews for short-listed vendors that have responded to solicitations for bids.

For any one deal you are going after, it would be neat to have a spotter. In business development, it would be neat to have a spotter to tell you what is out there with respect to business competitive intelligence.

The spotter was the sniper’s look out man and he would advise the sniper by calling out sayings such as:

You’ve gotta get out of there!
Incoming… 2 o’clock!
They’re right in front of you!
They’re all over the place!

Not to make light of military maneuvers, but it would be really cool to have folks looking out for you in a similar way in business development settings like government agency pre-bid meetings or competitive pitch interviews. Your spotters could tell you what the prospects’ staff and what your competition is up to. This is known as competitive intelligence. If you are in there alone, you may miss out on what others hear and see with respect to business and development and business competitive intelligence.

In the Mark Wahlberg movie Shooter, my favorite line in the movie is when an elderly, retired sniper says:

“The world ain’t what it seems. The minute you think you got it figured, you’re wrong!”.

This is precisely why it is extremely important to have a business development team. The more intelligence you can gather about who your competition is, what your competition is saying and doing, what your competition is likely to do, the better you’ll be able to figure things out. Even if you cannot afford to hire someone full time, consider paying a consultant to show up and give you feedback on what she is hearing and seeing.

By Clovia Hamilton, MBA JD – President

Lemongrass Consulting Inc.