Responsibilities of a Business Development Manager

Business development encompasses a number of activities, techniques, and strategies designed to improve efficiency and increase productivity in a business organization or firm. Professionals involved in this process of development play an integral role as they help grow an economic enterprise. Some of the various techniques and methodologies used by these professionals are marketing assessments, learning about competition in the market, generating leads, follow-up sales activity, research on target markets, and evaluation of business potential.

When appointed as a business development manager, the duties and responsibilities dramatically increase. The entire load of promoting the business, improving credibility, and increasing productivity is laid on the shoulders of the manager. He or she has multi-task roles to play in such a situation. Some of the most important responsibilities of a business development manager are as follows:

• Investigate the economic conditions of the market.

• Research on the financial issues and bring out an appropriate solution.

• Learn about the latest trends and the growing competition in the market.

• Prepare a perfect business plan in accordance to the set goals and objectives.

• Maintain financial records of the company and stay within the proposed budget throughout the life of the business.

• Improve networking with other renowned businesses in the market.

• Strengthen customer base with commitment to quality issues and high customer satisfaction.

• Learn about the expansion of other companies in the same field of business.

• Motivate employees and push to work more efficiently and logically.

• Understand the needs and requirements of the business growth plan.

• Learn about the strengths and weaknesses that someway or the other impact growth potential.

• Develop innovative techniques and adopt new strategies to keep pace with the advancing business world.

• Explore new opportunities to achieve profit targets.

• Learn about new marketing tactics and implement the same for marketing specified products and services.

• Negotiate with clients and customers to enjoy higher profit margins.

• Ensure smooth functioning of all business operations within the organization.

To know more, check Business Development Manager.

Business Development Ideas For Small IT Business

Information technology is not meant for small business. This is the biggest misperception hovering around the IT stream. Instead, information technology is one domain that has many opportunities for all. IT not only offers you a wide variety of jobs to opt from, but is also a small business destination. The workloads are tremendous, and you should try venturing into this steam only if you are willing to work continuous sleepless nights. Getting work is not difficult, but delivering within the restricted time frames and still maintaining the output quality is what takes the toll. Another important characteristic of this business is the multi requirement. You alone with a specific skill set might not be able to satisfy all requirements, but a perfect team with a coalition of different specializations is necessary to expand. So, before advertising or planning for mass business development, ensure that you have the right personnel associated with you. Recruitment agencies could be handy or you can refer to your own educational institute’s student list for such reference names and contacts.

To grow your small business, it is important to make the target segment aware of your presence. This can be best done by procuring a few speaking slots in important conferences and sessions related to your field. You can also advertise in a few selected journals and directories in your domain; however, be cautious of your budget. Do not overspend unless you’ve roped in a few fixed clients.

Develop a website and use other online strategies such as search engine optimization to boost your presence. This suits your stream; your target customers are well educated and can be easily reached through the World Wide Web.

Another important way to get your break is by getting associated with professional consultants or AMCs (annual maintenance contractors). These people are generally looked to for technical advice. They can certainly refer you to their clients for a small mark-up fee. Another network where you need an entry to be among the chosen IT service providers is the company’s purchasing department. Look for informal referrals in this group and couple it with your professional networking. Send them your brochures and provide as many dummy runs through the offerings as possible. If they are impressed, half of the job is done.

Business development in the IT domain is not very difficult, especially if you can offer the right portfolio. So, emphasize as much as possible on your product and follow the mentioned guidelines to create the desired impact. Choose the path that is subtler, as immediate steps in this direction could mean enormous spending that might not be viable at initial stages.

Allocating Time for New Business Development: Just One of The Challenges Facing Busy Entrepreneurs

How do you allocate time for new business development? It’s the bane of many entrepreneurs and small business people. “I am so busy with my current projects that I don’t have time to drum up new business.” I know exactly what they’re talking about. I remember a period where I had so many writing projects on the go that I did no marketing. I just waited for the business to come in. The problem is that unless you market yourself, the business can slow to a trickle, regardless of the previous complaints that you have:

  • Too much work already
  • Not enough time to do anything else
  • Not enough money to spend on proposals that may not pay off

I completely understand. Understanding, however, doesn’t get you anywhere, so let me make some suggestions to keep the business coming.

The first suggestion is that you dedicate some time to new business every day. It need only be half an hour, but whatever time segment you decide on, lock it in. Just put everything aside, hold your phone calls, shut down the cell and leave your e-mail alone. Next, do the following. Get yourself one of those small digital timers, punch in the time segment you’ve chosen, then, turn the timer away from you so you can’t see it. Now, focus on the work at hand.

During this time segment consider what new business you want to get into, or actually work on a new business proposal. What you might also do, and this will impact your own staff, is get the staff to join you in your sessions; and plan a session at least once a week, and brainstorm new ideas. Who better than your own staff to carry out this activity in search of new business? And encourage them to look for business opportunities that you may be unaware of through networking, or contacts they have with friends and associates. Even submit a speculative or unsolicited proposal to a client.

Here’s an idea I really like. It comes from Verne Harnish, CEO of Gazelles Inc, an executive education firm. Verne suggests that you should stop eating alone. Verne’s experience is that in one year, living in Barcelona, he built deeper business, social, and political connections than in ten years living and working in Washington DC. What could you do if you were to meet someone different even a couple of days a week? You might not generate new business immediately, but the payoff down the line could be substantial.

I understand that cash flow can get in the way of such activities. I appreciate that the current projects you’re working on have stringent timelines. In fact you’re probably working a 60-hour week. But don’t let that get in the way of allocating time for new business by pursuing practical ways to make it happen, even on your busy schedule.

Abstract: Busy people often get too busy and fail to continue marketing themselves. Small businesses, like consultants and training companies, often find themselves in this situation. This article looks at the issue and suggests some practical solutions. It’s up to you to follow up on them.

The Four Top Secrets of Business Development and Risk Management

Everyone loves a winner! In the business world, the more money you make, the more effective and successful you and your business become. This truism is consistently born out by top business owners who take their ideas to market. But what are their secrets? Invariably, their success is the natural outcome of effective business development and risk management. They accomplish this by following the four steps outlined below.

1. Think About It!

All business activity begins with having an idea. Successful business people are thinking all the time about their business and how they can take it to the next level of development. In his classic book, “Think and Grow Rich,” Napoleon Hill starts at this very point when divulging his findings about successful businessmen, such as Andrew Carnegie. In fact, his book title starts with the word “THINK.”

In business however, thinking is never divorced from knowing and doing. These three processes of thinking, knowing and doing feed on and fold back on each other in a never-ending cycle of focusing energy and productivity.

2. Focus on Customer Needs

Successful business people take their ideas to the next stage of satisfying a customer need or want. All of their thinking is channeled into supplying a product or service that will address a problem that people are experiencing. Customers will pay money for a product if it solves a problem and therefore helps them to achieve their goals.

In the 1870’s gold rush era, the entrepreneurs who often made the most money were not the gold miners, but the business people who supplied the shovels and mining equipment. These enterprising individuals did not rely on building wealth by merely striking it lucky. They thought about their opportunities and then applied their knowledge in a manner that ensured that they would become very rich indeed.

3. Develop Your Reputation by Consistently Delivering Value for Money

Successful business people think, apply that knowledge and deliver a product or service that they know customers actually want and benefit from. Obviously, there is no use in having the world’s greatest idea if nobody wants it. There have been countless stories told of the follies of individuals who had what they thought was a brilliant solution to a problem that nobody else appreciated. Great amounts of time and energy, as well as investment capital, have gone into whacky inventions that nobody wanted. Business development and risk management are addressed by focusing on what the customer wants and needs.

4. Develop Your Character

This character building is achieved by developing yourself in and around the steps mentioned above, ie, thinking, doing and knowing. This element of character building in successful people seems to occur as a direct result of the activities that they engage in and the endeavours that they pursue.

The characteristics of successful business people include; courage and audacity, persistence, resolve, determination, building relationships with others, thinking team and believing that they are not alone in the world, curiosity, always learning, “street smarts” (seeing the angles), being responsible and being responsive.

So, in summary, the four steps followed by top business owners and leaders to ensure effective business development and risk management are:

– They think – this thinking is never divorced from action

– They are customer-need focused – what does the customer really need?

– They deliver value for money – the investment made fixes the problem

– They build their reputation – happens as a byproduct of being constantly involved in the first three endeavours.