The title of business development (BD) is ending up increasingly common in companies. Commonly, the role of BD can incorporate a wide range of activities like content management, strategic partnerships, product development, monetization, and occasionally acquisitions. In any case, it fluctuates depending on the industry and the size of the company.
For instance, in a tech start-up, BD would be involved in creating strategy, customer acquisition, marketing, handling client relationships and sometimes social media management. In a larger company, BD might involve maintaining client relationships and building new ones.
The most important role of Business Development in any company is building and maintaining relationships. Most business developers are similar to salesmen, in the sense that they are good at closing deals, however a salesman would close a deal and move on, business developer will close a deal and focus on cultivating a relationship with the client that can result in more deals and bigger opportunities. The benefits of maintaining relationships with your suppliers and your customers abound, it boosts confidence in your business, helps your brand image, creates more business opportunities, keeps your customers happy and gives you, the business owner a sense of fulfilment.
All companies need Business Development – new, old, large corporations and startups. Building Business Development at new companies is based on the companies’ goals. Goals can be precise and specific like building a platform to stream movies (like Iroko TV or Netflix) or more broad things like posting images on an app to generate a following, build a brand, advertise or archive pictures (like Instagram). The company goal is the end game, and the responsibility of BD is to bridge the gap. The gap is filled by figuring out which business deals can enable your company to accomplish its goals and above all, how might you bring them closer to their objectives.
Coaching can help turn an entrepreneur into a great leader. Consulting, on the other hand, provides that much-needed expertise and assistance. Oftentimes, the lines between coaching and consulting can get blurred, creating a situation that is not effective at providing what the client actually needs.
Knowing when to employ the services of a coach or a consultant can be crucial for your business, either by helping you further develop your leadership skills or by helping you solve a problem head-on.