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Essentials of Business Development

Business development is the creation of long-term value for organizations, customers, markets and relationships. 

Long Term Sustainable Value

Value for an organization is more than just assets, revenue or shareholders value. It is indeed about the revenue, but other elements such as human capital, knowledge, prestige, image, business relationships and society involvement/social responsibility are included. Long term is related to a strategic approach in order to identify ongoing future opportunities, minimize risks, create flexible environment for success and be prepared for continuing changes.

Critical conditions and elements, area’s for success and the coherence between them and disciplines within the organization are determinative.

Value Propositions:

•    What need do you deliver to the customer and what is the value it represents?

•    What is the solution for the client’s need and how do they differentiate?

•    Which mix of solutions (products, services, attitudes & behaviour) are applicable to create value?

•    Which spinoff will it create for (all) stakeholders within the relationships circle?

Revenue Streams:

•    What is the ratio between the value and investment/cost?

•    What is the ROI and SROI (social((return of investment))?

•    What is the portfolio’s contribution revenue model?

•    How is the internal (cost) and external revenue monitoring defined?

•    What is the internal return within the organization.

Customers

Are they willing to invest in the products and services you offer now and tomorrow? Without them you don’t have any business to develop. But not everyone is a customer for your business. Business developers need to solve the following challenges:

•    Where and how do you get, keep and grow customers?

•    What is their development and behavior?

•    How do you identify their needs?

•    For whom are you creating value?

•    What is the impact?

•    Through which channels do you reach them?

•    Which channels are most cost-efficient?

Markets

Customers belong to specific markets. You can segment your markets and customers by geography, by industry, by demographics or lifestyle. Identifying opportunities to reach new customers by entering into new markets and niches is a key activity for business developers. Redefine and adjust your market portfolio and value propositions.

Business developers need to solve the following issues:

•    What are the major players and stakeholders?

•    Who are your most important customers per market?

•    What are the customer archetypes per market?

•    Through which channels do you reach our markets?

•    Which channels are most cost-efficient?

•    Which innovations and trends are applicable?

•    Macro environment?

Relationships

Last but not least, relationships with all stakeholders are fundamental to enable the flow of value for the long term. Internal and external, direct and indirect relationships e.g. with business partners, suppliers, customers, employees, shareholders, competition, society, etc.. The key effort is building, managing and leveraging trust, respect and a mutual appreciation of each other’s value which is critical to your overall success.

Business developers need to address the following topics:

•    How is the circle of relationships and circle of influence?

•    Who are key partners?

•    Who are the most important clients, 80/20 rules and DMU?

•    Who are the (key and sub) suppliers and how is the procurement chain?

•    Which resources does the value propositions require?

Business development is a challenging and fascinating discipline that deserves a clear understanding. Based on SWOT and insights every organization has the opportunity to grow.

After nearly 20 years working in various business development areas I’m still passionate about its impact on results for companies and society provided it fits in the strategic and operational level of the organization. 

And remember that if you don’t have the appropriate development knowledge and skills, I can help you to develop, implement and uncover new commercial opportunities. Innovation is not just about technology, systems, processes, lean management or WCM. It is the coherence between all elements based on critical factors for success including commercial innovation.

Get connected to the solutions you need by allowing  me the honor of aiding, coaching and/or managing key services for best success!!