Business development needs to feed into and out of nearly every part of the organization. How do you encourage your team members to collaborate and communicate with their internal colleagues without getting them too focused on internal activities?
- If a salesperson is a hunter out looking for big game…to bring back and feed the organization,…the business development professional is the explorer,…understanding the surrounding territories, looking for new…kinds of food and learning how to harvest and prepare it.…In both cases, the majority of your time needs to be…spent outside the organization.…However, to be successful in business development,…you need to have strong…relationships inside the organization, as well.…Let's say you work for a hospital system and you're…considering adding a wellness program with gyms…and weight loss clinics.…
Well, you need to have a strong relationship with…the physicians to make sure that any plan you come up with…is in the best interest of patient health.…You also need to talk to operations to find the right…kind of space for equipment and exercise classes.…And you'd need to understand the insurance risks, as well.…And of course, you'd need to understand your market…and know whether wellness programs are truly an unmet need,…
Business development teams identify areas of opportunity: new products, new markets, new partnerships, and new distribution channels. It's critical to start with clear objectives. Are you using business development (BD) as a marketing tool, a sales channel, a source of innovation, or a corporate development hub? Management consultant Robbie Kellman Baxter shows you how the best BD professionals identify and build momentum for new initiatives. She also gives you the insight you need to launch a BD function in your organization, explains how to manage a BD team, and shares how to scale the BD function as your opportunities grow.
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- Define business development.
- Explain the purpose of business development.
- Distinguish business development from other functions.
- Identify the skills and personality requirements for a business development role.
- Measure business development performance.
- List options for organizing a business development team.
- Describe how to make business development relevant at the C-level.