Business development is not for everyone. What kind of team members do you want to have in your group?
- Not everyone thrives in the unstructured world…of business development.…To be successful, you need to be a special kind of person,…like my friend, Mike,…who's a business development vice president.…He's also a Little League coach.…Last year, he volunteered to develop…a brand new Little League fundraising program,…bringing together people from all parts of his life,…fellow coaches, neighborhood business owners,…and childhood friends, cajoling, encouraging,…and engaging them in making his very loose vision a reality.…
We raised 10 times what we had raised in any prior year.…Talk about creating value.…Mike's a guy who can make things happen,…a true business development natural.…The best business development people are naturally curious.…They enjoy learning new things…and don't mind being the most ignorant person in the room.…In business development roles, every new deal puts you…back at the bottom of the learning curve.…Each new relationship has you walking into a situation…not knowing what you don't know.…
This means that a lot of homework is required,…
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.
- 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.