Too often, I have encountered business managers hiring Sales people and classifying them as Business Developers. If it is an online business, expand your SEO or Customer Support team, and the whole world will be your market. I am a Business Development, Strategic Planning, and Marketing consultant. Biz-Dev is part sales, part marketing, part strategy, part planning, and part management.
I’m not suggesting in any way that you stifle the creativity and idea generation of you or your team members, in fact that’s how most small businesses discover new markets or create spin off businesses. That way, your customers have more options where to buy your products.
This is another smart professional development plan that many businesses employ, because the high demand of the product will sustain the company’s financial, management and production needs. Yes, you may be a smart business person, but if the market does not support you, you can say a big farewell to attaining professional development.
ABC’s corporate strategy for all products was to stay at the high end of the market and this was particularly true for private label bottled water where the market is characterized by cutthroat competition and many low quality vendors who are slashing prices and selling on price rather than quality.
Processes, products and services are constantly changing and you have to be tuned in to those changes. Business Process Management (BPM) is an all-round management approach that aims at aligning all the business processes with its core vision and consumer demands.