What Does A Business Development Specialist Do?
Job titles continually evolve based on the changing needs of companies. Because it costs approximately ten times as much, to first locate and then sell to a new customer as it does an existing one (although these costs are rarely reflected in the cost of sales), it is essential that we fully develop our existing accounts working upwards, downwards and sideways, thus making the most of the (hopefully) excellent reputation we have developed already.
From the birth of ideas to early startups, to small and medium enterprises (SMEs) who seek second stage growth, and all they way to strategy implementation for corporate giants, many institutions exist to support firms in their business development efforts.
Often, participants in seed accelerator programs are experienced startup professionals who are accustomed to the assets provided by the seed accelerator come in the form of mentoring, funding and a strong network effect, but there are few or no internal resources, such as back office support functions, internal marketing or legal advisory experts or legal.
As well as the needs of the business and primarily its customers, the needs and desires of the owners and investors in the business must also be considered which may include future decisions such as full or partial retirement, sale, flotation or merger.
An effective business development approach is to encompass several major steps in the evaluating process including: your identification of the opportunity; what are your committed resources; the actual development of your business proposal; market evaluation; competition; and your time restraints.