In a roundtable session, I recently had an interesting conversation about company positions and functions - the question was, which position in a company is critical to its success.
The majority of small business owners believe that the company’s concept and its public’s awareness of why the client will buy the product are the fundamental keys to a successful business. Marketing and media staff members suggested that it was the advertising and the lure of branding that entices the customer to purchase the product.
Surprisingly, after 15 minutes of discussion the agreed answer was “business development” and the rationality was that business development in any company is responsible for identifying and capturing business opportunities that ensured the company’s continued growth. The conclusion was that without business development there would be no sale and without sales there is no profit.
Of course there are several actions in between the capture and the execution of business, especially when small businesses are doing business with government. The essential elements of successful business development is finding;
- the right opportunity,
- the client with a specific need for your service or product and more importantly,
- the client who can and will pay for the full value of your service or product.
The next step is keeping this client happy, while presenting additional values to the initial services or products, which brought the client to your business in the first place. Topping it off with excellent customer service to ensure a successful business development opportunity turns into a long term business relationship that remains profitable for your client and your company.
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