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The Important Steps To Take In Organizing A New Business Development Team

If you’re wondering what a new business development team does in a company, know that it’s important. In essence, it’s one of the relevant resources of a company that’ll keep it growing and helping it to become a big success. In a nutshell, it takes a look at the market, identifies and takes advantage of the opportunities in it. It does this job by getting into market and competitor research, analyzing the needs and requirements of the market, identifying new product and service needs, and supporting sales, marketing and product development efforts of a company. It also helps in identifying opportunities for improving the service your company renders for your existing clients. It’s a basis for generating revenues.

Here are some of the steps you’ll need to take in building the team:

 1)    You’ve got to choose team members who’ve got the knowledge and experience to bring to the table of business development. They’ve got to have the skills for gathering and analyzing information, a sharp eye at recognizing opportunities and quality prospects. They must have good communication skills to deal with people of any level and take-charge qualities and leadership skills to alter or improve the way a company handles its business with customers.

2)    Designate a senior exec to make sure the business development program jives with the company’s corporate strategy. Bring in some representatives from Marketing to help the team understand and focus on the customer. Bring in the sales team as well who will deal directly with prospects and clients. The money-bags from finance must come in too for funding of the business development activities.

3)    If any job can’t be managed internally, have this sourced out. Most common of these is the market research the team will need. This may require some bid assistance from either the purchasing or marketing department. These research guys can bring in an independent view of market opportunities. For majority of the business development work, the internal team must handle it. They can communicate more easily and respond much quicker to new opportunities or changes in company strategies. Plus, this internal team has the personal commitment to see that the new business development project works.

4)    Set measurable targets for the team, a yardstick by which progress and desired results will be measured. You’ll need to establish the metrics for goals such as growth of revenue, market share increase and even new account openings. You can rah-rah the team with incentives related to either the targets or the overall achievement of goals. Finally, communicate their success in the whole place and recognize their contribution.

New business development may be defined and worked-on in different ways by different companies in different places, from Wisconsin, USA to London, England but these would most be in the peripherals. Its heart would still be the creation of long-term values for a company which will be sourced from customers, relationships and markets.