The level and amount of competition is the deciding factor between the success and loss factor of the market. After that, adopting a portfolio strategy like this balances out the short-term potential of the High Probability Potential Clients with the long-term higher gain of the Ideal Potential Clients – while still keeping the possibilities open for serendipitous new business through the use of a “bluebird” channel.
Recognizing that small business is the economic backbone of the State of Tennessee, the Tennessee Small Business Development Center’s mission is to be the premier provider of quality solutions to potential and existing small businesses’ needs through consultation, education, referral, and support services.
Many separate workgroups or business units support the BD process, from corporate management to the operations staff to production personnel and administrative staff inside the company, to third party Subject Matter Experts (SME) or professional proposal preparation personnel like those provided by third party consulting firms.
Regardless of the position level, good written and oral communication skills are also non-negotiable for business development professionals, since much of their responsibilities involve engaging the market and industry players, not to mention formulate business strategic plans.
Such techniques include, but are not limited to, assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow up sales activity, formal proposal writing and business model design.