Starting a new business is far more than simply hanging a sign out and waiting for customers to pour through the door and I’m sure anyone willing to invest in a new venture is well aware of this fact. This person defines long-term organizational strategic goals, builds key customer relationships, identifies business opportunities, negotiates and closes business deals and maintains extensive knowledge of current market conditions. Across virtually every industry, we help business development professionals take the guesswork out of discovering and testing new markets.
A business development executive is a senior manager tasked with the job of helping his or her business grow and therefore, they are high-level sales professionals. Another dynamic of this is that it can be difficult to admit that sometimes we need help, or it could be that upper management would take a dim view of our abilities if we asked for outside help with our internal processes.
From a Business development perspective, the economy of scale is much smaller because the approach to your service is more strategic with the intent to create a partnership. Because networking is critical in this position, business development managers must often travel to conferences, business meetings, and industry events.
Business developers often work closely with sales team members to push qualified leads through the sales funnel and get prospects to the next level. Whether they’re a company event or cold calling into a company, your business developmentÂ team is typically your first contact with new customers and the end customer.
For this to continue, companies need to include trade finance in their business development strategies. Suddenly that near-vertical growth curve you’ve enjoyed for the past few years is about to hit a big inflection point unless you can find new markets for your products.