MANY PEOPLE BELIEVE BUT WHICH CAN MISLEAD OR HINDER THE GROWTH OF THE BUSINESS
- IT IS JUST SALES
Many confuse business development with sales. while sales is a part, BUSINESS DEVELOPMENT focuses on long-term value creation through partnerships, strategy and market expansion.
PROFIT WITH CAPITAL: EVERY DEVELOPER MUST BE VERY CAREFUL WITH THEIR PROFITS, PUT YOURSELF ON A PAYROLL IF YOU WANT TO GROW.
2. IT IS ONLY ABOUT NETWORKING: Networking helps, but business development also involves research, planning, relationship management and execution.
3. ANYONE CAN DO IT: BUSINESS DEVELOPMENT requires a unique skill set including strategic thinking, communication, negotiation and industry knowledge – not just charisma.
4. QUICK WINS ARE THE GOAL : Real business development focuses on sustainable, long term growth not just short term revenue spikes.
5. YOU NEED A HUGE BUDGET: Creativity and strategy can outperform large budgets. Many Business Developers wins come from resourcefulness rather than resources.
6. IT ONLY APPLIES TO BIG COMPANIES: Startups and small businesses benefit hugely from business development through partnerships and strategic collaborations.
7. PARTNERSHIPS ALWAYS EQUAL GROWTH: Not all partnerships are beneficial. Poorly aligned collaborations can drain/resources and confuse branding.
8. IT IS JUST ABOUT BRINGING IN LEADS: Lead generation is sales focused. Business development is more strategic finding opportunities for growth, not just customers.
9. YOU MUST BE AGGRESSIVE TO SUCCEED: Effective Business Development is about building trust and relationships not pushing deals aggressively.
10. IT IS A ONE MAN JOB: Business development often involves input from multiple departments, marketing, product, finance and executive teams.
11. ALL YOU NEED IS A GREAT PITCH: A great pitch helps, but understanding the client’s pain points and aligning mutual goals is more powerful.
12. RESULTS SHOULD BE IMMEDIATE: Business Developers often take time to bear fruit, patience and persistence are key.
13. YOU CAN WING IT: Successful business development is planned and data driven. Winging it can result in missed opportunities and poor decisions.
14. IT ENDS WHEN THE DEAL IS CLOSED: Post deal relationship management, performance monitoring and delivering on promises are crucial to long term success.
