Business development is the creation of long-term value for an organization from customer, market and relationship. Business development can be taken to mean any activity by either a small or large organization, nonprofit or profit enterprise which serves the purpose of developing the business
Business Development professional work to develop a company by evaluating its performance and looking for area to improve may come in the form of building and maintaining relationship with allies and partners, or it may involve identifying the opportunity for growth in other channels.
Types of business development skill
- Communication skill
- Negotiation skill
- Strategic skill
- Project management
- Business intelligence
It is very important in business development. Ability to connect with your business partners effectively. Message should be honest be clear and straight, authentically be yourself, good listener, confident with your work. In a business first impression of 15 second is very important to get a deal.
It is a skill which help to final the business deal success with agreement of both the party. Its not necessary that your deal is perfect to other party so you have to make some changes in your project as they want. But it should be fair enough for both parties.
- Build emotion activity (make them realized that you are helping them)
- Make a plan what you will start and what you will say (presentation)
- Good Listener find out the need of your client
- Know Outcome of result after conversation
- Make situation Flexible for both
- Be confident in your negotiation
- Be willing to walk away If it is not in your favor then don’t make a loss and final your deal
One of the most important businessdevelopment skill. It helps a company to find out the way to get the solution for any problems. It’s a plan how to run a business smoothly with rule and regulation by discuss with workers, partners and clients you can use Business model canvas. Company make short term and long term plan for growth and to make profit with change of some rule and technique better then other competitor. It is a guide what to do and what not to do to grow your company
Just ask 3 Fundamental Question
- Where do we compete?
- How do we compete?
- How do we execute?
Project management skill:
It is a most important business development skill; Project management is a temporary handover to create a unique solution to run any project.
Need to know 2 methodology
Project life cycle is defined as a process in which given detail plan of project from start to end from a to z and if have any demand of customized the project then execute and analysis it again.
Project management process have a 5 fundamental
- Initiation process
- Planning process
- Executing process
- Monitoring and controlling process
- Closing process
In which you will be in initial stage to start and you have to much question to find out answer. Need to be have confident to take over a project and make client satisfied with your confident and plan of action our brief quotation.
In which you have to plan your budget, team, schedule, client for fund. Make a detail plan of action and plan should be simple and clear to understand to team and your client you can used business model canvas for easy understand https://basickndle.com/business-model-canvas/
In which you will execute a plan with your team which you created. you will get barrier while executing a plan because it is to make by hard to implement it practically some time you need to change certain thing which you had not planned it but, on that basis, don’t lose you scope or plan actual result stick on it and make your team flexible to understand.
Monitoring and controlling process:
In which need to monitor a work on the basis of plan which is actual made and try to find out a loop holes to cover. Monitor is important to complete your project on given period of time which you mention in your plan. And same time need to control your cost and budget. If its over flow from your quotation which submitted to client.
In which you will submit your project. It’s a final stage where you will submit your work to client. But for your experience you should know where you had done a mistake and what you had learn from that mistake. Close your contract of work with help of paper work and submit.
Business Intelligence & Business Analytics
BI uses past and current data to optimize the present for current success and find out the way to get more profit for company and make a strategy for business. BA uses the past and analyzes the present to prepare companies for future goal and profit with long term plan for business.