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Top 5 Tools & Techniques for Business Development

Team TheCodeWork

23 September 2022 3 minutes read
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Your business development team is the first step in accelerating company growth. But how accurately are members of your business development team assessing potential partners? Do they have a long-term perspective on your company’s position in the market?

Below are 5 development techniques that are effective for faster business growth-

1. Use the 80/20 rule to your benefit.

The 80/20 rule states that 80% of your company’s growth will come from the top 20% of all the deals you close. Your company development team will benefit greatly from understanding that one straightforward rule and will be able to consistently knock the ball out of the park. You must concentrate on the important business partners because you cannot pursue all possible partners. For instance, if you run a technology consulting firm, your business development team can devote around 80% of its time to pursuing the 20% of partners that are truly crucial to the technological ecology of your business.

2. Find key decision-makers using social media.

It’s simpler than ever to locate and interact with the key decision-makers in the social media era. If you are unsure of who at a business or organization has the final say in matters, check out LinkedIn to determine who your business development team should be speaking with. Making a number of unsuccessful phone calls might be easier than using social media to connect with important decision-makers. I find that LinkedIn’s standard search function, which has a number of filters, is really effective in this regard. Their hiring and sales tools can be extremely effective. Additionally, groups are fantastic because you may locate people who are conversing and linking to postings in them.

3. Focus on relationships, not transactions.

It can be simple to forget that every new agreement is a relationship and not a transaction in some businesses. Nobody wants to be considered “just another logo” who can be a partner on your website. The best advice I can give is to add value to your spouse by giving them something that will benefit them without holding anything back. You might also interact with them socially, not only for business. As in life, relationships are important in business. If you own a business that develops software products, for instance, you should make sure that the businesses you partner with share your perspective on the tech sector and your overall business objectives.

4. Once you sign a deal, don’t forget about the deal.

You’d be astonished at how many technology consulting firms, in particular, disobey this straightforward guideline, even if it might seem clear. They don’t comprehend that signing a new contract is just the beginning because they are so eager to bring on a new partner. I’ve discovered that you must also consider following up, fulfilling your end of the bargain, and guaranteeing that you meet all significant dates and objectives. To put it another way, you need to make a fantastic partner.

5. Don’t sign deals just to sign deals.

It might be simple to slip into the “growing for growth’s sake” trap in the disciplines of technology consulting or software product engineering. Are the new contracts you’re inking actually in line with the strategic goals of your business, or are you only signing them because they’re simple and low-hanging fruit? Instead of signing contracts so that you may produce a fresh press release, you want to be establishing agreements that genuinely advance your business.

You may prepare your business for an exciting future of rapid business growth by using these five business development strategies. In acquiring new business partners, you might be one step ahead of the opposition and one step closer to becoming the market leader in your sector. It’s time to begin altering your business practices.

One of the best methods for modern firms to start along the path to success is through this-

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Team TheCodeWork

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