business construct

business construct

Online And Offline Business Development And Tips

Posted on February 12, 2019 in Uncategorized

By Business Development we mean the methods or techniques used to develop an economic or business enterprise. The first step in business development is to assess a business. Then its full potential is realized using various tools such as sales, marketing, customer service and information management. A meticulously planned strategy for expanding the business in a desirable direction is necessary every now and then. To achieve sustained growth it is necessary to be prepared to meet any unforeseen circumstances with resourcefulness. In case of large well-established firms, business development may often refer to building and running strategic associations and coalitions with other, intermediary companies.

Previously all businesses relied solely upon offline media and business development strategies to grow the business. However the internet has begun to make a large impact on the global markets. In 2007, online marketing is projected to constitute nearly 12-15% of global budgets. The internet has become a major source of revenue, information, beta testing and R&D for many of the companies. Many of the smaller firms are preparing to make use of the social media boom and grab a share of this up-and-coming market. The best way to go ahead for medium sized companies eager to increase their size rapidly while keeping the companies essentials would be to take note of these points:

The core team must work as a single unit and also be excited about forthcoming ventures. Individual skills should be developed through scrutiny and testing people. As a source to companies who seek a global approach to the internet, you must offer the best possible vertically integrated experience.

Offline Media

In offline media, marketing firms are in the forefront. There is some responsible person, who administers the overall employment of all marketing policies and tactics. The reason for this is that there are enormous sums of marketing millions to be utilized and optimized. But now the marketing dollars are moving from conventional media to a balanced synergy of online and offline strategies. Hence a lot of alterations can be estimated.

Online Media

There is an immense business prospect in understanding the big picture of the internet and how the online marketing dollars can have a serious impact. The lack of good quality, highly skilled executives in the upper levels of management is a major hindrance to India’s progress in this direction. Also transparency is a very important part of online business. Otherwise customers may not repose trust in the companies. Be ready to take smart steps whenever required, because that is the way to go in online marketing. Take your opportunity when it comes.

The right way to go would be to diversify the business using both online and offline undertakings. In comparison, perhaps the best feature of online business is the unlimited marketing scalability. Rather than depending just on local customers, it is possible to have customers from any part of the globe on the internet. The only major drawback is that direct face-to-face transactions are not possible. Hence many people still prefer to buy commodities from their local shopkeepers and businessmen. The local market and customers shouldn’t be forgotten. It is more likely that they would constitute a bigger portion of your consumer base. Each of them therefore has its own importance and the best road for any businessman would be to take the middle path of integration.

Business Planning – A Good Business Development Strategy is Crucial for Success

Posted on February 9, 2019 in Uncategorized

As part of my consulting practice, I read and review business plans written both for venture capitalists and for grant applications. The weakest part of every business plan is always how will the company get from today to “the dream” five years out.

Usually, there is a pretty good description of what will happen in the next six months and a decent description of what will happen in five years, but there is nothing in between.

Technical entrepreneurs have a good handle on what product development they need to do to get the product into a usable form. They understand the costs and the time involved. However, once the product is developed, they seem to be at a loss as to what to do next.

The lack of a business development executive early in the process often leads to the product being developed in a vacuum. There is a bit of a chicken and egg problem here: start-ups don’t feel like they can afford a business development person until they sell product and they can’t figure out how to sell a product without business development.

Also, I’ve noted that a number of engineer or scientist CEOs tend to discount the role of business development, as if the science behind the product is really what sells the product. This is just not true – if it was true, universities would be a lot richer.

A company is a machine, each part is equally as important as every other part. For instance, you may have the hottest, top of the line engine in your car, but without tires, the car isn’t going anywhere. And continuing on with the car analogy, you can purchase cheap, junky tires. If you do, your car won’t perform at its best and will eventually crash and burn.

A good business development executive will plot each step of the way how your product will go from prototype to dollars in the bank account. At the early stages of your company, if you cannot afford to hire a business development exec, look for an adviser who has performed the role for other companies and listen to him or her carefully. Your business development plan should include

  • An Assessment of the Market Opportunities – Who is it who might want to buy your product? What do they have now? What is their purchasing cycle? Who at that company actually makes the purchasing decision?
  • Competitive Analysis – Who is trying to sell into the same space? Why is their product worse? Why is it better? Don’t forget inertia as a competitor. As an example, everyone should have a will, but many people do not because they just don’t get around to it.
  • Lead Generation – Once the market is narrowed down, you need a good strategy for how you are going to find the people who want your product.
  • Follow-up Sales Activity – This is broken into two categories, one pre-sale, one post-sale. You should have a strategy for how to deal with potential clients who have been contacted, but are not interested at this time. You also need a strategy for reconnecting with the customers once the sale is complete. Even if you do not think they will need another product from you, they may be able to give you a referral.
  • Pipeline Development – There should always be another customer in the pipeline. Without a strong pipeline of continuous customers, you will be unable to forecast sales and are likely to get caught short on cashflow.

Don’t neglect the business development strategy when building your business plan. If you are planning for five years out, know what you will be doing over the next six months, year, two years, three years, and so forth.

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Small Business Development – Election Time! What Are You Voting For?

Posted on February 4, 2019 in Uncategorized

There is a lot of talk today about the Presidential Primary elections and the November elections. However, whether you know it or not, today is your voting day. It is the day you must make a decision about your future leadership and the direction your life and business will take going into the future. I encourage each and every one of you to go and cast your vote and make your choice count.

However, I am not talking about the Presidential Primary, I am talking about your life and your business.

You see, every morning you have the opportunity to make a choice. There are many options to choose from. You can choose success; failure, growth, status quo; risk, security, comfort, challenge, opportunity, problem, or countless other options.

The problem is most if us don’t cast our vote. Today, I choose success.

Here is the simple truth. Now is the only moment that matters, and you can only live one day at a time. Every morning we have the opportunity to vote on how we want our day to go. We can choose what kind of attitude we are going to “take to the marketplace” as Jim Rohn would say. We can choose how much time we want to put into preparation; self-development; physical and mental fitness; building our businesses; and parenting our children.

The problem is, most of us don’t take the time to vote. Today, I choose risk.

Eben Pagan, in his Wake Up Productive Program talks about designing daily rituals for the first 90 minutes of each day that allow you to “make yourself strong first.” By designing a daily ritual that allows you to start each day strong, you are choosing success. You are casting your ballot each and every day.

What rituals can you develop that will remind you that you have a choice. You can choose success today. What you will discover is that success is not the cars, and the money, and the clients. Those things are the result of you being successful. Today, I choose growth.

“Success is not something you achieve, rather it is something you attract by the person you become” Jim Rohn

I encourage you to follow the advice of Eben Pagan and develop those early morning rituals that lead you towards becoming a successful person.

Steve Chandler, author of one of my all-time favorite books, Time Warrior, talks about the distinction between reacting and creating. When you cast your vote each morning you are involved in the creative process. You are actively participating in the creation of your day.

When you don’t cast your vote, you end up living your life in reaction to what happens to you and around you. Today, I choose success!

Did You Vote Today! It’s Not Too Late.

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