Value Adding
Delivering business development should add both economic and human value to the enterprise that hires me. Business Development, as the name suggests, ensures that a client's business grows positively and profitably based on set agreements. This growth is rooted in my understanding of the business I'm contracted for, coupled with general and specific industry experience in the company's market domain, as well as expertise in human dynamics within a professional setting.
Process Management
Expertise and experience are pivotal for a successful development process. Equally important is the capability for effective process management. Development is an ongoing journey, and many variables will change over time: procedures might be updated, key players might change, financial constraints might arise, systems might be upgraded, and so on.
Dynamics
In essence, the dynamics of the business landscape are always evolving. The expert overseeing business development must manage these dynamics so they remain beneficial for the existing business and foster conditions conducive to future profitability.
This isn't just about economic factors—it's largely about human relationships and dynamics within an organization. Both individual and team dynamics within an organization are influenced by change, and these layers often intersect, making it imperative to address intra- and interpersonal dynamics in any business development assignment.
Human Values
Before discussing economic values, it's essential to highlight the human values I strive to enhance. While this list isn't exhaustive, some of the main human values I focus on include:
- Inclusivity based on gender, cultural background, age, and disability
- Fair compensation that reflects expertise, effort, and personal sacrifices
- Participation in decision-making processes and transparent communication
- Exemplary leadership that's receptive, inspiring, democratic, and respectful
- Opportunities for professional growth, empowerment, and continuous learning
- Upholding moral standards and fostering ethical relations at all levels
- Emphasizing sustainability to reflect shared responsibility for the environment
- Facilitating healthy dynamics among all members of the organization
Economic Values
Economic value addition is tangible and, as such, forms the basis of many contracts. Outcomes and their associated rewards are typically agreed upon. Some ways through which business development can add economic value include:
- Refining business strategies or models
- Securing funding or attracting investors
- Expanding market reach and increasing turnover
- Enhancing efficiency and reducing costs
- Identifying opportunities for expanding production
- Financial restructuring and improved financial reporting
- Innovating production processes and product/service offerings
- Generating and implementing new business ideas
- Marketing and brand promotion
- Adapting to customer needs and optimizing organizational efficiency
- Engaging with stakeholders and expanding business networks
Rewarding
Compensation for business development contributions varies. The agreement with the client should clearly define the rewards. Some potential forms of compensation include:
- Cash payments
- Bank transfers against invoices
- Grants with interest obligations
- Profit-sharing from additional turnover due to interventions
- Commission on investments and donations
- Equity participation or shares
- Interest on deferred payments
Differentiation
Different organizations have varied needs and challenges. A fully established company requires different services compared to a start-up. Start-ups often have limited resources, which might result in delays or incomplete information. From my perspective, they often need extra expertise and resources to lay down their foundation. For such businesses, compensation structures that don't lead to immediate financial strain are most feasible.
Open Visor
Initiating a business development project might begin remotely and may not always involve in-depth discussions. This can make it challenging to chart a clear path forward. Often, potential constraints overshadow opportunities. When engaging in business development, it's crucial to approach it with an open mind, investing time in a thorough intake process. As a business developer, it's essential to identify, understand, and address patterns in a client's business practices and relationships that might impede success.
