What is Business Development?
In general terms, business development is any activity, initiative, or opportunity pursued to make the business better. This can be anything from forming new partnerships or relationships to increasing revenues or expanding, or adding value through new systems, products or services.
We are hearing the term business development used more and more, especially as businesses are re-starting and/or rethinking how they do business post-pandemic. AND since we are a business development firm, we thought it would be great to share some tips and examples of how you can make your business better.
Consistency breeds success.
We have helped hundreds of entrepreneurs and small business owners, start, grow, shift and sell or close their companies. The one constant with all of them is that there will always be highs and lows. So, set yourself up for success early and often. Being consistent with all of your business development activities will help level out the highs and lows. Consistency breeds success.
Set yourself up for success
Schedule time on the calendar to work on tasks that create consistency and growth, aka business development. Here are some activities, initiatives, and opportunities to help make your business better…
- Outsource tasks that take up too much of your valuable time. Stick to what you love and are good at and outsource everything else. For example, many of our clients hire others to do their bookkeeping, accounting, admin, and marketing. There are other small business owners that are really great at those things and can make a world of difference for you. Let them help you and by doing so you are supporting them as well.
- Meet new people weekly. Build valuable connections in-person, virtually via video networking, and online on social media. Finding your network, referral partners, and/or power partners is really important to the success of your business. You can do this by being a part of three community organizations.
- Work on your business and not just in it. You will set yourself up for success when you spend time on the systems, strategies, and goals of your business.
At KLM, business development is the overarching umbrella that covers all of the services we offer. So, we help clients with any business development needs they may have. Our main goal is to help entrepreneurs and small business owners grow and better their businesses. KLM plugs in wherever is most beneficial for the client at the time they need us. That is why we offer consulting/strategy/training, marketing, and project management services.