Business development involves nurturing a business to grow and making the right decisions to keep the company afloat over time.
There are certain misconceptions about Business Development which most times are untrue. This article straight demystifies some of them and make clear the misconceptions.
- People believe business development is undemanding, and anyone can venture into it is not business development requires strategic plans and implementation. A successful business takes years before return starts coming in.
- Business development is not directly synonymous with sales and marketing. Using them interchangeably is wrong, as they are not similar in any way.
- Business development is not a get-rich-quick field. It takes a lot of hard work and consistency to achieve success.
- It entails rebuilding a business from scratch and not only closing deals.
- People see a Business developer as a salesperson with a branded title. A business developer does more than the sale they are also concerned with every aspect that repositions the business and developing new models.
- The field involves implementing business models. Doing all the planning, researching, documentation and redefining the system without proper implementation impedes business growth.
- One of the several misconceptions of business development is; the relationship with clients. Most people believe that it is establishing new relationships that matter. However, maintaining existing relationships is also paramount. There must be a balance.
- The field requires teamwork, and it is not an individual show. Professionals must come together, each playing their role in the success of the business.
- Business development is not garbage-in garbage-out. The field requires changing methods for different customers, products and services. A method that helped a particular individual does not translate to working for another.
- Having numerous products does not translate to more business deals. Business development requires carrying out market analysis.
- Management often expect high returns as a result of the cost of hiring and maintaining a business developer. But closing deals might take time due to clients or partners approach.
- Business development does not entail revenue generation and increasing market share alone. It also involves maintaining clients and increasing the value for shareholders.
- The misconception is that outsourcing business development is more expensive than setting up a business development team. However, a comparison should be made with the salary of an in-house business developer to outsourcing. The value and services are often not the same.
- There is also the belief that introverts do not make good business developers. But trends show that it is motivation and hard work that matter.
