Services Provided By Business Development Consultants

Before a business goes public, it must create for itself an identity. To effectively accomplish this, many businesses turn to the help of business development consultants. These professionals are able to help businesses create business plans, brands and much more. Sometimes, they help with development expansion as well as the day-to-day operations that companies carry out. Because of the services these types of consultants provide, they tend to be experienced in an assortment of business-related topics. From brand marketing to start-up budgets to brand development, there are many areas in which the consultants can be of great value.

Brand Development

There is much involved in creating a brand. From a logo to a catchy slogan, a business development consultant will be able to help with the many different brand-related aspects. By creating an effective brand, a business will be sure to establish itself as a trusting company that consumers consistently turn to when they need particular products and/or services. Many times, a business will already have an established brand, but will turn to a business development consultant to help enhance the brand. In doing this, the business is able to reach a wider audience, which helps in boosting profit levels.

Marketing Techniques and Strategies

No matter the industry a business is operating in, it will need to effectively market its products and/or services. For businesses who struggle with this aspect of running a company, it can be of the utmost value to turn to the services offered by business development consultants. From social media marketing to print marketing, the consultants can make sure that a wide variety of marketing outlets are used to increase the brand awareness of a business. Businesses that have yet to create a company website for their selves will definitely benefit from obtaining website development services from a business development consultant.

Business Expansion

Once a business has implemented an effective business plan, it is then time to attract clients and customers. To do this, the business will need to generate and follow through with leads. Generating leads can sometimes be quite difficult; however, with the help of an experience business development consultant, attracting, finding and retaining leads can be much simpler. From identifying target markets to gathering contact information, there is much involved with generating new leads, but a business development consultant can carry out a wide range of processes to ensure new leads are obtained on a consistent basis.

A successful business entrepreneur doesn’t have to possess a formal college degree; however, he or she will need a wide range of expertise knowledge relating to the business world. For some entrepreneurs, the best way to obtain this knowledge is by hiring a business development consultant. This type of consultant can be very resourceful in many business situations, including the development of effective marketing strategies and much more. For many businesses, their success is determined by the consultants that they partner with, making it very important for a professional consulting firm to be hired.

5 Business Development Don’ts

5 Business Development Don’ts

In my over 25 years experience in business development for Financial institutions, IT enterprises, Law Firms and Medical Practices there is an unfortunate, common repetitive pattern/tendency that costs unnecessary money and reduces efficiencies considerably.

This tendency can simply be defined as “unproductive” business development practices. While it can be stated simply it is NOT a straightforward problem in the least. Not appropriately, consistently and diligently creating and implementing a business development plan can and does cause significant financial and productive leakages to a business entity. For a small or growing company, business or practice, such a business development oversight can and often is very detrimental in many ways.

I have identified 5 of the most common unproductive business development practices. I hope that, if you can identify any or all of these within your business entity, you recognize the red flag and take heed.

The 5 Major Business Development Don’ts are the Following:

1) Don’t Randomly Advertise. Sounds weird, but it is NOT. One of the most common mistakes and seemingly harmless ones is to advertise a company, product or service without a clear target.

Unless you are a large entity, advertising expenditures should be seriously confined for specific targeted campaigns. Brand recognition advertising for smaller and or new practices is NOT an optimum use of resources.

2) Don’t Just “Get” Business- Instead Get the Right Business.

A common mistake in small to medium size companies is to “accept” any client even if the fit is not perfect, i.e. a client project that is not cost effective or a “difficult problematic client” or a client whose request is out of the range of expertise.

This can be a seemingly difficult situation, especially, if there are cash flow issues within a company. However, ultimately, saying no to these clients is the most cost effective solution.

3) Don’t Leave Your Business Growth to “Chance”

Many small businesses and medical practices get “caught up” in servicing clients when ample clientele is at hand, thus, ignoring future business needs. For small to medium size businesses this is one of the major causes of cash- flow problems. There should always be a consistent everyday effort to bring in new clients. This ensures a constant source of new clients as they progress through the customer life cycle.

4) Don’t Ignore Your Previous Clients

One of the biggest sources of potential revenue for any business, medical practice or law firm is satisfied past clients. There are three ways that these clients can generate new revenue for a business: firstly, by cross-selling other products or services that are complementary to what they bought last time; secondly, by up-selling services or products that enhance their growth or customer satisfaction; thirdly, referrals. Satisfied customers are one of the greatest sources of new business. However, in order for this to be successful you must cultivate a “relationship” with your clients via warm calling, holiday cards, emails, gift certificates etc and you must ASK! Previous Clients are the quickest most effective way to gain new clients… do not ignore this financial resource at your fingertip!

5) Don’t Confuse Business Development/Sales/Marketing

Sales and Marketing are quite distinct from Business Development. Simply put Sales represents the completion of a client prospecting stage, Marketing is the means to communicate value and awareness of a product or service, while Business Development represents the holistic/big picture for business growth. More specifically, business development concerns the tasks, processes and preparation for business/opportunity growth. Business Development is in essence the means to obtain the plan and targeting for growth. Having this plan/bigger picture helps to refine the client/service/product penetration and thus expedites and streamlines the sales and marketing efforts.

Ironically, most sophisticated and large companies have well funded business development departments, however, it is the start-ups, small and medium size enterprises that actually need a business development team or process the most.

It is my sincere expectation and desire that should you identify any of these “red flags” in your business it will start a thinking process and adjustment of your entity’s activities and strategies.

Georgia Ismini Lainiotis is an international expert in business development. Her industry expertise is primarily within the financial services, IT, medical, and law fields with some specific manufacturing experience as well. She has written and presented numerous articles on business development, global strategy and strategic alliance formulation. Georgia Ismini is a graduate of Smith College and holds an MBA and MA degree. She speaks 5 languages fluently Portuguese, Spanish, Greek, English with working knowledge of Japanese, French and Italian.

What Does A Business Development Consulting Firm Do?

A business development consulting firm helps new business owners create a business and a business identity before it goes public. In addition to creating the brand and the business plan, these firms may also help the business with day-to-day operations when the company is young and in the process of expansion. Business development consultants are experienced in a wide range of different core areas of business. They are experts in marketing strategy development, brand development, brand marketing, writing marketing messages, editing press releases, and creating and managing start-up budgets. Here are just some of the many activities a consulting firm can help a start-up business with:

Logo Design and Logo Development

A logo is a symbol with a combination of words that is used to portray a company. While some business owners take time early on in the development process to design their own logos, these logos may be very similar to others in the industry. One of the keys to designing an effective logo in any industry is making it unique. Business owners who are having trouble with their logo designs can work with business development consultants to further develop their designs and make the necessary changes. In some cases, changing the design of the logo is an effective way to create a business identity that people can identify and will remember.

Developing Content of All Types for All Platforms

Content is very important for start-ups and veterans in the industry. Today, prospective customers want to do business with a company that has values and values them. The only way to communicate value is to have detailed content that people want to read. A business development consulting firm has a team full of marketers and professional writers who can write anything from website content, to content for printed marketing materials. The benefits of allowing a firm to write and edit copy is that everything will be written in the same voice. The writers will focus on unique topics but make sure all of the content blends together in a cohesive way. All of the copy written will be in an appropriate tone based on the demographic of the reader and the niche that the company is trying to target.

Generating Leads to Grow the Business

Business development consultants also help develop your book-of-business. Once you have a brand strategy and a marketing strategy in place, you need to find clients if you want to be profitable in the future. It is difficult to launch a marketing campaign when companies do not have an audience to market to. Consultants will help businesses generate leads and will also teach the company the fundamentals in lead generation for the future. By learning how to target markets, reach these markets, and gather contact information, business owners can expand their reach and grow their businesses.

Entrepreneurs do not have to have a college degree in business management. They do, however, need to be goal-oriented, professional, hardworking, and resourceful. One of the most effective ways to be resourceful is to use experts in business development to your advantage. By hiring the right consultant firm, new business owners can learn the ropes, develop an identity, and grow their book-of-business in the process. For some, the difference between failure and success weighs heavily on the consultants the company chooses.