Watching a Business Develop Around You Is a Gift

Are you wasting time getting your business off the ground? The time we spending on building a business is never wasted. Entrepreneurs are consistent in their business efforts. So why does it take some of us longer to see the results? Is there something we’ve missed? No, it is not a race, you will see others there before you and that’s okay. Be happy for them, ask them how they did it. They are happy to share and you maybe surprised at what they tell you.

Everyone can start with the same opportunity, the way you approach it is different. Some of us have a wider learn curve then others. Training is your part of the equation. You have to take what you have learned and act on it. Learning is not a waste of time unless, you think it is. If you feel that it is,your letting your emotions over ride your thinking process. You have to stop giving your emotions power over your decisions. If you are having a negative emotional reaction, it is because your not getting what you want without doing the work that it takes to get there. If you are busy worrying about someone else you will never see what you have in front of you.

People that feel like they are wasting their time are busy complaining. They are not doing what they need to do to get the results they want. They are still hoping that someone will come in and do it for them. Building a business is work. When you feel discouraged, you are not feeling the rewards for your efforts. What are you thinking, you can’t complain and have a positive out look at the same time. Whining is a negative act fuel by emotions. If your personal business development is lacking momentum you are the only one who can change it.

Adding a new training task to your list that will benefit you and make it easier. You can start building up your tool box with positive acts. Volunteer or go out and do an act of random kindness if you want to feel good about something. Only you can move forward, I can’t push you or hold your hand to success. You are the secret to the success of your business or your career. Fitting in to the role as a success person developes as you act on the training and the informed decisions you make. Exercising positive thinking because if you are only putting your toe in to test the water, you may never get in. What I learn today I can use to help someone do what I do. It is part of my business model.

Be too busy to dwell on negativity. Everyone is different so their challenges are different, Waiting for your light bulb moment will keep you in limbo. Everyone that sticks to the training long enough is going to see results. When your moment happens you will be ready because you invested on it. People, you have to carry out the training or it will not work. Entrepreneurs do not get paid for time. They get paid for results. Entrepreneurs really are too busy to worry about your negativity, they focus on whats important.

Watching a business develop around you is a gift. You will see it if you stay positive through the experience, you are the secret to your success so don’t give up. When my business changed, it was when I realised that I am the business. I have to take this to the next level and treat this like a business not a hobby. I am responsible for the decision I made. Most entrepreneurs can tell you when things stared turning around for them. Now when an opportunity comes they are ready. The reason they can do this is because they are positive thinkers that are successful because the took advantage of the opportunity in front of them. They look at it with an open mind and then zoom in on the facts taking emotion out of the decision-making.

Training your mind to take action is the way an entrepreneur’s mind works. You can teach your mind to leave emotion out of your decision-making. You start by training it to take action on facts, so it doesn’t react to emotion. You want it, doesn’t mean you need it. Take some time, up to a day if you need it to make decisions. Give your brain time to wrap around it. Listen to your gut as the facts unfold and you will make the right decision. A business mind will zoom in and out putting their focus on what is the best decision for the business and the people the business supports. Leave the emotions at the door and look at all the ways you can make a positive impact versus a negative one. Celebrate small milestones as much as the big ones, because they keep your momentum growing. Be positive take one day at a time and keep the future where you can see it.

Business Development – Solve Your Problems Before They Become Problems

Through 35 years of service to companies ranging in size from start-ups to the Fortune 50 I’ve found that the one thread binding them all together is the never ending pursuit of a greater return on the money they spend on business development. Some give up and accept mediocrity thinking that’s the best they can do. Others have obtained a higher level of return but know they could do better if only… They’ve all spent time and money treating symptoms with processes, training and tools that represent a generic approach that tries to address the most common problems of the most common companies. They fall prey to the latest management fads but nothing seems to last beyond the initial euphoria of something new. Like a child with a new toy, once the shine wears off things pretty much return to the same old patterns and process with the same old problems.

Often the reason companies find themselves in this never ending quagmire is that no one ever thinks of examining the fundamentals or bothers to identify the root cause of their dissatisfaction. More often than not the real reason for the dissatisfaction is that the company has forgotten why it exists. It was never instilled in the staff and was never embraced as a way of life.

Every business is built on three basic cornerstones: the core (which consists of all the fundamentals like mission, vision and values), the people, and the systems, processes and tools necessary to enable the people to accomplish those items in the core. When operating in unison the company is in for a smooth ride. Now imagine the three cornerstones form a wheel. It’s easy to see that if any one of the three is out of alignment, the ride is no longer smooth.

To bring this back to business and, in particular, business development, every decision made or action taken, that doesn’t reflect the business core, forces the wheel out of alignment. It follows that if an account rep doesn’t really know the company’s mission, vision and values, and if they don’t know the company’s goals or their place in achieving those goals you may end up pursuing an opportunity that you don’t really understand. It won’t really fit and the problems associated with being in this position ripples throughout the organization.

How do you prevent falling into this trap, how do you stay focused? To start, from day one company fundamentals should be drilled into every employee and they have to become a living part of day-to-day life. The number one question that needs to be asked before committing to a business opportunity is “How will this opportunity put the company closer to living the mission, vision and values” followed by “how will this opportunity help us meet our current and future goals”?

Those opportunities that fit your model are worthy of your time and money; those that don’t open the door to trouble.

Business Development Requires a Multitude of Skills

Business development is one of the functions that every company, from inception to exit, performs at one time or another. It’s also one of the most “unbounded” roles within a company. For some companies, business development means acquiring new customers. Others, it means raising capital. And, for yet another set of people, it means to build alliances and partnerships.

Whatever the term ultimately means to anyone, it is a function that clearly requires a multitude of skills. Let’s take for example, raising money. A business development person in a small startup company would be responsible for building relationships to raise venture capital and/or general financing for startup operations. Oftentimes, the reason this function falls under business development is because the business developer is building strategic partner relationships. Some of these strategic partners deem the relationship critical to grow new business opportunities. In that respect, the strategic partner will then invest money in return for an equity stake in the startup company.

In the case of building and managing partnerships, the business development team is often called Alliances. In this example, business development or Alliance is responsible for recruiting, managing, and supporting partner companies. In addition to this, the Alliances organization would also have a responsibility for driving a certain amount of revenue through the partners, as well. This alliance function essentially builds a core ecosystem around the host company. The ecosystem effectively allows the host company to be in more markets, capture certain geographic territories, or even drive more revenue than it could on its own.

Building joint ventures is also a form of business development activity. There are times when a company needs to work together on a specific business opportunity. The opportunity could be related to driving new business in a specific country or perhaps in a particular industry. The two companies would develop an operating agreement under which they will work together. Shared revenue and expenses, team alignment and sales targets are examples of agreements created as part of this joint venture relationship.

Driving sales is another function where business development is often categorized. This is especially true when a company is first starting off in business. Many small companies categorize their sales efforts as business development rather than sales. One of the reasons for this is because the territory is new or perhaps the product line is untested with customers. The business development group is responsible then for selling new business in an uncharted environment.

Corporate development is another function often interrelated with business development. In general, though, a corporate development function handles aspects of mergers and acquisitions for a company. Their role is to identify companies that have synergistic business models and would complement the host company. In many aspects, a corporate development officer for a company has similar skill sets and experience as all of the above organizational roles.

As one can ascertain, business development is a “catch-all” term that can encompass many different roles within an organization. That said, the skill set and experience for a business development executive is fairly broad. He/she must be versed in areas, such as building partnerships, strategy, technology, geographic markets, sales, and, of course, finance. In addition, understanding the specific industry in which the company operates is icing on the proverbial cake.

The business development executive is a key contributor to the success of a company. This individual, if used properly, can help create the very foundation on which a company operates.

Business Development Strategies – 4 Stages You Need to Understand

Business Development Strategies are presented here as a measure of how businesses can grow and develop over time. In his book, “Fire, Aim, Ready”, Michael Masterson does a splendid job of explaining the problems, challenges and opportunities connected with each stage of business development.

Stage 1, Starting Out: You have just taken your business from an idea to actively running and developing a positive cash flow. ($0 – $1 million).

Main Problem: You really don’t know what you are doing.

Main Challenge: Making your first profitable sale.

Main Opportunity: Achieving a critical mass of customers.

Stage 2, The fast growth stage: Taking your business from the $1 million level to $2 million a year in profits. ($1 million to $10 million in revenue).

Main Problem: You are breaking even or may even be losing money.

Main Challenge: Creating many additional, profitable products quickly.

Main Opportunity: Increasing cash flow and becoming profitable. Being cost effective is key to profitability.

Stage 3, The adolescent stage: Take your business over the $10 million threshold with profits in the range of $2 million to $5 million. Revenue parameters are from $10 million to $50 million.

Main Problem: Your systems are strained and your customers are noticing.

Main Challenge: Turning chaos into order.

Main Opportunity: Learning how to establish useful protocols and manage processes and procedures.

Stage 4, The Stage of Maturity: Your business has now grown with revenues of $50 million to $100 million or higher.

Main Problem: Sales slow down or even stall.

Main Challenge: Becoming Entrepreneurial again.

Main Opportunity: Getting the business to run itself.

You may find that Business Development Strategies outlined herein may be relevant to you today. You may also find them to be more relevant at another time in your life. It is hoped that you will identify where your business is today and will make plans to deal with the challenges that lie ahead.