Business Development Coaching: A Professional and Personal Development Tool

Business development coaching is a service which offers business leaders a chance to analyse and reflect upon their own business practices and to set targets and take action to achieve success as a result of the findings made. Business coaching can therefore be described as a process that facilitates learning and development within business and thus has the potential to improve performance. Consequently, the aim of business coaching is to enable entrepreneurs to reach their full potential.

Business development coaching explores the requirements, motivations, skills, desires, and opinions of business leaders to assist them in making a lasting and fulfilling change to their business. Business coaching uses questioning techniques to aid an individual’s own thought processes. The purpose of this is to enable the individual to conjure up solutions and possible actions by themselves, for the good of their business.

Business coaching involves the creative application of a range of tools and techniques, including one-to-one and group training. Business coaches aid individuals in evaluating the outcome of business development training through objective measures. This allows clients to assess their achievements.

In order to carry out their role effectively, business coaches require a sound knowledge and understanding of reflecting and analysing business practice and the skills and techniques needed to set targets and reach them. Business coaches do not typically possess direct knowledge and experience of their client’s own role within a business. However, skills-focused coaches are likely to have prior experience of working in a similar role to that of the clients that they work with.

Organisation development and the requirement to provide employees with the guidance they require to change roles in the workplace often inspire companies to take advantage of business coaching. In the past, business coaching was typically considered to be for business leaders only. However, it is now considered a highly regarded professional and personal development tool for all.

Coaching programmes for business can enhance morale, productivity and motivation. In addition, business development training has been proven to reduce staff turnover throughout organisational change. Modern business coaching differs from traditional forms of training in that it is designed to suit the recipient’s personal needs and learning style. It fine tunes an individual’s existing skills and is able to focus on interpersonal skills which cannot be easily transferred during traditional training.

In order for business development coaching to be at its most effective, a business leader is first required to determine the type of coaching services they require – be it specialist or general coaching – before enlisting professional help. While business development coaching is popular with organisations, an increase has been seen in the number of individuals seeking private coaching. Some recipients of private coaching seek career change while others desire to maximise their potential within their existing company or to improve the equilibrium of their work and home lives.

How To Get More Clients: Hire A Business Development Expert

If your business has been struggling to get more clients in the last few months or year then consider hiring a business development expert that can find the right joint venture marketing partners that can deliver hot leads to your sales team. Many businesses can find themselves in a rut where it’s really difficult to acquire new customers. A joint venture marketing partnership can be the right strategy to get moving forward again. A business development pro will understand the process of putting together a solid business deal that can grow your company. If you feel that building a network of business partners can help grow your business in ways that are unachievable by yourself then find the right consultant or individual that you can bring in-house and do the deals that will get your company more clients.

Hire the Right Person

Hiring a business development person is different than finding a sales person for your team. While a business development expert can always play the role as sales person the opposite is not always true. A person that specifically focuses on business development will understand how to communicate potential business deals to perspective businesses in the right manner. They will understand that it is critical that a strong relationship is forged between the individuals doing the business deal and the company employees that will be involved in implementing the partnership.

Hiring a consultant or consulting firm to act as a business development team for you company is a great route for many small businesses. Many business that do not have the internal man power and capabilities to identify, engage, and do the business deals necessary for growth can benefit from a consultant or consulting firm that has access to the business decision makers or the experience necessary to reach out to companies and develop the relationships required to put together a great business deal.

While a consultants hourly rate may be higher than you’re comfortable with a deal can be put together much faster by a professional than someone trying for the first time to structure a business partnership. Consultants often will require an hourly rate or fixed salary as well as some kind of bonus structure for placing deals together which may be a single payout for each business deal that is signed or a revenue share that is paid out over a period of time based on the amount of business that is ultimately generated from the relationships. Most consultants will not work for pure commission deals unless they believe that a deal can be put together extremely fast and will generate immediate revenue. Most will want a cash payment coupled with a bonus structure. Companies that want to execute business deals with larger fortune 500 type companies should always highly consider hiring an expert that has preexisting relationships with the company that you want to do a deal with. It’s common to hire a consultant for one specific business partnership.

Managing a Business Development Team

Managing a business development team member is similar to a sales team member in many respects. It is important that as a business owner you control and own the data that is developed by the team member by making them use the corporate customer relationship management system and uploading any data and reports on potential business partners to the corporate document server. Failing to do this a common problem with companies and their sales teams and even more so with business development professionals as the relationships they have and bringing to the table are often held tightly and not given up easily.

If you are hiring an outside consultant there may be specific clauses in the agreement about who owns what data. This is something to be aware of as it can be very frustrating to be a month or two in developing a new business partner and have a person leave and take the contact information and data with them leaving you in a tough place to continue. It’s critical to recognize that a business development team member is going to need to spend time out of the office meeting with companies, going to business events and other functions that may be fruitful in finding and meeting the right business partners, however if you are paying for someone to be at an event then make sure the business cards that are collected get scanned and retained by the company.

If you have decided that in order to get more clients your business needs to develop strategic business partners than consider outsourcing the work to a consultant or hiring a business development expert in order to speed up the process. Avoid taking team members off their existing duties or forcing yourself to forge the relationships by yourself and add more duties to your already exhausting schedule.

A Glimpse Over a Business Development Manager’s Job

Every businessman starts his business with an aim to grow in terms of annual sales. However, starting up a business seems easier, but making it a big one is not everyone’s cup of tea. It needs great efforts and hard work to get your business on the heights of success. According to a research, it has been observed that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue.

In order to develop a business, you need to make a growth strategy that must cover market perception, market growth, product development, alternative channels, new products, etc. Here, comes the need for a business development manager. He is the most important part of an organization, who needs to work with the marketing people, internal team and other seniors to develop the strategies for enhancing the sales opportunities, thus, increasing the profits. Let’s have a glance over the job of a business development manager:

Role of a business development manager

Well, the role of the concerned person can be categorized as follows:

• Outlook for new clients: It is perhaps the primary role of a business development manager to search for new clients. This can be done through various ways including cold calling, networking, advertising and more.

• Planning influential approaches: The next important thing is planning a proper influential approach that can encourage the prospective clients to do business with the company.

• Developing a bond: Developing a good relationship with new customers is really necessary if you want to develop your business. This can be done by setting targets and proving the required support to the customers for improving the bond.

• Grow and retain existing accounts: Developing a good relationship with new customers is not just enough. What more require is growing and maintaining the existing accounts. In order to retain the current customers the manager should be ready with new solutions and services that he/she can present to the customers as and when required.

Above are some of the primary roles of a business development manager. Apart from this, he/she is responsible for making a strategic planning for developing a new business coming in to the company. For this, the person must possess a sound knowledge of the current market condition, services that company can provide and most importantly who are the company’s rivals.

Qualifications and skills required for the business development manager

• Educational qualification: As the job of a business development manager is quite challenging, he needs to have certain skills that can assist him in facing all the hurdles. As per the reports of online job placements on Monster.com and PayScale.com, the educational qualification required for Business Development Manager Jobs is first of all a bachelor’s degree in business administration or any other related field. Having a good experience in sales or marketing will be added advantage. Though, some companies may prefer the candidates who hold a master’s degree in this field.

• Key skills: As far as skills are concerned, the person should be highly motivated, problem solver and must have prospecting skills, territory management, market knowledge, presentation skills, closing skills, professionalism, etc.

Significant result areas of business development manager

To achieve the desired results, it is very essential to be crystal clear about everything so that the concerned person will be able to focus on the results. Generally, the key result area should be:

• Clear, precise and measurable: A clear, precise and measurable key area will help in defining the exact results that have been achieved and how well they are achieved.

• Under the control of business development manager: The key result area should be under the control of the concerned person. When he/she does it in a right way, it will contribute towards a major value to a business and to the career of the responsible person.

• A vital activity of the business: A key result area is unquestionably the important output that will turn out to be an input to the next result area.

All the above information will surely help you to get an idea about the job of a business development manager.