Business Development Techniques

O-Founders

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31 Oct 2022
5 Min read

6 Business Development Techniques For Growth

A proper attitude, passion towards work, and planned risks amount to business success. Smart work plays a vital role. Business owners must adopt means that help implement most manual tasks automatically. Another important trait is humility, which enables one to be open to learning new things and positively accepting feedback.  

Besides these personal skills, the secret to business success is the business development team. Is it that the team members truly evaluate potential partners and have a long-term view of the business and its position in the industry? To find the answers, we have a list of some top business techniques for faster growth.

Top Business techniques:

Optimize the 80/20 rule

The Pareto principle states that 80 percent of the outcome results due to 20% of the cause. This otherwise means that the small initiative you take up could result in a significant yield. The idea is very important as it helps determine the priorities that can significantly affect the business outcome.

Understanding and following this one simple rule can work wonders for your business. This rule best applies to businesses, wherein 20% of all your signed deals will account for 80% of the business growth. Going with the rule, you do not go behind every business partner, however, focus on the most important ones. For instance, you can spend about 80% of your time working on only 20% of the worthy partners that matter to your business.

Relationships matter more than transactions

Build relationships, not transactions, as everyone feels like being valued. So, always give something to your partners that would add value without expecting it. Also, socialize with them,  not just for a business, because as in personal life, relationships matter even in a business. For instance, you are a B2B business having certain products. So, you must build relationships with the organizations with their business objective aligning with yours.

Use social media to connect to key decision-makers

Social media has eased the path to connecting with key decision-makers. If you need to learn about the key decision-makers concerning an organization, go to the LinkedIn platform to know whom to contact. LinkedIn search capability has numerous filters that work great. Groups also serve as an effective as you can find the relevant people concerning the post linking and conversation engagement. This is another option for finding the key decision-makers.

Be a great partner

Don’t forget the deals you have signed. Keep up with them. Signing the deals is just the beginning. What matters is how is go about with it further. You require to follow up and attain the necessary milestones and deadlines. Ensure you be a  good partner imbibing the qualities such as being passionate, reliable, compatible, responsible, talented to build a good relationship, creativity and open-mindedness, risk tolerance, and resilience.

As part of this, encourage the concept of repeat sales and repeat customers. This tells us that it is easier to sell an idea to the existing partner instead of finding a new one, which means that the relationship deepens through a brand-new initiative built over the current relationship.

Win-win deals

The business development team has to build strategic partnerships and alliances that find fit for both sides. This is called a win-win deal that helps gain an advantage on both sides. If you earn a good name for singing good deals, more potential offers will knock on your door to connect with you. Such is the importance of win-win deals.

Choose deals that align with your business objective.

Think whether the deals you are signing align with your business objective. Don’t just sign them for a promotion, but also those that drive your organization’s growth. As part of this deal with the right people, identify the party correctly.

Conclusion :

The above-mentioned business development techniques will help you set up a good company and will create a future of fast-paced business development. Beat the competition by signing up with new business partners and becoming a market leader in the industry. Hence it is time you create a different image for your business.

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