LEADERSHIP COACH

Executive Coach & Leadership Specialist

Business development is the ideas, initiatives, and activities that help businesses grow. Business development can include many objectives and goals: sales growth, business expansion, the development of strategic partnerships, and increased profitability. Business development can also improve a companies revenue, footprint, market share and profitability. The main goal of business development is to make the business better.

What is the role of a business development manager or executive?

A typical business development manager or executives' job specifications would include the following. An individual responsible for researching opportunities and pursuing new business leads. Someone who assists the organisations' sales and growth efforts. Focused on customer acquisition and able to provide ideas to attract new clients. Business developers should also be aware of new market opportunities. They should seek possibilities for expansion. Know about competitor developments and activities. As well as understand the current sources of the company's revenue. It is their role to keep the organisation updated on the marketplace at all times.

Many companies have a dedicated internal Business development manager or executive. They are thereby placing the onus of business growth in their hands. In reality, business development should impact every department within a company. Including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.

There is a challenge that can take place with internal business development managers. Individuals often struggle to challenge the executives they have to report into. There is a fear of overstepping the line. Although this should not be the case for any staff member or executive, in reality, it often is. As a result, business growth may be slower than expected or may not occur at all. The business development manager may also look at growth with blinkers on. Following what the executives believe or say and never challenging the status quo. They may follow the same route that the executives who want change have been following for years.

The above does not imply that business development executives are not able to fill their role. They may be aware of new market opportunities and possibilities for expansion. The challenge may be in getting other executives to buy into the ideas they have. Often resulting in their thoughts swaying to fit into existing structures or mould.

Those involved in business development need to develop creative ideas. Yet, sometime their proposals may not be workable or realistic. Employees charged with business development should try to take constructive criticism. This is often challenging for employees, with a low level of emotional intelligence. They also need to remember that business development is an ongoing process. They may also have to work with restrictions, like the availability of resources.

A business growth coach understands there are no standard practices and principles. They know there is an unrestricted scope of business development and activities. Your coach will challenge you to explore new opportunities in external markets. They will help you look at introducing efficiencies in your internal business operations. They understand that looking within can often prove challenging for many organisations. Your coach is a fresh new set of eyes looking from the outside in. A business growth coach has no fear of saying the wrong things, ruffling feathers, challenging executives thoughts and processes. They ask the tough questions and identify what needs to change. A business growth coach is comfortable to challenge the status quo.
A business growth coach can share others success and failures, without disclosing any confidential information but use their knowledge to guide you. This will save your business from making the same mistakes, save you time and helping you reach your business growth goals sooner.

Your coach will understand that development activities need to extend across different departments. Working in silo's will not result in business development and growth. Your coach, you will align all activities with the business' development goals.

Your growth coach will ensure your team remain informed and focused on the following
• The current state of your business
• Reviewing and using the company SWOT.
• The current state of the industry and growth projections
• Understanding your primary sources of revenue
• Your customer profile
• New and unexplored market opportunities
• New territories /products/sectors, which may complement or diversify the existing business
• The long-term view and goals
• The cost areas and the possible options for cost-savings

Your coach focuses on tangible bottom-line results. If your business coach does not help you deliver results, you will no longer work with them. You may think that the same applies to an internal business development executive. But, your coach does not need internal training and rewards. They do not need to be managed and appraised. They do not need to learn to take feedback or criticism constructively. These are all elements already built into their DNA. Your coach will hold you and your team accountable for reaching your goals. Your coaches success is interdependent on your success.