In a blog published at ExitEvent, author and investor David Gardner explores The Business Development Hat, a critical hat that entrepreneurs must wear as they grow their companies.
CARY – Each day as I talk with promising new startups and the founders of my 35 or so portfolio companies, I ask myself, “What else do they need to know?” This month’s recurring topic has been business development.
I often hear the terms “sales” and “business development” used interchangeably. This is a clear indication that the person I’m working with does not understand what biz dev is all about. I’ve come to regret not having a chapter in my book specifically on this hat. Hopefully I can remedy some of that mistake with this article.
Sales is the art of articulating a case for why someone may want to buy your product or service. It involves statements of fact and their related benefits to potential customers. A seasoned sales manager will provide his or her reps with a proven repeatable process and all of the sales collateral they need, such as testimonials, case studies, competitive analysis, presentation material, objection handling, call scripts, leads, pricing, contracts, etc.
Sales reps generally don’t create the pitch or process but they are experts at utilizing that proven rut for success. They skillfully utilize the process and arsenal they have been given to build and close a book of business. They are the machine that is constantly stamping out the cookies.
Although business development involves sales skills, it has no such set pattern to follow. A great biz dev executive is on the hunt for ways to harness the resources of a potential business partner.
There’s much more to the story. Read it all at: