Leading Large Companies vs. Small Companies

Companies come in all shapes and sizes. There are benefits to leading both small and large companies. Which one an individual prefers often has to do with their skillset. Leadership is one of the things that is a factor in the potential a particular company has to grow. 

A leader’s role in any company will not necessarily be the same every day. Since leaders head projects, their role varies depending on the scope of the project they are overseeing at any given time. The more involved a project is, the more time its leader spends guiding the other employees, rather than simply completing tasks. 

As small and large companies approach their growth differently, the role of a leader is always evolving. When someone leads a project for a small company, they are often given fewer responsibilities. It is a large task to tackle with a large company, but a much narrower one to address with a small company. 

Leaders at any size company need to know when to delegate tasks to others and when they should be completing those tasks themselves. The dynamics are also different from larger companies because the smaller ones are often family-run. This changes the entire way one communicates with those they are leading. 

Personal relationships are more impactful on small companies than large ones. They give a company a unique dynamic that larger ones don’t have. Leaders at smaller companies often find their position more satisfying and fulfilling. For those who want to flex their creative muscles, small companies are the ideal work environment. 

Another thing to keep in mind is that larger companies offer more opportunities for each employee. For leaders, this may mean that their position may be challenged by up and coming employees who want a chance at filling that particular role. 

The extra opportunities afforded by large companies mean that leaders need to be prepared to groom employees for future growth. This task is something that is often not required in smaller companies.

The decision between leading a large company and leading a small one is not a decision to be made lightly. An individual’s priorities and professional goals are the most significant deciding factors in the size of the company they choose to work for.

This article was originally published at JoeShew.net.

The Role of Business Development Professionals

In the world of business, there are so many different kinds of roles; operations management, quality control, accounting, and marketing are just a few of them.

One of the business roles that is often overlooked and misunderstood is the business developer. In this article, we’ll take a look at the different aspects of the business developer’s role, and explain why the position is so important. 

Growth

Business developers are almost always focused on the growth of the business at every level. They prepare analytics for potential growth and provide support and monitoring of the growth opportunities. 

They do not, however, concern themselves with the implementation of the opportunities for growth. 

Taking this into account, it is not uncommon for business developers to be hired in as consultants, from outside of the company. From this vantage point, they are able to have a more impartial view of the situation, and are not involved in, or tethered to, the actual implementation.

Sales and Relationships

Sales is another aspect of business in which the business developer may participate. They identify the decision-makers within the company and try to find “missing pieces“, so they can discover unmet needs.

The developer always has their eyes on the future, and often do their best to maintain relationships with their businesses’ clients. Solid business relationships are crucial for any business, especially when looking towards the future.

Finding New Opportunities

business developer is always trying to find new ways for the company to generate revenue. This can include exploring new markets and creating relationships with new potential clients.

They are always attempting to add to the robustness of the organization, and increase its cash flow in as many ways as possible. It is also important for them to keep their eye on competitors, and the strategies they are using.

A Variety of Roles

Unlike the areas of accounting and marketing, the business developer’s responsibilities can be greatly varied.

For instance, if the company is a large one, then the business developer may be involved in acquiring smaller businesses. On the other hand, if the company has a smaller one, and the business developer may focus on obtaining commercial accounts and working on new projects.

This article was originally published at JoeShew.org.

Skills Business Development Professionals Need to Have

Business development professionals are in high demand across many industries. These individuals are responsible for training new sales and marketing techniques. Another critical part of their role includes qualifying leads and expanding business from current customers. Here are some of the most sought after skills in a business development expert. 

Internal and External Communication

The most important feature in any business leader is communication style. Business development professionals are usually in a mid to high-level management role. Externally, this customer-facing role requires savvy conversation style with a strong sales drive. Internally, they must be a trusted advisor and approachable mentor. 

Training Techniques

A key role of the business development manager is training the sales force. Inside and outside sales teams benefit from coaching and development programs. A unique training style is required for sales development. Trainers must be able to give high-level information coupled with practical experience. Openness and flexibility are vital attributes of an effective trainer. They must be open to new ideas and techniques that may work for a particular business environment. 

Social Media Coverage

Social media platforms are no longer the wave of the future. The vast majority of business research is done online. Even many customer referrals are connected through social media. A business development professional ensures a fully functional sales and marketing team is dedicated solely to social media. 

Goal Development and Enforcement

In addition to training and management techniques, business development leaders must be able to produce manageable goals for the sales staff. Incentives for reaching a monthly or quarterly goal is a crucial way to maintain motivation. Consequences for not attaining a communicated goal should also be clearly defined. Communicating these goals may be the role of a supervisor or the business development officer, but the message should be consistently relayed. 

Effective Branding Techniques

Business development engineers have a significant responsibility to develop brand recognition. This portion of their role requires many tools and experiences coming together at once. Bringing awareness to a particular company is the responsibility of the business development team. The public must be aware of the goods and services offered by a company. More importantly, they must also equate this company as the solution for their own business needs. Branding encourages new business and rekindles long lost customers.

Read the original content at JoeShew.org.

How to Create a Business Development Plan

Active growth depends on a viable business development plan. Companies, both large and small, must commit to a strategic growth plan to stay relevant in their respective field. The first step to this strategic development is to understand “business development.” Let’s first take a look at what business development encompasses and where it intersects with other areas of the business.

Business Development vs Sales

Business development, while it includes sales, has the ultimate focus of growing a business or corporation toward a predetermined future. Development entails marketing, advertising, recruiting, and calculating. But the end result is growth. 

The sales team also plays an integral part of business development. In practice rather than theory, sales increase the bottom line. New sales and existing customer reorders are vital to a healthy financial position. The main goal of sales is to build profit. Business development and sales operate like avocado and guacamole, they are intimately entrenched and require a little blending.

Key Performance Indicators

Performance indicators should be based on a benchmark that compares your bottom line to the competition. Choose key performance indicators (KPIs) that make sense for your expected growth. If you are spending most of your advertising and marketing resources on email campaigns, then one of your KPIs should reflect email leads that turned into sales. 

Open Doors for Your Customers

Every business development strategic plan should include a variety of ways for customer communication. New customers are exposed to you through social media, direct mail, email, and other campaigns. Your website must reflect an online presence that mirrors your physical branding as well as your company values. Give customers and new prospects multiple ways to reach you, and make sure they know exactly who they have reached. 

Leverage Customer Data

Once you have a valuable and measurable rapport with your customers, you can utilize this information to evaluate the business development strategy. The customer experience provides useful insight into what the company is doing well and what may need to change. Response times, product quality, and billing options are all crucial factors when it comes to customer retention. How does your company stack up? Customer surveys are an easy way to gauge success and implement feedback.

This article was originally published at JoeShew.org.

The Basics of Business Development

Business development involves investing time and energy into a series of building blocks that add up to a visionary concern. It encompasses the goals, strategies and activities that shape business growth. Here’s a breakdown of these fundamental business components and how they impact future profits.

Sales and Marketing

For any firm to succeed, it needs a solid sales and marketing plan. Companies with high budgets can capture markets quicker and more broadly with strategies such as TV advertising, trade show presentations, distribution of free samples, cold calling and personal visits. Startups with low budgets should focus on digital marketing, print and social media.

Strategic Business Partnerships

One of the critical steps to building a market is partnering with successful companies in your region, along with other forms of networking and negotiating with local business leaders. Startups can achieve goals much faster by teaming up with more prominent players that have vast resources for building brand awareness. Another winning partnership strategy is getting assistance from legal, financial and supply chain experts.

Establishing Business Development Planning

Business development hinges on essential factors such as research, project management and product management. Planning should map out where the products will be manufactured or where the services will be based. It’s crucial to meet government compliance and industry standards across different nations and jurisdictions. Brand building requires time and careful matching of marketing channels with the target market.

The company structure needs to be well-defined and set up for cost efficiency. Conducting a cost-benefit analysis with an emphasis on cost savings yields enormous advantages. Keys to arriving at these milestones include brainstorming, SWOT analysis (strengths, weaknesses, opportunities, threats), as well as analysis on current industry trends and growth projections. Even more profound benefits come from customization strategies according to customer feedback, competitive analysis, and exploring market gaps.

Business Expansion

For a firm to expand physically and financially, it needs to study logistics for new facilities and outsourcing complex areas such as billing, accounting and IT services. Keys to venturing into new market disruption are conducting high-quality research of market opportunities and patents, negotiating with third-party vendors and in some cases lobbying for new laws that favor the industry.

Long Term-Outlook

Business growth results in the culmination of long-term planning and reaching milestones on schedule. Developing an exit strategy or vision for future growth can result in lucrative mergers and acquisitions, going public or attracting venture capital. It’s important to remember that business development is flexible and wide open to custom solutions, as owners and managers should always be open to constructive criticism and business model adaption to market changes.

This article was originally published at JoeShew.org.

What Employees Want Most From Their Leaders

Thousands of employees can relate to feeling under-appreciated or feeling as though their job isn’t fulfilling. This lack of fulfillment can be a result of a chaotic work environment, poor communication between colleagues or even favoritism displayed by management. When it comes to the employees’ needs, many times they are not met which can translate to poor quality of work, unproductive work ethic, tension among peers and much more. By giving employees what they need and want, leaders can build stronger connections with their workers and also receive a better quality service from their employees. 

Certainty 

Employees want to trust their leaders when it comes to job assignments and judgment calls. Leaders should be decisive when making a decision and when communicating. Indecision can lead to doubts and confusion. Employees need to have confidence in their leader and also maintain the belief that their leaders are guiding them in the right direction. 

Emotional Support 

Although work is usually a formal setting, employees are still people who experience dilemmas in their personal lives. While it’s considered professional to put emotions aside for the sake of completing a job, employees want to have the freedom to express their feelings. Leaders should encourage open and transparent communication. Empathy will go a long way as trust is built between leader and employee. 

Mentoring and Effective Communication 

Being a leader isn’t just about being served. It is also very much about being of service to others, even those individuals that work for their leaders. Leaders should always see their employees and teammates to work with. This distinguishes a leader from a boss. A boss delegates tasks and tells people to do a job. A leader is willing to work with their employees and show them how to do a job. Employees greatly appreciate when their leaders take the time to mentor them through a task. Having additional support and guidance will strengthen their self-efficacy, making them more confident in their capability as well as competence. 

Appreciation 

Employees want appreciation most. Leaders should strive to give recognition to their employees. This can be done through salary increases, bonuses, certificates of appreciation or other creative ways to show employees that their efforts are taken into consideration. Showing appreciation will make employees feel more valued, giving them even more incentive to do their best at their job.

This article was originally published at JoeShew.net.

Sales vs. Business Development

Companies who are ready for expansion may be interested in hiring additional executive staff to manage growth. Business Development Managers and Sales Directors have different purposes within the company. These roles and similar titles have different areas of responsibility. Depending on the job description and the current phase of company growth, sales and business development officers will need to focus on very different aspects of the corporation. 

Sales Roles

There are two basic ways that companies develop sales within the organization. Outside sales personnel are responsible for obtaining new customers. They establish relationships in several different ways. Setting appointments with potential new customers and wooing them is one of the main responsibilities of the outside sales team. This crucial role is primarily tasked with introducing new prospects to the products and services offered by the company. An outside sales representative may also be responsible for visiting at-risk clients to ensure they are satisfied. 

When properly utilized, the inside sales team is also responsible for business development. This role is usually customer service and order fulfillment based. This is the second line of support for business growth. Inside sales personnel, which may be known by many different titles, offer a positive customer experience. This is a hybrid role which supports existing customers and attempts to grow the business by rounding out customer accounts. They have a soft sales role that gives them the opportunity to offer additional products and services to expand existing accounts. 

Business Development Roles

 Business development is a rather generic term that can take on several different characteristics, depending on the nature of the business. A business development manager or consultant is responsible for monitoring the growth of the business. This specialized role is tasked with a two-fold approach to business development. The priority is to add new accounts to the customer base. In order to be effective over the long term, growth spurts must be sustainable. 

Business development officers must be able to add new accounts that will not strain the business during the growth process. The second role of business development is marketing. Courting new customers requires an introduction and targeted advertising. This type of marketing also focuses on word of mouth referrals and other special promotions.

This article was originally published at JoeShew.org.

What is Business Development?

Business development consists of a variety of different strategies and team efforts. Specialties such as marketing, sales, and market development are all a part of business development. Anything dedicated to improving a business is classified as business development. A developing business is not only able to figure out ways to increase its profitability, but it is also able to decrease costs and increase the efficiencies of its operations. There are many different parts to business development, but they all contribute to the overall health of an organization.

Departments

Nearly every department in a business is a part of the development of that business. The tasks that each department completes is usually aligned with the goals that a company has for its development. These goals can vary from business to business. Some groups make goals to expand their operations while others may make goals to offer new services to their customers. Multiple departments are typically involved in developing a business and assisting the organization with accomplishing their goals.

External Help

Not every business, especially smaller startup companies, has all of the departments that they need to develop fully. While building these internal departments should be a significant goal of a company, many external firms offer help to growing businesses. Most of these external firms cater to smaller businesses rather than larger ones and provide services that help companies build on their foundations.

Decision-Making

Aside from its overall goal, business leaders will also need to determine several objectives during the business development process. One of the most important things that a company should understand is its position within its industry. In addition to other factors, a business should also realize who their customers are and what their customers need. Businesses need to include the number of customers, prices of products, and projected growth in their calculations. 

It takes time to develop a business properly. Many things should be taken into account before a business embarks on the adventure of business development. While companies should try to improve using their own resources, there are a variety of companies that assist businesses with their development efforts. These external companies specialize in business development and understand the steps that are necessary for effectively completing the development process.

This article was originally published at JoeShew.org.

Components of a Successful Leadership Team

A leadership team is responsible for guiding a company through the ups and downs of the business world. The right team will make all the difference in whether or not your organization succeeds. 

Creating the right leadership team, however, is far easier said than done. You’ll be working with some of your company’s most accomplished workers, all of whom must balance their role on the team with their other duties. The following tips will help you bring your team together as they accomplish their goals. 

Choose Your Team Wisely

Most of the time, the members of the leadership team are selected for their leadership skills or individual achievements. Although these are good ways of measuring someone’s performance, they aren’t indicative of how they will work on a team. Someone may feel that they are too successful to have to listen to the differing opinions of other team members — select people who have demonstrated that they are constructive team players instead. 

The Right Purpose

For a leadership team to work together effectively, they need to have a reason. Many times, there isn’t any apparent reason. Members may feel that they’re only responsible for their direct roles. Their first focus is their main area of responsibility, and they may lose sight of why they need to work together. Your team should be committed to pursuing a higher purpose together. 

A Set of Goals

The best way to make the organization’s true purpose feel more concrete is to establish a set of shared goals for the team. They should inspire everyone and require involvement from each individual. Each person needs to feel responsible for its achievement. Your leadership team’s goals can be different from the company goals. Leadership goals could include changing the company’s culture, boosting employee engagement, or bettering the customer experience. 

Strong Relationships

The best leadership teams are composed of members who respect and support each other. If people genuinely like their team members, they are more likely to support them. They’ve earned each other’s trust and want to work together. 

Unique Strengths 

Your team should feature a diverse group from a variety of backgrounds. The members should offer complementary skills and experiences. A team composed of individuals who are too similar will rarely get anywhere or accomplish their goals. Members with different skill sets will fill any knowledge gaps and ensure that your team doesn’t get stuck. 

This article was originally published at JoeShew.net.

Common Leadership Myths

The old models of leadership are becoming obsolete. People seek opportunities to make differences, feeling as though they matter, rather than merely going to work every day. At the same time, workforces are spreading out more, creating a need for delegation of decision-making and collaboration that those traditional leadership models cannot handle. This is creating leaders in organizations at every level. It is also showing that old leadership concepts are failing, as demonstrated by these myths that need to be debunked.

 Leadership Exists Only at the Top

Not long ago, there was a widely held belief that leadership belonged only to a couple of people, or even just one, at the peak of a power pyramid. The truth is that, in reality, the role of leadership is multidimensional. Everyone, on any particular day, moves through a spectrum of various expressions of leadership. Simply put, everyone is a leader in some way or another. When employees have a view of wider leadership, they can work together to utilize everyone’s unique talents.

Leaders are Designated From Birth

Perfectly natural-born leaders simply do not exist. Everyone has the potential of growing into a capable leader by way of seizing responsibility for actions with those who are led. A title alone does not make a leader out of someone. Fancy titles do not instantly grant the ability to connect, empower, develop, or inspire others. A true leader comes of hard work and is able to work with others and encourage them to achieve goals.

 Leaders Work Alone

There was a theory of leadership that leaders should be lone wolves, held isolated from the pack, but this has proven ineffective. Good leaders are aware that everyone has weaknesses, including themselves, and surround themselves in a group of people who can make up for their shortcomings. Effective leaders today work among their people and evoke leadership in those they lead, creating more and effective leaders.

 Leaders Can’t Afford Failure

With the belief that failure cannot be an option, growth and change stagnate. Failure is a vital piece of discovery, exploration, and the encouragement of innovation. Without taking the chance to fail, the old proven approaches must be maintained. Leaders need to embrace, admit, and even celebrate failure as a part of the path toward discovery and development.

This article was originally published on JoeShew.com.

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