Corporate development plays a crucial role in a business’s profitability and sustainability. Here are nine corporate development tips from experts.
Corporate Development | 9 Tips for Better Business
1. “Have a customer before you start your business” – James Altucher
A wise start-up owner makes sure that a market exists even before making a product or service. A testament to this is author, entrepreneur, and hedge fund manager James Altucher, who made sure he has a market even before he started Stockpickr.com (now Real Money) through his contacts and business partner.
Do you already have a marketing plan for your business? Companies live and die through sales and marketing, and doing market research before product development is not just good business advice, but common sense.
2. “Starting your own business? Find second chance employees” – Kelly Asbury
Director of SFCC Small Business & Technology Development Center Kelly Asbury shared how employees looking for a second chance are more driven. Their extra drive comes from the need to prove not only to others but also to themselves that they can be trusted.
Employers also gain some extra external benefits, like tax credits and even assistance programs from the government.
By providing second chances, you can increase your labor sources and find raw talent who can succeed and contribute highly to your organization.
3. “Play the long game” – Jim Judy
Franchising consultant Jim Judy observed that entrepreneurs can be easily caught in the mind of daily business operations. Weekly, monthly, and other long-term timeframes are sacrificed, which can cost the business in the long run.
Having a good working system now will pay dividends later. Ensure you have a corporate development plan for at least a year so you’ll be prepared for potential future expansions.
Talking about the future with your colleagues can help you clarify your vision and show you opportunities you may not have seen before.
4. “Start building relationships early” – Beth Brooke-Marciniak
Global vice chair of public policy at Ernst & Young Beth Brooke-Marciniak shared that reaching out and developing your personal networks should be started early. You should do this, whether you’re an employee or an entrepreneur.
Even your network in the previous workplace or academe will multiply the opportunities presented to you. This can come in the form of a referral to a willing market participant, vetted professionals, or even just a wider social reach.
- Attend alumni activities
- Reach out to past acquaintances. However, make sure is that your communications are proper and that you have social media etiquette.
- Join civic groups
- Talk to family and friends
- Participate in online forums
Using your shared interests can lead to a smoother conversation. Make sure you have an idea of what interests them, where they are currently in life, and what you can bring to the table.
5. “The future of advertising is the internet” – Bill Gates
Billionaire philanthropist and Microsoft founder Bill Gates encourages businesses and decision-makers to use the Internet for corporate development. This can come in the form of digital marketing.
In your next corporate development meeting, figure out how you can use the Internet for marketing, whether you have a B2C or B2B business model. Brainstorm the appropriate platforms, tap local influencers, advertise directly into the platforms, and think about how you can gain a following own website or social media.
Marketing is essential for a business, and using the Internet increases both your reach and quality of leads. As long as you know where to properly show your marketing content, your business can have a steady flow of clients and revenue.
6. “Learn with a team” – Ken Gosnell
CEO and SCXP (CEO Experience), Ken Gosnell observed that most business owners and leaders focus on improving just themselves. However, the more ideal scenario is if everyone in the company also grows and improves their skills.
Training can be done through books and videos, but they can also be done by having a coach or mentor. You could also hold group training sessions and workshops.
7. “The first step is to establish that something is possible; Then probability will occur” – Elon Musk
Billionaire CEO Elon Musk has a history of innovating and disrupting current markets. From PayPal to Tesla, Elon Musk has a good track record when it comes to making the impossible, or at least unprofitable, into a successful service or product.
Making goals and business decisions should be done within the context of possibility. Having impossible metrics and sales quotas will only demoralize people.
Sometimes, decision-makers make goals that are unrealistic. By researching whether changes or plans are possible and probable first, the business will have more attainable and realistic goals, metrics, and processes.
8. “Dig deep into your numbers” – Kayla Rossiter
Business Development Specialist for South Central Minnesota SBDC Kayla Rossiter talked about how important it is in corporate development to get accurate numbers. These numbers go beyond just finances.
Get an idea of your inventory, the efficiency of the workers compared to their salaries, logistics, as well as competitors and their numbers.
After discovering the probability of your goals, the numbers can paint an accurate picture of the present. People can misunderstand words, but numbers will always be simpler to understand, so take advantage of this by using accurate numbers to tell your business story.
9. “Turn your wounds into wisdom” – Oprah Winfrey
Author and media mogul Oprah Winfrey has experienced failure before she tasted success. The queen of all media came from a broken family and was also blamed for the failure of her first TV program.
During those trying times, Oprah looked at what she could improve and what sets her apart from other media personalities. She focused on her strengths and slowly build her media empire, one small success at a time.
For your corporate development strategy, take a look at your weak points and what you can still improve. Taking on an objective and problem-solving mindset will give you more ideas and can open other profitable opportunities for you.
These nine powerful tips can help anyone in making a business or corporation successful. By replicating what makes these experts successful, you can make your journey towards profitability and success faster and easier.
Do you have any other strategies when it comes to corporate development? How do you execute on your plans? Share your insights in the comments section below.