I first encountered the concept of mastermind groups reading Think and Grow Rich by Napoleon Hill back in the early 80’s, but it wasn’t until recently that mastermind groups really took off. On average, incubator clients spend 33 months in a program.1 Oftentimes, graduation requirements are set by development benchmarks rather than time, such as revenues or number of employees. Having now worked in a number of roles that you might consider as business development (BD), I thought I’d start my publishing journey on LinkedIn (this is my first post) with a bit of reflection.
This is a step that a lot of companies take in order to serve their growing customers especially if their present location cannot serve customers who do not reside within the locality. I’m not suggesting in any way that you stifle the creativity and idea generation of you or your team members, in fact that’s how most small businesses discover new markets or create spin off businesses.
Things like market development, new customer growth, distributor relationships, customer services improvements, even new products: all the things that make it possible for a businesses to grow and prosper year after year. A good business development strategy keeps a your company updated with everything.
Many companies reach a point at which they have to start maturing and growing their business development, capture, and proposal capability. One of the basic requirements for business development is to evaluate the current business value as it is more related to the growth & maintenance of the business.
If you are going to truly help your customers to develop their businesses then you need to be involved in every trade organization, read every journal and be part of every think-tank that let’s you be really tuned in to the latest developments. Your competitors may have been planning for these opportunities for a while, throughout the entire acquisition process from when the opportunity was created to the point of its culmination in a Request for Proposal (RFP) or Quote (RFQ).