Over the years, business development has come to be defined differently by different businesses. However, the core principles that drive the creation of long-term value remain relatively unchanged. Most business executives understand the importance of growing the business, but reaching that goal can be challenging. Ann Puig, a longtime business owner, entrepreneur and philanthropist out of Costa Rica, explains some of the most insightful tips that will help business development.
One of the fundamental processes that needs to be employed as early as possible – even before beginning the business – is the creation of business relationship and personal networks. Explains Puig, “Too often, women find themselves left out of what could be considered ‘natural’ business networks. They need to make a conscious effort to begin developing networks early and then massage them to keep the channels alive.”
Exploit chances to arrange inside your association and proactively seek after roads to meet individuals outside of your organization. Go to occasions associated with your industry, interests, or place of graduation, and don’t falter to present yourself. Individuals like working with those they like, and if the correct individuals en route fancy you, your profession and business can profit incredibly. Not every person you meet will be useful to you, however the more individuals you know, the better situated you will be.
Trusting instincts and following one’s inner voice can also help to develop the business. It’s important to trust your gut and pursue big opportunities if you feel they’re right, even in the face of huge challenges. Says Puig, “There will come a time – and possibly more than one – when an idea comes out of the blue, completely unrelated to anything you are actively working on. Learn how to identify those moments and, if you cannot act on them immediately, make a mental note and get to them as quickly as possible. If you don’t, someone else will.”
There have been a number of significant events over the past ten years or so – such as the collapse of large financial institutions – that drive home the point that it’s incorrect to think that things will always remain the same. Those who have seen the most success in business have been able to see past the status quo and are always willing to challenge assumptions and stagnant thinking.
Increasing the workforce does not necessarily mean that the business will be more productive or that it will see more positive growth. “Inarguably, the people in an organization are the most valuable asset, but adding more does not always increase productivity,” says Puig. “It is much more effective to have the right people with the right skills in the right positions. Also, ensure that the people understand the company’s goals and share its philosophy.”
Early on in the lifecycle of the business, begin to prioritize tasks. Time is a valuable commodity and, once it is gone, cannot be replaced. Simplify services or products so customers can better understand what they are receiving and so that the business can be properly managed. While many say that there are never enough hours in the day, those who prioritize and organize their schedules are in a much better position to succeed.
The main way we can achieve our most critical objectives is by concentrating on them, investing our time and vitality on the ventures that will best enable us to accomplish our targets while pushing aside things that are distracting. When planning a phone call or a meeting, or even selecting a target or a lead to pursue, consider the opportunity cost and weigh it against other tasks to operate more efficiently.