American Express, June 2020
A business development strategy for a five-person startup looks much different from a business development plan for a well-established company with 1,000 employees. That’s because there are various stages of business development, and the specific functions therein differ according to a company’s maturity and size.
Start-ups, mid-sized companies and large, mature organizations each require a different approach to business development.
- Start-ups. Laying a strong foundation for a new company is critical to its survival and growth. For startups, business development strategies focus on building that foundation by developing the best possible products and services, determining where the company fits into the market, identifying investors and funding sources, and assembling a dependable team. A business developer might also help orchestrate a launch event when the product is ready to go live to give the team and their clients an opportunity to celebrate what they’ve accomplished—building a completely new business from the ground up.
- Mid-size companies. After a business gains its footing, business development takes on a more impactful role. At this stage, the company is in a position to build on its hard work and established offerings to further its growth. Whereas founding team members may have carried out business development duties during the start-up phase, now is the perfect time to find a dedicated business developer to fill this role. Businesses in this stage can continue to develop by enhancing and adding products, seeking out new markets and investing in growth opportunities. A dedicated business developer can carry out these tasks and free up executives to focus on day-to-day operations and other managerial priorities.
- Large, established companies. Bigger, more mature organizations are able to draw from the resources and customer base they’ve built over the years, but they still need to look for new growth prospects. Growth during this phase of business development is all about ideas. Scouting out, incubating and executing new ideas—–from both inside and outside the company—can lead to innovation, new partnerships and better relationships with new and existing customers. Getting team members and customers to buy into these ideas is necessary to making this happen. Business development in this stage also focuses on expanding business relationships and identifying ways to conduct business more effectively and efficiently.
