10 Common Misconceptions About Business Development

The business development realm is filled with misconceptions. It is a reality! Some of them are crazy and frustrating. Let us try to debunk some of them and get a clear picture.

  1. One common misconception people hold is that business development is easy and anyone can do it. It is so not true. Business development requires a lot of planning and implementation. It takes years to establish a successful business and start getting returns.
  2. People often use the terms sales, marketing, and business development interchangeably but little do they realize that that these terms are quite different from each other.
  3. Success does not come over night. This is yet again a common misconception that business will make you an overnight millionaire. One must realize that there are no shortcuts to success and the only key here is hard work and consistency.
  4. Business development does not only involve closing deals by talking to people, it is in fact much more than that. Business development is an attempt to revamp the entire business from ground zero.
  5. Among all other misconceptions about business development the one that is the most frustrating is that you are ultimately a salesperson with a fancy title. The problem this creates is that whenever people see a business developer, they think that he/she is trying to sell something, which is not the case. Business developers play a vital role in redefining the system and generate a new business model.
  6. Implementation is what makes a business model real. If you have envisioned, done the work of defining, documenting, and refining the internal processes, it is of no use if it is not implemented properly. Poor implementation throws barriers to the business operation.
  7. Staying connected with existing customers is particularly important in maintaining healthy relationships with customers. A common myth people have is that once you get new clients one need not focus on the existing customers but the key here is the balance between both the new and existing customers.
  8. Business development is not a one man show. It is the product of a dedicated team of professionals. A company works like a big assembly line, each one has its own role to play to create the final product.
  9. Business developers should have a roving eye for services, products, and customer needs. Often having common methods for all customers and products doesn’t work. Business developer should analyze what marketing is working best- for which products, customer, area, profile and make decisions/plans accordingly.
  10. More products don’t necessarily mean more business. Business developers should analyze the market

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