Forbes defines business development as
“ the creation of long-term value for an organization from customers, markets, and relationships.”
In short, business development is a combination of different processes and ideas to make a company more successful. The strategy of a business development manager (BDM) will vary based on the companies goals.
Create, plan, act, succeed
Having a Cosmos BDM on board with you when starting a business can be the most valuable asset you have. A talented and experienced BDM has made the mistakes you haven't had a chance to make yet and learn from them. They are effectively highly talented business partners for hire that will help plan out and run your new business so that you can focus on innovating your market and not have to worry about the headache of learning the ‘business’ side of running a business. This will help you hit the road running with your new company and ensure you constantly grow. Our business planning service incorporates every aspect of business development, your dedicated BDM will help set you on the right marketing path, build a strong sales team, help you develop your products, make valuable introductions, make sure you are not wasting money, and much more!
Let us catch the bigger fish you don't have the recourse to get yourself
In many cases, the biggest factor holding a business back can be the lack of talented and efficient salespeople. A strong sales team will help you secure major clients or wholesale customers. Our Business development managers can help recruit train and establish an efficiently managed sales team internal to your company.
Cast a wide net and get the word out about your business
Different businesses benefit from different marketing strategies and require different budgets. An E-commerce company in the fashion industry may benefit highly from social media marketing and google ads. A business in the tech sector may benefit from more aggressive strategies such as cold calling B2B customers or presenting at conventions. The possibilities are literally endless and it may be daunting at times, to say the least. A Cosmos BDM will help allocate an appropriate budget to the right campaigns and continue to assess and evolve your strategy so that you are always profitable.
A good partnership can be the make it or break it in the world of business. Companies can often form joint ventures or partnerships, effectively entering into a symbiotic relationship that benefits both parties. Company A might have the resources and abilities required by company B and vice versa. If both businesses have similar interests a partnership between the two would result in a significant cost reduction to both businesses and better performance.
“Keep your friends close and your enemies closer”
It may be counterintuitive, but forming a partnership with your direct competitor can sometimes be the best decision you make. Let's say you are expanding to a new market, one where your competitor is established. You could benefit from resources and customers already established in that domain, your competitor may not want to take on the risk of you stealing their market share they fought so hard for. By forming a mutually beneficial partnership, you both get a smaller piece, of a larger pie, with less risk.
But what about startups?
Agreements like the above are most common with larger companies, but can be even more beneficial for startups. Getting your foot in the door of a valuable connection seems next to impossible. Getting laughed out of offices, or shut down by the receptionist or assistant is something which almost anyone trying to get a new business off the ground has experienced. At Cosmos, we have already done all the hard work to build a list of connections we can put you in front of, and as you grow, bring you new and valuable potential from companies that are in the position you once were before you were on board with us.
Negotiations & Networking
Know the right people and dont get taken advantage of
Soft skills are often overlooked when it comes to growing a business. At Cosmos we have decades of combined experience in helping you get the best deal possible; we negotiate with existing vendors, clients or even distributors, by putting together creative solutions only made possible through our own networks that benefit everyone involved. Networking with third parties who have a common point of interest can, in the right situations, open up new opportunities such as penetrating markets, finance options or even large B2B customers. Different businesses benefit from different types of networking, most often one of the best ways to build a strong book of connections is through trade shows, seminars or conferences. All of these will put you in front of a large group of like minded individuals or customers. A strong network also allows you to build a good reputation within your industry, bringing you more clients and customers through word of mouth.
In an age evolving to become more and more digital, even things like networking have moved to a digital space. Now, face to face networking will never go away, there's no better way to build a rapport with another party than shaking their hand and having a conversation. However, online platforms such as Linkedin allow you to reach out to other entrepreneurs and business owners from every corner of the globe. This is also a great way to generate B2B sales through a strong pipeline of social media marketing.
Get insights on your products
Whether you run an E-commerce business or wholesale your products to retailers, having the right products, manufactured at the right cost, understanding regulations that may apply to you in foreign markets and distributing your products effectively is the key to not only maintaining your profits but also loyalty amongst your current customers. Through our vast networks and market knowledge, we can help advise you on your existing products, introduce new manufacturing opportunities and position you for success.
Make sure your expansion doesn't fail
When taking on new projects or expansions there is a plethora of factors that will determine whether or not you penetrate your new market or get defeated by your competitors. Do you require new facilities in a new location? Are your existing products compliment with local legislation? Will your products be imported or made locally? What will be the increase in cost? How will they be distributed? This is just the tip of the iceberg; With Cosmos taking care of your projects you can focus on innovating and leave the jargon to us.
A dollar saved is a dollar earned
Cash is king, and at the end of the day, it's all about the bottom line. Sometimes a business can be pointlessly spending money and not even realise it. That doesn't necessarily mean “wasting” money. It just means that the same result could be achieved for less, which at the end of the day improves profit margins. Outsourcing things like billing and accounting are a great place to start, having a strong network and a strategic partnership with an accounting firm, for example, can put you ahead. Our BDMs will assess your books and see if you are spending money on inefficient campaigns or if there are ways to improve your margins through saving. Most of our competitors will stop there, they will find your problem and show it to you, we go the extra mile and actually fix it.