Business Development Skills- Ponnusamy Karthik

Top 10 Tips for Business Development Skills

  • The constant urge to  succeed & successfully run the business makes entrepreneurs to  constantly upgrade their essential business development skills.  Business development skills are essential to develop a  business in a more strategic way. Each business category or  each industry will have its own specific needs for  development. 
  • A different set of  business  development  skills are required for each and every business/industry.

10 Business Development Skills

1. Clarity About The Functions – Being SMART

SMART - Ponnusamy Karthik
  • Being smart in business with excellent clarity about the functions & a goals-oriented attitude is the number one business  development  skill for business  growth. Establish the smart nature of evaluation  parameters as below.
  • Be specific in our goals, then articulate & communicate them well.
  • (i.e.,to everybody, to one & all in the organization)Always give  importance to quality & be quality conscious in offering and recommending the best in such a way, ” Quality is measurable”.
  • Try to be  service-oriented &  provide Budget-friendly  service. Provide this attainable &  relevant service.Be  punctual & time-based in customer  calls as well as in all  types of business-oriented  calls.

2. Self-Evaluation / Analysis Skills

Self Evaluation - Ponnusamy Karthik

3. Business Intelligence Skills

Business Development Skills- Ponnusamy Karthik

(Forecasting & Visualization of Regular Market Updates – “KNOWLEDGE IS POWER “)

  • For the smooth  movement from awareness  to commitment, Successful entrepreneurs must have the market-oriented approach. 
  • Business  intelligence skill is the most  important basic business development skills for gaining deep insights and also for a deep understanding of the market.
  • It involves  researching the  exact needs of the current  business and its competitors to gain a broader view of the target market.
  • The insight into  customers  thinking, their buying patterns & customers’ lifestyles connected with their locality is highly appreciable. 
  • The proper  application of  this business development skills helps successful entrepreneurs  to develop, identify and apply a Unique Selling  Proposition (USP) for their business.
  • A well-articulated  sincere (emotional) contact with the customers conveys who  we are, what we stand  for & what can we deliver in a  better way (i.e., how we stand apart from our competitors).

4. Convincing Capability with Excellent Negotiation Skills

Business Development Skills- Ponnusamy Karthik
  • The  convincing  capability in active  negotiation with excellent negotiation  skills is the best business  development skill & it is a must for business growth with profit. 
  • A thorough  knowledge of the product, business, and markets is essential to reciprocate properly with the queries and provide convincing  answers.
  • Successful communication is vital for negotiation.

5. Project Management Skills

Business Development Skills- Ponnusamy Karthik
  • The ability to lead a team is very important when managing a business because one can not handle every task alone.
  • Managing the team  involves supporting  teamwork, resolving conflicts, and  evaluating  performance. These skills include the ability to monitor and manage risk.

6. Initiative Skills 

Business Development Skills- Ponnusamy Karthik
  • Initiative  skills are  very important in Business Development Skills to change the harder to harness. Successful entrepreneurs used to have  Discovery
  • Meetings  with respective  People of the organization – regularly or once a  week or once a month according to the time permits.  
  • Successful entrepreneurs will analyze their business from multiple angles. 
  • Successful entrepreneurs  will keep tabs on — key wins & losses and why they are behind them, major trends, overall goals, strategies, and challenges.

7. Proper Timing Skills

Business Development Skills- Ponnusamy Karthik
  • Each factor is to be analyzed  based on today’s and tomorrow’s needs and demands  of the people. The timing sense is an excellent  business  development skill for a successful entrepreneur in any business.
  • proper timing  is essential to grab every business opportunity. Perfect punctuality is to be  maintained to stick to the schedule for business as well as customer meetings.
  • The proper timing  sense is a must to take advantage  of today’s opportunities  as well as to utilize the possibilities for victory & maximization of profits. 
  • Keeping track  of to-do lists and  maintaining quality  business hours is essential.

 8. Sound Financial Management Skill

Business Development Skills- Ponnusamy Karthik
  • Sound financial  management skill is the most required business development skills to  handle critical turbulent situations and to  constantly monitor the profit & loss statement.
  • Money matters the  most for the entrepreneur to be capable enough of  meeting the ends (i.e., all the money requirements in a business) and for the continuity of success in a business.
  • Proper  planning is required to  forecast the possible cash flow for effective intact financial management. 

9. Exhibiting An Easy Get-Go Attitude 

Business Development Skills- Ponnusamy Karthik
  • Easy get-go  attitude skill is an excellent business development skills for  an entrepreneur with enhancing sub-additional attitudes as listed below 
  • The customer-oriented  attitude sets the entrepreneur apart from the competitors.

BE FRIENDLY ATTITUDE

A cordial  atmosphere with a man of next-door care has to be adopted with the customer.
It makes the  customer feel free about getting clarified of his doubts.

CAPABILITY TO READ THE PULSE 

  • The day-by-day contact with the related business people, front-line people, end users & customers will help business people to  understand the psychology of customers & their behavior pattern.
  • It develops the  skill of the capability to read the pulse of the market with limited conversion. 

TO GET INTO THE SHOE ATTITUDE

  • The ability to visualize  the customer requirements and match them with  whatever the best available to them.
  • It is the skill to be developed by involving the customers with more provoking questions.

POSITIVE ATTITUDE

Our level of concern for the  customers should boost the feeling that these business people will be there with us for all our problems.
The positive  attitude of care for the deal and its impact will be good.

10. Diverse business development skills

  • Successful  Entrepreneurs will develop a set of Diverse business development skills by learning and trying new skills in the new world of settings.
  • It will help one to face tough situations in a brilliant way.
  • Entrepreneurial  selling requires persistence and courage to treat the obstacles that come on the way as lessons.  
  • Keep the  eyes and mind for a different way of thinking that will help in establishing the business. 
  • Look at things  with a fresh perspective. Try to vary from already existing ones. The coverage and mileage will be good. 

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