This summary, taken from an article written by Simon Gall, considers the benefits of establishing a Business Development function for your company  

From a small company (SME) perspective, Business Development can be considered as a Strategy role with special focus on the combined application of Sales, Marketing and related PR-Communications and B2B alliances. Its importance for the SME sector is becoming more widely recognised.                                                                                            

So, how do you find the most suitable Business Development professional for your Company? 

Appointing a BDD is, in some ways, similar to the process of finding a good Non-Executive Director. 

Analyse the skills and experience required to strengthen the existing team.

Decide what you want from the relationship and the outcomes you wish to achieve. Involve the Company Board in the process.

Seek a professional with a background of success in a similar sized business, with applicable skill sets.  A good BDD must be able to quickly understand  your company's aims, objectives, products and services. He should become part of development planning.

Look for independence of spirit, but someone who will be 100% focused on developing your company. Look for 'agents of change'

Appoint a strategic ‘doer’ with a track record of implementing marketing, PR and communications initiatives; someone with the ability to work solo as well as with a team, to a budget.

Contractually

Check that the BDD does not have any conflicts of interest

Ensure the fee is appropriate for the amount of time committed.

Create mutually agreeable objectives and measured performance.

Length of appointment must be discussed at the outset. Anticipate a 2-3 year contract. 

A BDD should be a core part of the Management Team

Summary

It's hard for SMEs to go it alone in these days of rapid change and increasing competition.  A BDD can make a real contribution and represent excellent value for money; they are often worth two or more 'specialists' due to their expertise in various disciplines.

As with any senior appointment, time and effort spent on appointing the right person will reap dividends, so don't forget to ensure their relevance and background to your company's aims and size.

A mutually rewarding relationship is the aim.

Contact us if you would like to discuss opportunities with Simon and other qualified candidates.