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Top-15 Most Shocking Recruitment Stories

October 31, 2016 by Julie McGrath

Check out 15 of the most shocking and strange recruitment stories revealed by hiring managers!

Things do not always go to plan during the recruitment process.

This isn’t suggesting bad CVs full of spelling errors or candidates who say the wrong thing.

This is suggesting jaw-dropping, shocking, bizarre, maddeningly frustrating things that would be hard to believe if they weren’t true.

Take a look at these odd stories – and count yourself lucky they didn’t happen to you:

 1. During a phone interview, a recruiting manager heard a candidate’s mother giving the applicant answers to her questions. The interviewer asked him, “Who’s feeding you the answers to my questions?” He said no one. The manager told him she could hear his mother in the background. The applicant got flustered and hung up.

2. At the beginning of an interview, an applicant told an interviewing team that if he should pass out during the interview, his mobile phone was in his pocket and that they should call the emergency number.

3. An applicant showed up for a job interview wearing a noticeably greasy, see-through white dress shirt and bottle-lens eye glasses being held together by tape. He also sported a comb over covering only the front half of his head, so when he turned to the side, there was a large, exposed bald area. The icing on the cake? Severe skin shedding. During the interview, the candidate repeatedly scratched his head and arms, causing large flakes of skin to fall onto the table and onto his clothing. By the end of the interview, the table was covered with a thin layer of skin flakes.

4. A recruiting manager found a candidate he really liked who interviewed well over the phone. He also interviewed well in person, though the candidate did say he had an appointment to run to and asked if he could take the job application with him and return it completed later on along with his references. He returned both the next day, the company checked his references and hired him. On his first day, the company gave the new employee a short telephone script and asked him to make some phone calls. Strangely, when someone would answer his call, he’d ask for a person whose name wasn’t on the script sheets. After a few calls, he stopped asking for anyone by name and just said, “Who’s this?” After a few more of these incidents, the company realised the man couldn’t read. The manager found out later that the handwriting on his job application was that of his girlfriend. The firm felt so bad for him they gave him some phonics books and asked him to study up and come back when he felt he was ready to give it another try. He never returned.

5. After an interview, one candidate asked a recruiting manager if she could borrow some money to get her car out of the car park. She didn’t have any money with her and didn’t know how she was going to be able to get her car through the barrier. (Happy ending: She did end up paying the manager back!)

 6. An applicant showed up late for an interview wearing a long trench coat with his hair slicked back in a pony tail. As the interview progressed, he answered the recruiting manager’s questions, sipped on his Starbucks coffee and tilted the chair on the back legs. When asked the question, “Why should I hire you?” he responded by taking a sip, leaning way back, running his hand along the side of his hair and saying, “Because I’m so good looking.”

7. A recruitment manager hired a woman to help out with typing proposals. The woman said she could type 75 words per minute and, in a crunch, the manager hired her on a trial basis without giving her a test. Rushing past her desk to an important meeting, the manager happened to notice that new hire’s computer screen was completely filled with spelling errors and mistakes. He asked her what she was doing since she seemed to be ignoring the spell check warnings. Very calmly, she replied, “Oh, I do that at the end. How else could I type 75 words per minute if I stopped every time I made a mistake?”

8. A female recruitment manager and her team thought they’d found a great male candidate. The applicant eagerly accepted the offer – and began emailing and calling the recruiting manager every day for two weeks until the first day of work. Then came the cards, unsolicited breakfasts, joke emails and statements of “being friends forever” – all within the first two weeks. Management eventually had to counsel the employee about appropriate behavior in the workplace.

9. A Human Resources manager worked with an outside agency to place job adverts in the local newspaper. The agency got the job adverts in the newspaper without a problem – except they went in newspapers 30 miles from the store. Potential candidates began calling to enquire about train schedules and which part of town the store was in. Worst of all: This happened twice – to the tune of a huge financial loss each time.

10. A recruiting manager hired a receptionist who during her employment used the emergency room as her primary care physician and ran an escort service on the side.

11. A recruitment agency helped a company hire a new IT technician based on his CV alone. The new employee arrived on the job the very first day, looked at the company-issued laptop and said, “What is this?” Needless to say, the company promptly and respectfully returned the new employee to the Recruitment agency.

12. One applicant for an attorney position giggled the entire time during the phone interview. The manager thought it was probably nerves, so he asked her for a writing sample. She submitted a detailed legal brief that used the names of characters from the cartoon “The Family Guy” and placed them into horribly violent situations.

13. A recruiting manager hired a promising candidate with two master’s degrees. Upon being hired, however, she shooed people away from her desk when they tried to train her. (She said she knew how to do the job better by herself.) She also spoke over everyone else in the office when they tried to talk to her, frequently screaming, “What?!” Finally, she sent strange Youtube videos to other staff members about race horses for no apparent reason.

14. One company hired what they thought was a qualified, excited applicant. But 10 days after the employee started, he resigned – and moved to a larger company. Turned out he’d used the company’s salary as leverage.

15. A police department hired a new recruit who successfully made it through the academy and field training. A few weeks later, though, he quit. Why? He had to touch a dead body and said he didn’t think he could do that ever again. The icing on the cake: The recruit’s family’s business was the community’s only funeral home and mortuary.

Well there you have it! 15 of the most shocking recruitment stories. If you’d like to elimate the chance of you experiencing any of these scenarios, check us out to see how we can help you by clicking here!

 

– ProgressiveBusinessPublications

Filed Under: Career Advice Tagged With: agency, applicants, business, candidates, companies, employees, employers, recruitment, shocking, strange, tales

What is Business Research & Development (R&D)?

October 18, 2016 by Julie McGrath

An In-Depth View at Business Research & Development and it’s advantages

Business Research and Development departments are common in many larger companies, especially those working with newer products or technologies subject to important shifts. While research and development work can be instrumental in creating new products or adding features to old products, the work that the department does is more complex than simple innovation.

Business Research and development (R&D) refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Consumer goods companies across all sectors and industries utilise R&D to improve on product lines, and corporations experience growth through these improvements and through the development of new goods and services. In general, pharmaceuticals, semiconductor and software/technology companies tend to spend the most on R&D.

 

BREAKING DOWN ‘Research And Development – R&D’

The term “research and development” is widely linked to the concept of corporate or governmental innovation. Known as research and technical/technological development (RTD) in Europe, activities that are classified as R&D differ from one company to the next, but standard primary models have been identified.

 

Basic Research and Development Organizational Setups

There are two basic R&D structures that have emerged in companies throughout the commerce spectrum. One R&D model is a department that is staffed primarily by engineers who develop new products, a task that typically involves extensive research. The other model involves a department composed of industrial scientists or researchers, all tasked with applied research in technical, scientific or industrial fields, which is aimed at the facilitation of the development of future products or the improvement of current products and/or operating procedures.

R&D is different from most activities performed by a corporation in the process of operation. The research and/or development is typically not performed with the expectation or goal of immediate profit. Instead, it is focused on long-term profitability for a company. Companies that employ entire departments devoted to R&D commit substantial capital to the effort. They must estimate the risk-adjusted return on their R&D expenditures, which inevitably involve risk of capital, as no immediate payoff is experienced and the general return on investment (ROI) is somewhat uncertain. The level of capital risk increases as more is spent on R&D.

 

Basic vs. Applied Research

Basic research is systematic study aiming at fuller, more complete knowledge and understanding of the fundamental aspects of a concept or a phenomenon. Basic research is generally the first step in research and development, performed to give a comprehensive understanding of information without directed applications toward products, policies or operational processes.

Applied research is the systematic study and gleaning of knowledge and understanding to apply to determining and developing products, policies or operational processes. While basic research is time-consuming, applied research is painstaking and more costly due to its detailed and complex nature.

 

What are the advantages of Business Research & Development?

Leaps in Market Participation

Market participation refers to the ability to attract new customers and win customer interest. At its core, research and development is about innovation, about offering consumers something they have never seen before. When R&D can pull off such a product offering, the interest that consumers have can cause a sharp leap in market participation and sales. It may even create an entirely new market for the company.

Cost Management Benefits

Research and development does not produce value directly in relation to how much funding the department receives. It is unique in this property; the success of R&D depends more on the practices, talents and innovations of the people working there than on how much money the department receives. This means that a company can actually spend less money on research and development than many competitors but work to secure talented employees and proper goal orientation and still produce good results.

Marketing Abilities

Research and development strategies allow companies to create strong marketing campaigns and advertising strategies. The two work together very well. The research and development department works to make new product designs or add features, and the marketing department interprets these changes in the most exciting light possible in order to attract customers, creating synergies between the two branches.

Trend Matching

Many times a market is already embracing a trend, and the research and development department can be used to make the business active in that trend and increase sales. For example, in markets rapidly embracing green products, a company can use research and development to make products out of natural ingredients, recycled materials or biodegradable substances, allowing for the release of an eco-friendly version of the product that increases sales. When R&D can catch up with trends, the business is seen as adaptable and profitable.

 

If you found this article interesting, why not check out our latest Business Development Executive Role? It may be the perfect opportunity for you to take the next leap in your Business Development Career! You can view it by clicking on this link!

– Tyler Lacoma

– Investopedia

Filed Under: Latest Industry News Tagged With: advantages, benefits, business, companies, development, expansion, financial, growth, Management, marketing, Planning, procedures, products, R&D, research

Over 1000 Shropshire Apprenticeships could be generated

October 1, 2016 by Julie McGrath

A £2.8 million project aimed at creating thousands of new apprenticeships has been launched in Shropshire.

The Marches Local Enterprise Partnership is in the final stages of talks with three bidders to develop Advanced Manufacturing Hubs in three locations around the Marches, which covers Shropshire, Telford & Wrekin and Herefordshire.

The training centres would support employers in parts of the region where there is limited access to workforce training. The first is expected to open on Bridgnorth’s Stanmore Industrial Estate.

The largest contract, worth more than £1.9m, is led by four partners – Shropshire employers Grainger & Worrall, Classic Motor Cars Ltd and Salop Design & Engineering and training specialist In-Comm Training.

The consortium intends to develop the Marches Institute of Manufacturing and Technology which will deliver training in Bridgnorth and Shrewsbury and aims to create 1,913 apprenticeships.

It would also support 416 businesses and nearly 1,000 bite-sized training courses.

Graham Wynn, chairman of the Marches LEP, said: “Additional capital investment is needed to support the manufacturing sector to develop their skills base, equipping them to maximise future opportunities.

“I am delighted that manufacturing employers have responded to our call for them to take the lead in developing how the skills needs of their workforce can be addressed.

“As a result, we are in the final throes of negotiations to award three contracts to consortiums with numerous private sector employers.

“The first hub to be developed will be at a site in Bridgnorth, and we expect to be able to announce details of the other two training hubs in the coming weeks.”

Matthew Snelson, director at Grainger and Worrall, said: “We are delighted and excited to be part of the consortium of companies who are forming the Marches Institute of Manufacturing and Technology.

“Our objective is to develop engineers of the future, both as apprentices and in our existing workforces. The Institute will support companies large and small across our region, to become more productive, more competitive, and support sustainable growth”.

The training centres are due to open in 2017. Funding for the project was awarded to the LEP via its initial Growth Deal for capital skills projects.

Growth Deals are awarded to LEPs through a competitive bidding process to fund the delivery of projects to boost the local economy.

“The Marches Institute of Manufacturing and Technology is a major step forward for skills provision in the area and gives employers much-needed access to specialist training and state-of-the-art facilities,” added Gareth Jones, managing director of In-Comm Training.

“Industry, and the automotive sector in particular, has enjoyed a renaissance in recent years and we need to ensure we are taking action now to upskill existing members of staff and, importantly, create a pipeline of new engineers to support ambitious expansion plans.”

“It’s time that we reshored provision back to Shropshire and gave firms access to the best employee development opportunities on their doorstep.”

 

– Shropshirestar

Filed Under: Latest Industry News Tagged With: apprenticeships, business, companies, development, enterprise, expansion, jobs, local, marches, million, multi, pound, shropshire

The Difference between ERP & CRM Systems

September 27, 2016 by Julie McGrath

CRM and ERP – Two systems becoming increasing popular in businesses of all sizes. But what exactly are these systems and how do they differentiate from one another?

Today’s technology gives companies an advantage they have never before had. With the ability to streamline processes and access data in real-time, companies can stay on top of their competition. In addition, today’s data analysis technology allows companies to foresee future events and plan accordingly. These tools, which include both enterprise resource planning software (ERP) and customer relationship management (CRM software), give companies the power to control their success in today’s market. While similar at first glance, ERP and CRM platforms are distinctively different. Understanding each platform is critical to your system’s success.

 

What is ERP Software?

First and foremost, ERP software is designed to make a company’s processes more effective and efficient. By better managing all of the key functions of a company – accounting, warehouse, inventory and supply chain – ERP software allows the company to focus on what really matters: the data. With integrated ERP software, employees can update the platform with important information available in real-time to all departments within the company. This integrated technology gives companies a heads-up when problems occur. If there is a problem in the supply chain, the ERP software will capture the issue and make it available to all areas affected, such as the warehouse. ERP not only provides all departments with updated information, but it also gives companies a clear and accurate picture of their standings at any given moment.

 

What is CRM Software?

CRM software fulfills the customer-side of the system. Customer relationship management systems (or CRM systems) focus on just that : customers. This software manages customer information and captures all relevant details for the company. This information is used all across the board, from sales reps to managers to accounting personnel. A quality CRM system should capture every interaction the company has with the customer. By properly managing customer information, companies can build their customer relationships in order to increase customer loyalty and, ultimately, revenue.

 

Integration

Both types of software manage important information for your company. While both software systems manage different information, their integration is critical. The benefits of integrating these systems are many, including ensuring an optimal return on your investment in both platforms. The information captured by both platforms helps employees make better decisions. For example, a sales rep could not make an effective sale without leveraging both CRM and ERP. By forgetting CRM, the rep could miss out on information crucial to that client’s sale. Without ERP, the sale has the possibility of not being communicated to accounting, production and/or warehouse departments, creating a mess that could result in unmet client expectations.

Ultimately, integration between ERP and CRM ensures that your customers’ expectations, and your company goals, are met. This integration guarantees that all departments in your company are working together. The sales rep can communicate with the accounting, supply and warehouse departments before making the sale. If there are problems, the sales rep will be notified ahead of time. This gives sales reps the ability to close deals with all necessary information and maintain a good name for your company. Without ERP and CRM integration, your company stands the risk of being lost in communication.

 

If you’d like to know more about Enterprise Resource Planning, be sure to check out last week’s blog post discussing the costs involved in implementing an ERP system. You can view it by clicking here!

If you’re looking for careers in ERP system management and administration, we might just have the right vacancy for you. Check it out by following this link!

– Robert Baran

Filed Under: Career Advice, Latest Industry News Tagged With: business, companies, comparison, CRM, development, difference, enterprise, ERP, importance, integration, Planning, Resource

10 Extremely Effective Marketing Strategies for B2C Businesses

September 26, 2016 by Julie McGrath

Marketing is one of the most important aspects to promoting a business.

It’s therefore important to have extensive knowledge in a variety of Marketing techniques. Research has revealed what sort of Marketing techniques resonate well with Business Consumers. Check out the top 10 most popular techniques.

 

Cause Marketing

Cause marketing is a cooperative effort between a for-profit business and a non-profit organisation to mutually promote and benefit from social and other charitable causes. Cause marketing is not to be confused with corporate giving, which is tied to specific tax-deductible donations made by an organization. Cause marketing relationships are “feel goods,” and assure your customers you share their desire to make the world a better place.

Fact: 64% of consumers want corporations to integrate social impact directly into their business models.

 

Direct Selling

Direct selling accomplishes exactly what the name suggests – selling products directly to consumers. In this model, sales agents build face-to-face relationships with individuals by demonstrating and selling products away from retail settings, usually in an individual’s home. The top three direct sellers in 2015 are Amway, Avon and Herbalife.

Fact: The top 3 direct-sell companies averaged $9 billion in sales in 2015.

 

Co-branding and Affinity Marketing

Co-branding is a marketing methodology in which at least two brands join together to promote and sell a single product or service. The brands lend their collective credibility to increase the perception of the product or service’s value, so consumers are willing to pay more at retail. Secondarily, co-branding may dissuade private label manufacturers from copying the product or service.

Fact: In 2014, 6% of all product launches relied on co-branding.

 

Earned Media/PR

Earned media (or “free media”) is publicity that is created through efforts other than paid advertising. It can take a variety of forms – a social media testimonial, word of mouth, a television or radio mention, a newspaper article or editorial – but one thing is constant: earned media is unsolicited and can only be gained organically. It cannot be bought or owned like traditional advertising.

Fact: Nearly 75% of consumers identify earned media as a key influence in purchase decisions.

 

Point-of-Purchase Marketing (POP)

Point-of-Purchase (or, POP) sells to a captive audience – those shoppers already in-store and ready to purchase. Product displays, on-package coupons, shelf talkers that tout product benefits and other attention-getting “sizzle” often sways buying decisions at the shelf by making an offer simply too good – and too visible – to pass up.

Fact: 64% of consumers making unplanned purchases switch brands when a deal is offered in-store.

 

Internet Marketing

Internet marketing, or online marketing, combines web and email to advertise and drive e-commerce sales. Social media platforms may also be included to leverage brand presence and promote products and services. In total, these efforts are typically used in conjunction with traditional advertising formats like radio, television and print.

Fact: 97% of consumers search for businesses online.

 

Paid Media Advertising

Paid media is a tool that companies use to grow their website traffic through paid advertising. One of the most popular methods is pay-per-click (PPC) links. Essentially, a company buys or “sponsors” a link that appears as an ad in search engine results when keywords related to their product or service are searched (this process is commonly known as search engine marketing, or SEM). Every time the ad is clicked, the company pays the search engine (or other third party host site) a small fee for the visitor – a literal “pay per click.”

Fact: 76% of businesses use promoted posts and search engine marketing.

 

Word of Mouth Advertising

Word of mouth advertising is unpaid, organic and oh-so-powerful because those having nice things to say about your product or service generally have nothing to gain from it other than sharing good news. A recommendation from a friend, colleague or family member has built-in credibility, and can spur dozens of leads who anticipate positive experiences with your brand. It’s important to note that word of mouth isn’t strictly verbal. Leveraging online reviews and opinions are equally effective at spreading the word.

Fact: Word of mouth referrals drive $6 trillion in annual consumer spending.

 

Social Networks and Viral Marketing

Social media marketing focuses on providing users with content they find valuable and want to share across their social networks, resulting in increased visibility and traffic. Social media shares of content, videos and images also influence Search Engine Optimisation (SEO) efforts in that they often increase relevancy in search results within social media networks like Facebook, Twitter, YouTube and Instagram and search engines like Google and Yahoo.

Fact: 54% of B2C companies report revenue generated from social media leads.

 

Storytelling

Brand storytelling uses a familiar communication format to engage consumers at an emotional level. Rather than just spew facts and figures, storytelling allows you to weave a memorable tale of who your company is, what you do, how you solve problems, want you value and how you engage and contribute to your community and the public in general.

Fact: Brands that inspire a higher emotional intensity influence consumer purchase intent 3 times more often than less emotionally connected brands.

 

Every Strategy Requires an Effective Marketing Plan

Regardless of the strategy you choose, marketing effectiveness is most dependent on how you execute. Create yourself a Marketing plan and devise yourself a structure to follow in order to utilise these marketing techniques to their full potential in which both your business and consumers will benefit from. Good luck!

If you already posses knowledge and experience in Marketing? Check out our latest marketing role by following this link. It may be just right for you!

 

 

Filed Under: Latest Industry News Tagged With: brand, business, companies, consumer, Effective, marketing, media, social, strategy

What is Business Development?

September 19, 2016 by Julie McGrath

“Business Development Executive”, “Business Development Manager” are impressive and heavyweight titles often heard of in organisations.

Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing–all of these fields are involved in business development, and are often mixed up and mistakenly taken as the sole function of business development, which leaves the question: “What exactly is business development?”

This article explores the base aspects of business development, what it encompasses, and what, if any, standard practices and principles to follow.

 

What is Business Development (BD)?

In the simplest terms, business development can be summarized as the ideas, initiatives and activities aimed towards making a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions. But it’s challenging to boil down the definition of BD. First, let’s look at the underlying concept, and how it connects to the overall business objectives.

 

Concept and Scope of Business Development

BD activities extend across different departments, including sales, marketing, project management, product management and vendor management. Networking, negotiations, partnerships, and cost-savings efforts are also involved. All these different departments and activities are driven by and aligned to the BD goals.

For instance, a business has a product/service which is successful in one region (e.g Shropshire). The BD team assesses further expansion potential. After all due diligence, research and studies, it finds that the product/service can be expanded to a new region (e.g Staffordshire). Let’s understand how this BD goal can be tied to the various functions and departments:

  • Sales: Sales personnel focus on a particular market or a particular (set of) client(s), often for a targeted revenue number. Business Development personnel assess the market and establish an achievable sales figure over the course of 2-3 years. With such set goals, the sales department targets the customer base in the new market with their sales strategies.
  • Marketing: Marketing involves promotion and advertising aimed towards the successful sale of products to the end-customers. Marketing plays a complementary role in achieving the sales targets. Business development initiatives may allocate an estimated marketing budget. Higher budgets allow aggressive marketing strategies like cold-calling, personal visits, road shows, and free sample distribution. Lower budgets tend to result in passive marketing strategies, such as limited print and media ads, and billboards.
  • Strategic Initiatives or Partnerships: To enter a new market, will it be worth going solo by clearing all required formalities, or will it be more pragmatic to strategically partner with local firms already operating in the region? Assisted by legal and finance teams, the business development team weighs all the pros and cons of the available options, and selects which one best serves the business.
  • Project Management/Business Planning: Does the business expansion require a new facility in the new market, or will all the products be manufactured in the base country and then imported into the targeted market? Will the latter option require an additional facility in the base country? Such decisions are finalized by the business development team based on their cost-, time- and related assessments. Then project management/implementation team swings into action to work towards the desired goal.
  • Product Management: Regulatory standards and market requirements vary across countries. A medicine of a certain composition may be allowed in India but not in the U.K., for example. Does the new market require any customized (or altogether new) version of the product? These requirements drive the work of product management and manufacturing departments, as decided by the business strategy. Cost consideration, legal approvals and regulatory adherence are all assessed as a part of a business development plan.
  • Vendor Management: Will the new business need external vendors? For example, will shipping of product need a dedicated courier service? Or will the firm partner with any established retail chain for retail sales? What are the costs associated with these engagements? The business development team works through these questions.
  • Negotiations, Networking and Lobbying: A few business initiatives may need expertise in soft skills. For example, lobbying is legal in some locales, and may become necessary for penetrating the market. Other soft-skills like networking and negotiating may be needed with different third-parties such as vendors, agencies, government authorities, and regulators. All such initiatives are part of business development.
  • Cost Savings: Business development is not just about increasing sales, products and market reach. Strategic decisions are also needed to improve the bottom line, which include cost-cutting measures. An internal assessment revealing high spending on travel, for instance, may lead to travel policy changes, such as hosting video conference calls instead of on-site meetings, or opting for less expensive transportation modes. Similar cost-saving initiatives can be implemented by outsourcing non-core work like billing and accounting, financials, IT operations and customer service. Strategic partnerships needed for these initiatives are a part of business development.

The BD scenario discussed above is specific to a business expansion plan, whose impact can be felt by almost every unit of the business. There can be similar business development objectives, such as development of a new business line, new sales channel development, new product development, new partnership in existing/new market, and even merger/acquisition/sell-off decisions.

For example, in the case of a merger, significant cost savings can be accomplished by integrating the common functions of the house-keeping, finance, and legal departments of the two firms. Or, a business operating from five different offices in a city can be moved to a large central facility resulting in significant operating cost savings. But would this lead to employee attrition, if the new location isn’t convenient for everyone? It’s up to the business development team to assess such concerns. In essence, business development involves high level decision-making based on a realistic assessment of all potential changes and their impact. Through new ideas and initiatives, it aims to improve the overall business prospects, which drive the functioning of the different business units. It is not sales, it is not marketing, it is not partnering. Instead, it is the eco-system encompassing the entire business and its various divisions, driving overall growth.

 

The Right Fit for Business Development

A Business Developer can be the business owner(s), or the designated employee(s) working in business development. Anyone who can make or suggest a strategic business change for a value-add to the business can contribute towards business development. Businesses often encourage employees to come up with innovative ideas, which can help in improving the overall business potential.

Businesses also seek help from external incubator firms, business development companies (BDC) and small business development centers (SBDC). However, these entities assist in business establishment and the necessary fine-tuning only during the early stages of business setup. As a business matures, it should aim to build its business development expertise internally.

 

What Should a Business Developer Know?

Since business development involves high-level decision making, the business developer should remain informed about the following:

  • The current state of the business in terms of SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). (For more, see: Executing a SWOT Analysis.)
  • The current state of overall industry sector and growth projections
  • Competitor developments
  • Primary sources of sales/revenues of current business and dependencies
  • The customer profile
  • New and unexplored market opportunities
  • New domains/products/sectors eligible for business expansion, which may complement the existing business
  • The long-term view, especially with regards to the initiatives being proposed
  • The cost areas, and the possible options of cost-savings

What Drives Business Development Activity?

Due to the wide open scope of business development and activities, there are no standard practices and principles. From exploring new opportunities in external markets, to introducing efficiencies in internal business operations, everything can fit under the business development umbrella.

Those involved in business development need to come up with creative ideas, but their proposals may prove to be unfeasible or unrealistic. It’s important to be flexible, to seek out and take constructive criticism, and to remember that it’s a process.

 

The Bottom Line

Business Development may be difficult to define concisely, but it can be easily understood using a working concept. An open mindset, willingness for an honest and realistic self-assessment, and the ability to accept failures, are a few of the skills needed for successful business development. Beyond the ideation, implementation and execution of a business development idea, the end results matter the most. The bright minds in business development should be ready to accommodate change in order to achieve the best results. Every approval or disapproval is learning experience, bettering preparing you for the next challenge.

Are you already familiar with the fundamental principles of Business Development? Our most recent Business Development Executive role may be just right for you. Check it out by clicking here!

– Shobhit Seth

Filed Under: Career Advice, Latest Industry News Tagged With: b2b, business, career, companies, development, executive, expansion, guide, jobs, manager, Sales

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