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Creating an Edge Using Overlooked Business Development Strategies

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Building a business isn’t the final step in entrepreneurship. Once established, the process then focuses on further development to safeguard its hard-earned space in the marketplace.

That is why 14 members of Forbes Business Development Council share some of their successful strategies in business development to help you realize that some tactics aren’t really required to be complicated.

There’s Always More Out There

To make your employees know that you care about them, find out what they’re passionate about. Invest your time, resources, and budget to non-profit and/or charity organizations that hone those interests, like TED talks, leadership seminars, and mentorship, to further increase their engagement. Happy employees always play a huge role in successful business ventures.

Don’t Forget Where You Are

Sometimes you no longer have to look too far. Study your immediate area and you’ll find that networking opportunities and resources can be easily found in your locality if you just add a bit of creativity in tapping into their availability. Exercise the often overlooked and underutilized power of social selling and see what sales teams have to say about your ownership of responsibility as a marketer.

In addition, it’s not just you in your community. Always try to incorporate charitable causes in your undertaking. Philanthropic organizations always touch people’s hearts because such initiative gives them a sense of belief in your company’s goodwill and also gives them an easier means to involve themselves in the undertaking.

Is That What The Customer Wants?

Even if technology has taken up most of the entrepreneurial job, nothing beats the personal touch of human relationships. The time gobbled by actively engaging with your clients and delving into the depths of their business demands can always unlock greater revenue potential. Make sure you position your propositions in the context of their business and interests.

Alongside knowing their specific needs, you’re doing your company a favor by taking calculated steps to meet measurable objectives. Remember that no business can be everything to everyone.

Alignment Via Revenue

Revenue enablement ensures that all customer-facing touchpoints deliver high-quality customer experiences as they tag along the business journey. Research from Sirius Decisions shows that up to 19% of revenue growth can be achieved by organizations that focus on alignment.

Harness Human Talents

Hire the right people by knowing the ones who can authentically connect with others. By actively observing, you’d easily know the candidates who are naturally real, ethical, and talented in the workplace. Once selected and positioned, focus on fostering and leveraging their strengths to better contribute to the company.

Oftentimes, companies tend to pay little to no attention to non-business development staff. Let them be a part of your development by educating them on how to identify opportunities, ask the right questions, and bring opportunities to the developers’ attention. This will increase their morale and remind them of the importance you pay to teamwork.

Measure Success

At every point in the process, business development representatives have to ask for their customers’ testimonials in order to create accountability throughout the value chain and drive future behaviors.

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Development

Make Use Of Tech Tips To Improve Your Productivity In 2020

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Another year means we’ve got plenty of new opportunities to improve the way we work. With the many lessons that we’ve learned the previous year, we can now make adjustments to our strategies so that we’re more efficient and more productive. To help you with that, here are also some tech tips that you can use and apply in your work so that this year will be more awesome for your business. 

Use Data To Gain Better Insights For The Business

You can only manage what you can measure. We’ve heard this saying before. But you should also take note that measurement means looking into the right data. One factor of great productivity is the availability and your ability to manage data. 

Data becomes valuable when you know how to use it to make well-informed business decisions. With today’s technology, you can analyze huge amounts of data. You can use a good analytics platform so that you can get meaningful results. And with these results, you can make changes to the strategies that you are using in your business. 

Organize, Prioritize, & Execute

Proper organization of tasks is still an important component to achieve high productivity. To make things much clearer, have two sets of lists for your tasks: one for professional and one for personal. Also, do a daily to-do list and a weekly to-do list. In the process of organizing your tasks, you will also be able to prioritize them. You’ll be able to decide on which day of the week you’ll execute those must-dos. 

Task organization can be done both with just a pen, paper, and calendar or you can use one of the many systems and platforms online. The benefit of doing this digitally is that it is easier to integrate the tasks into your calendar and your collaborator’s calendars. You can send notifications and other important reminders through emails. When you’ve organized your tasks, you can then see which ones are taking the most of your time. You can then assess your workflow and adjust from there. 

Invest In The Latest Technology For Your Business

In our world today, you have the option to hire the best talents from every part of the world. Geographic barriers are no longer a limiting factor when it comes to collaborations. Now, we can communicate in real-time through instant messaging or video calls over the internet. Platforms for collaborative projects are available as well. You can monitor the progress of a project, who’s doing what, and what else needs to be done. 

To make sure that all these tasks that are being done remotely are superb, you need to invest in the latest technologies. When you can combine great talents and advance tech devices, software, and tools, you can be certain that you will see a boost in productivity. 

Takeaway

It’s vital to work on the productivity of the workforce because it affects the profitability of the business. The best part about strategies for productivity is that there is no single set of rules to follow. You can make adjustments according to your needs. You can use and apply some tips while disregarding others that don’t work for you. What’s important is to continually learn and tweak your productivity strategies.  

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Development

How To Nurture & Grow Your Business In 2020

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Do you know that growing a business is much like losing weight? Yes, it’s that difficult but it’s also that much rewarding. See it like this, when you start your business, just as with trying to lose weight, you have a lot of focus and many goals. You start off really strong. However, as you go along, you experience frustration because of the challenging process. Then comes a plateau where you go back to old habits. Soon enough, when you don’t meet your goals, you panic and lose focus altogether. 

Don’t wait for a magic pill – both for your business and losing weight – because there isn’t any. What you need is a systematic process that will make it easier for you to identify the cracks in the system. You can then create the pathways where you can progress. With informed decisions, you can take more aggressive steps so you can achieve bigger successes. Here are the key steps on how you can nurture and grow your business this year. 

Make Honest Assessments

As an entrepreneur, you need to focus your energy on getting nearer to achieving your primary goals. To do this, you should first outline what your biggest priorities are as well as the impact that you expect from them. After that, assess where you are spending much of your time on. 

Are you working on projects that truly align with these primary goals that you’ve set? If you can examine this part honestly, you’ll be able to see where things are not aligned. You can then begin to build a more effective strategy. 

Work on Your Strengths

Too often, when entrepreneurs assess their businesses, they look at the weak points. However, it may not always be in the best interest of the company to do this. What you can do instead is to look at where you’re great at. What are the opportunities for growth on the parts that you’re succeeding? 

While it may be tempting to focus on getting new clients, you can focus on the clients that you already have. This may be where the future growth of your business lies. So, don’t spend all of your time, effort, and resources on client acquisition. Instead, work on deepening your relationships with your current customers. 

Take Risks

It may be tempting to be on the safe side and try to avoid failure as much as possible. This move is a logical one and many entrepreneurs prefer to take this route. It’s hard to keep a business afloat with failure being highly likely. 

But instead of being governed by fear, change your perspective. Whether you take risks or play it say, the odds are still going to be against you. So, make the move and take bigger risks. You’ll find that the odds are not any worse really. But the rewards you may gain can be exponentially higher. 

Strike the balance between being a risk-taker and being financially responsible. Trust your gut while examining all the available data that you have to make an informed decision. It’s the best way that you can create avenues for success in your business. 

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Development

Black Business Owners With A 760 Credit Score Are Denied For Business Loans

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Despite having high credit scores and a reliable income, Black business owners face business loan rejections from banks. 

Based on data provided by the U.S Federal Reserve reveals that Black business owners are frequently denied for loans more than any racial group. 

Among the affected businesses are Freddie Lee James Jr., also known as “sauce man,” and his wife Deborah are one of those owners who have been denied. The couple shared that despite bringing $200,000 of annual profit, banks would still turn them away. 

 “We have 750-760 credit score; we pay all our debts. We don’t have no problems with that. But they were saying that the sauce business is not generating enough capital to their standards,” Freddie said.

Reports show that Black-owned businesses are twice as likely to be denied compared to white people. On the other hand, people say it’s generally hard to get a loan. Galen Gondolfi stated that discrimination and racism in loans only exacerbate the issue for African Americans. 

On A Different Perspective 

Banks are still businesses and are often heavily regulated to avoid risks, said Dell Gines, a senior community development adviser for the Federal Reserve Bank of Kansas City. 

“They have to be very careful about the businesses that they lend to because having bad business loans is one of the leading causes of banks actually going out of business,” Dell Gines stated. 

African American entrepreneurs can face several obstacles; these include the lack of intergenerational wealth and lack of knowledge about how banking systems operate. Gines also believes that racial discrimination only broadens the gap. 

“Let’s say, hypothetically, there’s no discrimination in the banking industry; we would still probably have disparate outcomes because the system itself hasn’t prepared us to utilize the banking system effectively. Then, when you layer on the levels of discrimination that research has shown… when you combine those two, that’s why you see these kinds of disparate outcomes,” stated by Gines, who is black.

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