Building an Internal Business Development Team

Posted by: Today's Tip Contributor on March 12

As you know, an effective business development strategy is essential to growing a small business. Yet many businesses choose to outsource this critical function, especially in the early stages. Over time, I have found several distinct advantages to building an internal business development team.

First, by bringing one or more individuals in-house to manage business development, you will have greater access to them on a regular basis. This is an important factor when it comes to communication and the ability to act quickly. Internal business development managers are ideally situated to move in step with significant business decisions such as changes in strategy, positioning, and/or marketing.

In addition, when you hire people and make them part of your team, they automatically have a more personal stake in the success of the business. To me, having someone on staff with expertise in your business area and the right attitude and motivation to propel your business forward is a key component of success.

Finally, it’s important that the individuals you choose have demonstrated some flexibility and openness to change. This is especially important in young technology companies where the business can evolve quickly.

Caroline Vanderlip
CEO
SharedBook Inc.
New York

Reader Comments

Marchelle Dale

August 21, 2009 11:16 PM

Great information! I have a question due to your expertise, If you wanted to market a new invention or product such as a appliance would you choose to develope internally and license to other industries or choose to hire an outside outside design engineering firm to develop the technology needed. What would you do and why ? advantages and disadvantages. ?

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