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.