Marketing has a purpose, and that is to sell a business’ core products or services to their target market. The term marketing is often interchanged with business development. I want to introduce another definition for business development: “business development allows businesses to profit by doing something that is tangential to their core mission.”
Let me share an example; Starbucks licenses their name to a maker of ice cream and generated millions in royalties. That is the type of business development to which I am referring. Smaller firms are so focused on their core business that it never occurs to them to consider partnerships, licensing, publishing, acquisition and other types of arrangements that might make a difference in their bottom line.
At the small firm level, this type of “business development” requires new, “out of the box” thinking followed by “never been done before action.” There are no business books, at least that I have found, that addresses this topic at the small business level. Deep inside each business and business owner there are opportunities to reach out and implement strategic partnerships.
There is no easy and quick way of implementing such a procedure, but I believe that it is very do-able. A business is either in need of something to “sell” or has something to offer that someone else needs. The process starts with an in-depth look at what an individual business has to offer or what it needs.
My core business is consulting, helping businesses achieve profitability and sustainability. As part of my business I have written several books and have several subscription web sites. Both of these are adjuncts to my core business, and I am exploring new outlets that will benefit the businesses that take on these projects and handle sales and distribution.
The only way to develop and implement such a program is to start. There is no guarantee, no instant gratification, but I believe that the effort can be financially worthwhile.
Innovation is the key to small business success.
Nick J. Petra CFP e-mail Nick for confidential look at your business. firstname.lastname@example.org or call Nick at 602-989-1592.