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Business Development: Adapting to change
"Paradigm shift" can be a disturbing concept if you're not prepared for it. It implies that the world is about to pass you by (or maybe it already has). Recognizing when one is coming is potentially frightening. Understanding what to do about it is imperative for survival.
Consider the paradigm shift that swept Kodak. A corporation staffed by the world's best chemists became fundamentally irrelevant in a digital age. If it were your company, how would you make the profitable transition from a chemical to digital world while still supporting your existing film customers? It’s not easy to abandon the old while trying to embrace the new.
Your business may not be of the scope and scale of Kodak's. But the change is no less dramatic—or painful.
Understanding how your business is changing, and why, is the first challenge. You may be too close to the problem to differentiate the forest from the trees. An independent perspective will likely help.
Understanding how to address these changes will determine your success or failure.
Our business development services help you adapt to changing markets. If your market is shifting, you need to know how and why. If your market is evaporating, you need to develop new business to replace it. Or, perhaps your existing business is progressing just fine, but you see an opportunity to expand into new areas without knowing exactly how to get there from here. Or, possibly you don’t have the resources.
The art of business development is a specific process designed to identify, analyze, and evaluate new business opportunities with the goal of determining whether or not a profitable market exists for your company.
Is there significant market demand for your product or service? If so, can you deliver it profitably? Can you provide this product or service on your own? Or, do you need to access this market through a strategic partnership with other companies? If this is a viable market opportunity, what is your plan for moving forward? What is your entry strategy? What is your exit strategy?
Karl Buhl Consultling assesses new business opportunities from the standpoints of market potential, customer needs, the company’s existing capabilities, competitors, strategic alliances, and potential business models.
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