New Business: Evaluate and Define Groups



Okay. So far, we have discussed the initial steps to build your own new business department. As I’ve stated, a new business department does not always need more than one dedicated, full-time employee. Let’s face it. Entrepreneurs start out wearing every hat there is running their own business. We have also talked about defining your parameters so that what you have to offer is actually meaningful and of interest to the target market you have in mind.

Here’s a quick refresher on defining your parameters so you don’t have to flip back to the former post and so you can compare the difference I am going to share between defining your parameters and evaluating and defining groups.
First, here is the list I provided to help define key parameters in areas that relate specifically with what you have as a product and/or service and what businesses you want to attract to become your newest customers:

  1. Industry – Taking your products and services in mind, what industries can best benefit from your offerings?
  2. Annual Revenue – A publicly owned company states what its annual revenue is. Based on a company’s revenue, you may be able to identify if your offerings are something the company would be willing to purchase from an outside source.
  3. This way for more