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

Looking For New Business? Define Your Parameters



Most companies are looking for new business. And more emphasis is being placed on how to grow business by developing a new business strategy. No matter what your plans are for new business, you need to consider new business as a key component of your company from here on out. Remember, new business means you are working with companies and people you don’t know. And with any relationship, be it business or personal it takes time to develop trust. Sometimes you may find you are able to set up a meeting within the first week or so of contacting a prospect. Keep in mind, some great business will also be found 18 months later building a relationship with the decision maker and keeping in touch and being available when this person needs your services.

But before you can begin calling anyone, begin to build a contact list, which will be your new business database. To do this, compare what your company’s products and services are to what industries and companies in these industries need. Such as:
But wait, there’s more