How To Make A Successful Company: The Art of the Deal

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A good corporate business development person understands the importance of a strategic planning in the company’s overall vision. They understand that the all the important things that make a company truly successful happen away from the public eye, behind the door of the boardroom and the conference room. They also understand that the business development person allows the company to profit by doing something that is tangential to the company’s core mission. They understand the importance of maintaining that vision throughout a planning and executing process. The most important part of this process is the deal, and successfully managing this transaction is essential to any business outcome.

It is important to remember that process is more important than ideas. If you are going to bring in new ideas and new people, it is important to already have a process in place to make this happen. A corporate business development person does not typically know it when they see it. Instead, they think about the overall strengths of the company and the abilities of the company to launch strategies necessary to bring in ideas, refine them, and relaunch them. Then, they create an agenda and understand what needs to be done to stick to that agenda.

Someone has to so yes to a deal, so it is important that one never start a business development idea without a clear idea of who is in charge of those decisions. Equally important is limiting the number of people involved in the process. Everyone must know who can give the go ahead and who cannot. One may find oneself in a situation where everyone wants to say yes without a clear understanding of the overall implications. Fewer people make these easier to manage.

When approaching potential business partners, the courtship is essential to success. Like dating, this involves courtship, negotiation, and marriage. This is the essential breakdown of any business deal. The courtship phase is the most important. It is a chance for the corporate development person to understand their client, win their respect, and make connections. Without this part, there is no negotiation and closing of a deal.

It is important to structure any business deal with the expectation of success. Although this may sound simple and intuitive, but when the corporate business development deal works, it really works with huge success for both parties involved. Although it is easy to get distracted by distracted by the negative, it is vital to focus on how the world looks when it is done right.

Finally, end well. A deal may not go through in spite of all the intense preparation and planning that went into it. Analyze what went wrong and make plans for the next deal so that mistakes are not repeated. If the deal does work, stay with it and continue to analyze it to keep track of what works and what does not work. Knowing what went right is just as important as knowing what went wrong.

Monica Laughlin writes for business journals and suggests checking out the best MBA programs available.

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