Business Development Consulting for Software & Hardware Companies
First of all, it’s very important to define the meaning of “business development”. Business development means different things to different people in technology companies. To many it’s just a synonym for sales. To others, it means sales to major/key accounts. At PJM Consulting we prefer the more classical definition–which is not in line with “quota carrying” sales definition which many people use.
So what’s our definition of business development? We’ll use one from the Wikipedia page on business development:
“Business development comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities within and between organizations.”
Wikipedia goes on to state that the role usually includes a mix of finance, marketing, M&A, legal, strategic management, proposal/capture management and sales experience.
We largely agree with the above definition, which is why a properly designed and staffed business development function is such a “witches brew” of roles and responsibilities. Classical business development requires a broad mix of skills to achieve success. It is a unique and important role within any company – whether or not you have dedicated personnel filling the role.
And that’s where PJM Consulting can help, because there is often a lack of the complete skill set required–or a lack of the necessary bandwidth–to ensure that new growth initiatives are given their proper attention.
PJM Consulting has many years of experience in building, leading and consulting with software and hardware companies, including extensive business development expertise.
We have worked across a wide variety of market segments, technologies and stage of company, which is a huge advantage in business development activities. Often times it is very important in new growth initiatives to reach out to and develop contacts outside of your existing market segments.
Do you need to get an outside view as you formulate optimal growth initiatives? PJM is ready and willing to help.
Is there a hole in your BD team or you temporarily need additional BD bandwidth? PJM can provide an interim or part-time business development executive.
If you’d like to get a better feeling of our expertise in this area, check out what we’ve written about business development, M&A and financing you can read a number of articles on our Blog.
Typical Business Development Consulting Engagements:
- Assist with new growth strategic planning
- Consult on development of new growth activities including business plans, research and testing
- Initial market research, market development and initial sales calls to validate a concept
- Strategic partnering with non-competitive software & hardware vendors and other complementary entities
- Development of new geographic markets
- OEM Partnerships
- Development of new product distribution channels
- Technology licensing–in or out of the organization
- M&A: opportunities to acquire complementary companies or business units, or sell off units that no longer fit the strategic corporate focus
- Corporate Development/Capitalization/Fundraising
- Provide interim or part-time VP Business Development or VP Corporate Development
PJM Consulting can design a business development engagement to meet your specific needs.