Tag: communication skills

Executive Business Development Training

Who is a Business Development Executive?

A business development executive is someone who looks at business development from a strategic perspective. A business development executive is responsible for acquiring new customers, maintaining relationships with existing customers, build sales pipeline, leverage marketing for acquiring new clients, pitch new products/services, plan sales strategy in existing and new markets. Business development executives are crucial for organizations that want to venture into new markets and offerings.

Why do business development executive need training?

Being critical to the business growth and success of the organization, we must ensure that business development executives have the right set of skills, talent and knowledge. While certain traits are inherent to an individual, others can be developed and honed through training. Business development executives also need to continuously update their market knowledge and understand business trends with the help of training interventions.

What are the critical skills for a business development executive?

Some of the critical skills that you need and that a Business Development Executive Training must cover:

  1. Business Acumen:- The foremost skill that any business development executive must have is Business Acumen. Business acumen is the ability to understand the market and business environment, react to the changing market with agility, anticipate and plan for risks and respond to business situations in a swift and effective manner. A key element of business acumen is the ability to anticipate future trends and risks and respond to them in a planned manner.
  2. Strategic Thinking:-  Strategic Thinking is a set of different competencies that enable a business development executive to plan the sales strategy of an organization using innovation, strategic planning, anticipating future trends, risk taking and operational planning. Effective strategic thinking will result in an overall business strategy that has a greater chance of success.
  3. Communication Skills:- While communication sounds very basic, but at the core of every successful business development executive is their ability to communicate effectively. While basic communication skills like written and oral communication and presentation skills, are a hygiene factor at this stage, what business development executives need are tactical communication skills that will help them in building and maintaining relationships. This would involve learning communication strategies that deal with rapport building, advocacy and inquiry skills, objection handling and managing critical conversations.
  4. Negotiation Skills:- This is perhaps the most important skill a business development executive need. The ability to convince others, listen to their opinions, understand various negotiation strategies that result in long-term gains for the organization are critical skills that a business development executive need.
  5. Project Management:-  We generally associate project management with operations managers, however every client relationship and sales deal are a project and to do this successfully a business development manager should have project management skills. This includes managing the sales team by effective goal setting, time management and risk management. In the long run a business development manager should also look for process improvements in the sales process and this requires project management skills like six sigma, CIP (continual improvement process) etc.

For any business development executive to be successful, they need to acquire these skills through training. But just acquiring these skills is not enough, one must continuously update these skills since the changing market trends bring new perspectives to these skills.

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Correlation Between HR and Business Strategy

Business strategy and HR strategy can be better communicated by understanding the two terms. A business strategy is best described as a competitive moves and action that a business uses in order to attract the appropriate customers, improving performance, and achieve the organizational goals that have been previously established.

It provides an outline on how the businesses should be executed to reach the desired goals of the organization. HR strategy or human resource strategy is a long-term plan that is created to meet the objectives created by the human resource department and human capital management and development in the organization. HR strategy is one of the outputs of the strategic management in the field of human resource management.

Specifically, proper HR strategy is said to have on impact on the business strategy. In today’s world, it has been observed that the human resources department have a more concrete, strategic role in companies, and this reflect that HR strategy affects the bottom line. HR strategy can be a part of complete business strategy which says that business strategy and HR strategy play a significant role while devising one and another.

In the real world, the distinction between Business strategy and HR strategy is said to be a very thin line. However, a successful business owner understands the significance of this difference and understands that there is a strong connection between the two. Human Executive leadership teams confers with human resources experts which is included in the human resource strategy and this aids in improvising the complementary goals for human resource and the whole business. As you can see, this is what is aimed to be achieved through business strategy and human resource strategy.

The recruitment and selection process carried out the human resource department amounts to ensuring that a productive workforce is created. Ensuring the maintenance of workforce that facilitates high levels of job satisfaction and job security converts into a workforce assisting in achieving the business goals.

Currently, it can be stated that HR technologies have become an integrated engine in terms of advancing the broader requirements of the business, supporting more than just the basic transactions, and advancing the HR and business agenda for the purpose of a better future. The progress of the performance management, recruitment, and selection includes Human Resources Information System (HRIS) as an integral part of such progress. HRIS also plays a significant role in the rejection of candidates, their promotions and postings, etc.

Business strategy and HR strategy rests upon the interaction among executive leadership. IT is said that one of the best ways to cultivate a healthy relationship between HR and C-level executives is by demonstrating the ROI (Return on Investment) in human resource activities and practices. By cultivating such a healthy relationship, the HR strategy will complement the business strategy to work towards achieving the business goals.

Thereby, this helps us understand business strategy and HR strategy as the integration of HR strategy with business strategy, business productivity, and their interdependencies and the way their relationship influences the organization.  

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Barriers To Communication At Encoding Stage

Communication is an important aspect of all our lives. Many studies in the field of communication suggest that we spend about 70-80% of our waking time in communication. We communicate even with our silence. However, as a receiver or sender of communication, we realize many times that the communication was ineffective. There are many causes of ineffective communication and these are termed as barriers to communication.

Barriers to communication occur in all stages of communication – right from when the sender formulates the message to when the receiver gives feedback on the message.  These barriers break down the communication process and this may sometimes result in obstacles in the efficient functioning of an organization.  Therefore it is important to recognize these barriers so that they can be avoided or overcome efficiently.

Let us discuss the barriers that occur at the first stage of communication.

At this stage the sender formulates and encodes the message.

  • Indecision about content – The sender may be unsure about what message to send or how much information to communicate. This may happen when either the sender has too much or too little information on a subject.
  • Lack of familiarity with audience – Another barrier at this stage could be not knowing who your audience is. For effective communication it is important to know the audience well. Some of the critical information to be gathered about the audience is the age, sex, educational background, cultural background and preferred language. This information helps in designing content that is appropriate for the audience and will be received well.
  • Undefined situation – If the sender is unsure of the reason for the communication, then the chances of miscommunication are high. Designing appropriate communication largely depends on understanding the situation and the reason for the communication. Content of the message needs to address the reason for the communication and the sender should understand this with clarity.
  • Lack of basic communication skills – Sometimes the communication may be ineffective due to the lack of basic communication skills. If the sender is unable to articulate his thoughts into appropriate words or lacks basic grammar skills, communication will be ineffective.
  • Emotional Conflict – If the sender faces emotional conflict or highly charged emotions like anger, while encoding the message, the message may lack coherence or may be too laden with emotions to be understood correctly.

These barriers result in breakdown of the communication process and miscommunication. Understanding these barriers is important so that they can be avoided or addressed at the right time.

To understand more about effective communication look up BizComm by Strengthscape.

Filed under: Communication SkillsTagged with: , ,