Several companies in the Canton Emerging Technology Center recently reached out for advice on business development. My good friend Andrew Rose (Director of Marketing & Business Development at Naden/Lean, LLC) graciously agreed to organize a panel to discuss business development (not marketing and not sales) with ETC companies.
It was my pleasure to join Nigel Knowles (President/CEO of LCG Technologies Corp.), Ed Mullin (VP of Consulting Services at LCG Technologies Corp.), Monyka Berrocosa (CCO at MyCity4Her, Inc.), and Greg Cangialosi (CEO of Nucleus Ventures, LLC, and Co-Founder of Betamore, LLC) in an engaging discussion of our experiences in business development.
As usual, I learned far more from my fellow panelists than I was able to contribute myself. The focus was on knowing who your business needs, finding out what they need, helping them to get it, and inspiring confidence.
Ed Mullin advised attendees to remember that what your client needs may be confidence that your product or service will not make them look bad in the organization, and this may take priority over having the newest technology or service.
Nigel Knowles reminded attendees to know who their “ ducks ” (prospects) are. The audience was encouraged to remember the basics: build your network outside of your comfort zone, be useful and helpful, and trust your instincts, be nice, and think about how your actions relate to driving revenue.
Monyka Berrocosa recommended business assemble a trusted team of professionals (an accountant, an attorney, a banker and an insurance broker) and to expect and ask for introductions to these advisors’ business relationships.
Greg Cangialosi pointed out that investors, clients and customers do business with people they like and trust, so building that trust and inspiring confidence is important and involves demonstrating that you have a plan to get to positive revenue and profitability.
It was fun and encouraging to spend some time with so many dedicated entrepreneurs. Thanks to all who attended, to ETC for hosting us and Andrew for putting this all together.