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What Is a Business Development Strategy and Why Is It Important?

 Business development refers to the thoughts, activities, and ideas that make a business thrive commercially. It often involves conversations around operational expansion, optimizing profitability, and increasing revenues. Sales growth and expansion, the creation of business partnerships, and enhanced profitability are just a few examples of the various goals business development seeks to achieve. The business development executive or manager is the individual who ensures these goals are met. The business development executive is also responsible for developing strategies to ensure the business thrives.

A business development strategy is an integral part of an organization's success. When generating valuable leads that will complement the company's objectives, your team can use the basic elements of a solid business development strategy as principles. Without a business development strategy, your company may waste a lot of time and money on prospects that don't offer the value your company needs.

A solid business development strategy is a structure upon which your team can locate and produce high-value leads that will eventually enable the organization's long-term objectives. Your staff may have trouble finding those qualified leads if you don't have a strategy.

Consequently, key business goals are far more likely to get overlooked and be missed when there isn't a strategic business growth strategy in place. Whereas clearly stated goals are essential, they might encompass a variety of goals. For instance, business development objectives might involve marketing, sales, or other internal and external factors.

The SMART method is a fantastic tool to use when establishing goals for your company. The SMART method is an effective way to create development objectives that are realistic. SMART is an acronym for a group of objectives that are specific, measurable, achievable, relevant, and time-bound.

You must determine your ideal audience to establish a business development strategy that generates the most potential for growth and profit. Concentrate on particular businesses, industry sectors, or people who will advance your company. A broader audience should not be the goal, but a strong one is. Strive for quality rather than quantity.

Remember that a profitable business development process takes time. Sales from solid partnerships can take months or even years to materialize. Similar to how undesirable possibilities won't become obvious to you following your initial meeting. This is why it's critical to identify the precise target market, so you don't squander time building a rapport with an unfit lead who is unlikely to convert.

After determining who they are, you must gather as much information about your audience as possible. Then, you must be ready to address the following inquiries about them before persuading them to collaborate with you.

First, you should be able to identify their major problems and the services they truly need. You should also take note of the problem-solving method they are using while noting ways you might offer to ameliorate their current situation. Subsequently, you can start evaluating your competitors once you have an answer to these queries. Determine what differentiates you from your rivals and use that leverage to your advantage when presenting your worth to potential customers.

Choosing a Merchant Services Provider

 Merchant services, often known as credit card processors, handle electronic payment transactions. Choosing the right merchant services provider is important for growing your revenue. It also ensures that your customers’ credit card needs are met with excellent support, service, and the right technology solutions.

Several considerations are worth noting as you choose a merchant services provider. To ensure smooth business operations, card processing uptime is critical. Typically, the more payments you process, the higher the revenue. The longer the card authorization network is down, the more revenue you stand to lose. Therefore, look for a merchant services provider with proven systems that address authorization outages whenever they happen and one with a long track record in reliability.

Although a processor may not prevent all system outages, such as those within the card brand network, at least they can institute mechanisms to help mitigate their impact on your business. Learn how potential service providers handle unexpected network outages and how outages can impact your business operations.

Without proper guidance, it can be challenging to sign a merchant processing agreement, particularly because of unfamiliar industry terminology that can create confusion. A merchant services provider who is willing to go the extra mile and help you to understand the terminology, terms, and conditions is key to a successful working relationship. That will also strengthen the trust levels between the two parties.

In addition, exceptional providers take the initiative to assist your customers through every facet of credit card servicing. They should provide knowledgeable, experienced, and dependable staff to address each customer inquiry promptly. This dynamic approach also builds confidence among your customers.

When vetting a potential merchant services provider, get a clear understanding of specifically who will support you in case of payment-related issues and when and how you can access that support. A good merchant services provider offers several support options, such as email, live chat, or 24/7 support via phone. Also, clarify whether the support comes at an additional fee or is part of an all-inclusive package.

Additional resources provided by the merchant could include, among others training on software and hardware. Most providers will charge you a one-time purchase price for all necessary hardware, monthly subscription fees for software, and per-transaction card payment processing fees. The latter could vary depending on the features you select and whether you can sign up for a monthly or annual plan. Also, processing software on multiple registers may require you to pay more.

For processing costs, many merchant service providers give you different pricing plans to choose from. These include a flat-rate cost per transaction or a tiered structure that allows you to pay different fees based on the type or size of a transaction. Ensure the pricing structure is simple to understand. That also facilitates easy comparison between different providers.

Because payment technology solutions tend to evolve fast, choosing a merchant services provider that offers a wide range of emerging payment technologies that also match your evolving business needs is important. Equally important is to choose a provider that doesn’t lock you into staying with their product payment technology solution to the exclusion of other providers. Sometimes, you may want to use several merchants, particularly if you handle bulk payments or varied product catalogs.

Key Benefits of Membership with the CMTA

 A non-profit association founded in 1958, the California Municipal Treasurer's Association (CMTA) provides support to government finance professionals serving throughout California and exists to advance the treasury management profession. It also encourages cooperation between local, county, and state agencies. The CMTA provides a diverse range of educational resources and networking opportunities for individuals who manage public funds. The association also ensures public accountability and high professional standards are upheld within the industry. Members of the CMTA serve at the local, state, and federal levels. Membership with the CMTA provides a diverse range of benefits.

The CMTA partners with the California Debt and Investment Advisory Commission (CDIAC), Fixed Income Academy, and the CFA Institute to offer relevant education to government finance professionals. Learning opportunities are available at one-day seminars and pre-conference workshops held throughout the year. For example, the association has a two-day seminar focused on Advanced Public Funds Investing on an annual basis.

CMTA Conversation is a lunch-and-learn event held frequently throughout California and designed to stimulate meaningful discussion between commercial vendors and peers. Previous topics explored at CMTA Conversations include Fixed Income Topics for 2020 and When and How to Use Money Market Funds and Other Short-Term Investments.

Typically held in April, the CMTA annual conference provides in-depth training on various debt and treasury topics. This event features motivational speakers, roundtable discussions, educational breakout sessions, and opportunities for peers to network with each other.

Committed to offering career development opportunities for members working as public agencies and treasury officials, the CMTA offers two different certification programs. These programs provide a standardized learning curriculum to meet its members' professional learning needs. The Certified California Municipal Treasurer (CCMT) designation is specifically designed for individuals who manage public funds. To retain this certification, individuals must remain current on industry happenings and complete 40 hours of professional education courses every two years.

The Investment Policy Certification program is designed to aid CMTA members and professionals with creating and enhancing existing investment policies. This program was developed by the California Municipal Treasurers Association (CMTA) with the assistance of the California Debt and Investment Advisory Commission (CDIAC).

To facilitate communication between members of the CMTA regarding treasury functions, the association operates a members-only online platform called List Serves. This platform enables an instant connection between members from different states and can be used to seek advice, send requests for proposals, and receive recommendations from consultants. Additionally, List Serves can disseminate surveys to members of other divisions and across the state, inform members of division meetings and CMTA events, and provide updates regarding membership.

List Serves is accessible to all members of the CMTA. The CMTA annual membership directory also provides a means to connect with other association members. This directory includes contact information for all members and commercial vendors.

Multiple types of memberships are available with the CMTA, including government associates, commercial associates, and alumni members. The CMTA membership cycle is from July 1st through June 30th. Members of the CMTA have direct access to the association's education and networking opportunities and receive discounts on the ongoing professional development training events and the annual conference