Businesses are increasingly relying on big data and machine learning to create new business models.
As a result, some of them may not have a clear picture of how to go about making the transition.
“It’s not a smooth transition,” said Mark Zappulla, an analyst with The Zappula Group.
“There’s no one magic answer to it.”
Business Development Coach Mark Zappa, who runs a startup called Digital Analytics Consulting Services (DACS), said that companies need to get their own heads in the game.
“You can’t just build software and expect to get the software right away,” he said.
“That’s not going to help you in the long run.”
What to look for in the business development pipeline When a company decides to hire a business development consultant, he or she is a big part of the decision-making process.
The goal is to develop the business model as a whole.
“The goal of the business is to build the business,” Zappa said.
The business needs to be able to survive as a business in order to build and grow.
“When you have a startup, you’re trying to build something,” he added.
“If it’s a start-up, you’ve got to have a strong core product and that’s what we do.
We’re in it to build a company.
We’ve got our business development teams doing everything from the business plan to hiring and training our first employees to the customer acquisition, business development, and marketing.”
One of the biggest obstacles for startups to overcome is a lack of training.
According to the National Venture Capital Association, one in five startups fail to reach their funding goals.
“I think that is because people are trying to solve the problems of their business first, then they start thinking about other things,” Zappuli said.
He believes that business development consultants need to be very experienced and know how to navigate the tech stack to help a startup.
“We’re going to be doing a lot of consulting, so that’s a great opportunity to get your business skills in front of people,” he continued.
“But it’s important to be really experienced and knowledgeable, so you can figure out what the business needs, and then you can work with us on the business to get that business off the ground.”
“The biggest issue for companies is getting their head in the right place,” Zoppuli said, “because you’re always learning.”
For example, if a startup doesn’t have a specific business plan, they’re not going with the flow and the technology stack that is right for the business.
“They’re not doing it for the right reasons,” Zapuls said.
For a start, Zappuls said, they need to look at the business requirements as a baseline, then determine whether the business fits in with the current business.
When the business meets these criteria, it’s time to get in on the ground floor.
“And that starts with you,” he explained.
“In the early days, if you haven’t seen a need, you can’t get the business off.
But now, as the company matures, you start to see a need.”
For more advice from Mark Zapulla, visit his website.