What, Exactly, Is Business Development?: A Primer on Getting Deals Done by Scott Pollack
Author:Scott Pollack [Pollack, Scott]
Language: eng
Format: epub
Published: 2017-07-21T07:00:00+00:00
150 million watches sold
2 widgets per watch
$0.43 per widget
7% of the total market
Total opportunity = $9 million per year
This is a true back-of-the-envelope calculation. You did some quick research, made a few basic assumptions, and did a little simple math to figure out the ballpark value of the opportunity. It doesn't need to be perfect — and the results shouldn't be taken too seriously — but it did give you something to start with.
With this calculation in hand, you can now determine whether or not you want to explore this opportunity any further. Perhaps a $9 million opportunity presents an enormous potential for WidgetCo, doubling the average annual sales they make from the slow-growing grandfather clock industry. On the other hand, maybe WidgetCo's dominance on the global widget market means that they don't even get out of bed for less than $50 million. In that case, an opportunity worth a mere $9 million gets thrown out of the window, and the company moves on to something else.
A back-of-the-envelope calculation allows the business development team to take a step back, consider the size of the opportunity, and think about the overall value of the opportunity for the company. By going through this process with every opportunity, it becomes much easier to give priority to the best opportunities.
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