Business Development – The Relational and Sales Process (Business Development #1)
How important is Business Development in Your Life?
This series focuses on relationship building, business development, marketing, and sustainability in building and keeping clients, teams, and long-term successful outcomes. You will also have access to some great tips, tools, and methods that will enhance your successful relationship outcomes.
The most important aspect of developing any successful organization, whether business or not, are the relationships developed with the right clients, partners, suppliers, staff, and investors. These right relationships all come through selling. Selling is just another term for connecting. From connecting, the sales process takes place. Sales really is about connecting, promoting, sharing, and finding good long-term relationships.
An organization does well by two methods: (1) Improving the bottom line (cost reduction); and (2) Growing sales.
The bottom line about sales, or the most current term being used by many known as business development is a necessity for a healthy organization.
This entire series is broken into fourteen areas and addresses what sales is, the process, how to be more successful in sales, prospecting to gain more clients, types of sales closes, communications, accountability with your time, managing your time better, and several other areas all centered around sales / business development.
What is selling – sales
Sales are one of the most important items and topics in business, whether you are in sales or not, because sales determine the success of every single company in the world.
As you will see, everyone sells without knowing it. Some of the best sales take place without people even knowing it.
The best way to define sales is right from the dictionary.
Sales can be defined as: The exchange of goods or services for an amount of money or its equivalent; The act of selling; An opportunity for selling or being sold; Demand; and Activities involved in selling goods or services.
How Do You Manage and Sell with Objectives? (Business Development #2)
Managing and Selling with Objectives
A lot of people set their sales goals, plan their sales goals, and start their selling path only to forget about what they planned by implementing their objectives every week for their determined time of action.
It is one thing to know where you are going, but if you do not apply your selling goals and objectives every week for your entire sales goal period, you will never arrive at your completed goals.
Whether you like selling or not, we all spend most of our time when we are with friends, family, relatives, and the business world selling. We sell best when we believe in what we are selling (I think promoting is a better word). Even if you do not intend to go out and sell, it would be to your best benefit to know the process, understand how to plan your objectives and goals, and know what a successful salesperson applies in their life.
The information in this section will help anyone to become more effective, plan their time better, and become more successful in their business finances.
The first step in having sales success is to know where you are going.
There is an old saying that “if you do not know where you are going, it does not make any difference what route you take; but if you have a destination, each move that you make will either take you closer or farther from your destination.”
By defining your sales objectives, you will be able to work smarter, you will be able to focus better, and you will be able to accomplish your objective with your sales, your team, and your overall defined business plan.
How important is Your Sales Plan? (Business Development #3)
The quote below says it best about how important setting your goals, objectives, sales plan, and business plan are.
“… Each moment of the day, I make decisions about which activities I am going to work on and complete, and that these decisions, many of which I have given almost no thought to, ultimately determine what I do with my life and the level of success I can achieve.”
Below are several tangible steps that will help you achieve whatever objectives you decide upon.
Define your Goals
Set goals that help you prioritize your selling activities (marketing) and helps you make better use of your time – this will also help you at the psychological level. Before you commit yourself to attain your goals, you should evaluate whether your goal is achievable and challenging. Goals that cannot be achieved will not motivate you – goals that are not challenging will not motivate you to improve your productivity. Some examples of common business goals are:
Sales Volume ($1 million in sales for the year)
Market Share (Achieve 5% market in my city)
Profitability (Earn $100,000 this year from my production)
Number of clients (Enroll 100 new clients this year)
Size of clients (Enroll 5 companies with sales of more than $50 M)
Implement Your Rewards
This is important so that you will be motivated to achieve the goals and objectives for your sales and/or your team sales.
Write, Document, and Execute Your Plan
When you outline your action plan and write down your goals, this mentally commits you to attain your objectives, and affirms your belief and commitment in being able to achieve your goals and objectives. With your goals and objectives in written format you will be able to stay focused, make necessary changes in your plan to stay on target, and you will be able to communicate with any team players that are involved in your plan.
Track Your Results
Find someone you can meet with on a regular basis to review where you are with your plan, your goals, your financial goals, and your sales goals.
These meetings will help you review your action plan and make any necessary adjustments in the plan itself. The importance of this is to review your progress enough to take corrective action if some of your key goals are not being met.
Determine Your Completion Date
When you define and give your goals and objective completion dates an opportunity to test your conviction that you can achieve your key results by a specific date and to evaluate the relative priorities of different tasks takes place. Examples of these dates are:
Start with a yearly goal
How much you want to sell
How many sales your team will do
How much money you will earn
What markets you will focus on (businesses – small, medium, large/clients/team members – building an organization and/or sales team), how many hours per week you will work, and things of this nature
Develop A Monthly Goal
This monthly goal will outline a benchmark of where you should be in the process from a numbers standpoint.
If you are building an organization of people and/or a sales team – the first month, I will recruit 1 or 2 people; the second month…. And so forth. Or, if you want to focus on selling, your goal may be to enroll (sell) 12 companies that have a gross dollar amount of more than $100 Million per year. Your monthly goal would be to enroll 1 company per month.
From your monthly goal, will be weekly goals. From your weekly goals, will be daily goals. These daily goals will include steps, objectives, tasks, and other components so that you can accomplish your yearly goal. You will review your daily actions of what you are doing, what you did for that day, and what you need to do different for that day and the next day to stay on track.
Special Note: The key to creating an effective action plan is to evaluate each activity that you are involved with, and then prioritize the activities that you want to focus on to help you achieve your key results.
Budget Your Resources (time, team, and finances)
After you have put together your action plan, you will need to allocate the resources you are going to use to accomplish your activities.
This section is self-explanatory – you have what you must work with. Keep in mind, which most of the wealthiest and most successful people that have walked this planet, started with very little. In other words, they did not come from a wealthy family.
The most creative plans and success stories have come from those with few resources. Many times, the most valuable and profitable resource is your creativity.
Define Your Key Results
After you have defined your goals or objectives, you should define your performance criteria, or key results, that you will use as milestones to help you define progress toward achieving your goal.
An example of this would be: Close two new accounts per week; or, make 30 phone calls each day; or, leave out 100 brochures per day; or…
Evaluate Your Strengths and Weaknesses
Evaluating your strengths and weaknesses is often the most difficult phase of the goal-setting process, because in many situations you do not have enough information to be certain that your analysis is complete or accurate.
As you are working your plan and objectives and reviewing your daily and weekly activities, you can change the tasks and steps area to get you closer to your goals.
Determine Your Action Course
At this point, you should be ready to develop an action plan that describes how you will achieve your objectives.
The key to creating an effective action plan is to evaluate each activity that you are involved with, and then to prioritize the activities that you want to focus on to help you achieve your key results.
Make Room for Daily Growth Time
Take time daily to realign and lift you up. Like a car needs fuel, you will need to be encouraged, focused, energized, and realigned.
Some of the examples would are:
Listening to inspirational stories
Taking daily notes
A time of quietness
Live calls that are educational, motivational, and inspirational
How Do You Improve Your Productivity? (Business Development #4)
Improving Your Productivity – 10 Steps
In summary, the ten steps to improving your productivity with examples are listed below.
Define Your Goals
Earn $100,000 per year – Spend more time with my family (work less) – work from where I want to work…
Implement Your Rewards
From attaining my monthly goals, objectives, and sales results – I will have a celebration dinner with my team – At the end of the year, I will take my family on a 2-week cruise vacation…
Write and Document Your Plan
My plan is written down – blocks of time are scheduled for the activities that will help me achieve my goals…
Track Your Results
I will track my daily progress and actions with myself and I will check in with my team leader (someone who you can be accountable to) on a weekly basis…
Determine Your Completion Date (s)
I will reach my sales, goals, and objectives by ______ (the date you have defined and written down) …
Budget Your Resources (time, team, and finances)
I will spend 60% of my time prospecting, recruiting, and selling – I will spend 30% of my time training, supporting, encouraging, and communicating with my team and/or clients – I will spend the remaining 10% of my time developing myself…
Define Your Key Results
I will close 2 new businesses every month – I will recruit 2 new people per month (if you are building a team) – I will help every single person in my team for total success by calling them, encouraging them, emailing them, etc. – I will enroll 9 new clients per month…
Evaluate Your Strengths and Weaknesses
I have a lot of sales experience, but I have never developed an organization and/or a team – Or, I have no sales experience, but I know people will buy this because of my passionate ability – Or, I know a lot of people, but I have never been in business before.
Determine Your Action Course
I will follow my written daily, weekly, and monthly plan – call corporate accounts, utilize the Training, get on training calls, ask questions, read about sales and marketing, build a team with those I know and with leads, etc…
Make Room for Daily Growth Time
I will spend 30 minutes per day evaluating where I am at, reading, thinking, praying, etc.
Achieving Success Takes Time (Business Development #5)
How are You Using Your Time?
Most people do not know how to utilize their time effectively. You might seem busy. You might feel like you work all the time. You might feel like you have very little time left at that end of the day. To really see how effective, you are at your time and increase your time management abilities, a simple time audit can be conducted. Once you identify where your time is going, you can eliminate the time wasters and recapture valuable productive time.
What are the 10-major time-wasters ranked by 10,000 U.S. business executives?
Effectively Manage Your Time
We must make a conscious effort every day to control events in our life if we are going to manage our time effectively. There are several areas that must be addressed in your time audit and in your time management.
Plan your workday
The secret to effective time management is learning how to plan events so that your high-priority tasks are handled first. Taking time to plan your workday is a discipline that requires commitment and regular attention throughout your day.
The distractions that are within your control (self-imposed distractions) include: procrastination; selecting tasks with the wrong priorities; attempting to accomplish more than can be done in a specific time; and social interruptions. In organizing your day well, you will be able to minimize the impact of distractions.
A time audit is exactly what it means – taking inventory about how you spend your time in your work. This will help you find out where your day “really goes”. To do a time audit, you will need to track and record what you are doing each minute throughout your day.
The data you collect from your time audit will help you determine if your activities are consistent with your business objectives and will help you identify major time wasters that are decreasing your daily productivity.
Your time audit can best be set-up by tracking each activity in fifteen-minute time blocks. Record your activities on paper (daily planner) in hourly blocks of time. Every fifteen minutes stop what you are doing and write what you are doing in the fifteen-minute time block. At the end of your day, you can analyze what you did and how much time you spent on each task. Compute your time findings for each task and review your findings honestly. As you do this, you will be surprised on what you can improve in with your activities and output.
Activities and Output
Activities are the things you do during the day. Output is what you achieve. Activities are of no value if you do not have the output you want. The keys to increasing your productivity and achieving your objectives are to determine which of your activities are the most important, and to prioritize those tasks.
The primary purpose of a time audit is to make you aware of how you are spending your time, so you can reprioritize activities to help you achieve your objectives.
The key to overcoming procrastination is to prioritize your work. After doing this, focus your efforts on completing your most important tasks before taking time to complete less important tasks or socializing.
Helpful tips for overcoming procrastination
Use check lists
Make a radical change
Group Similar Tasks
Do not chase perfection
Finish what you are doing
Get the worst over first
Start projects as soon as possible
Conduct time audits regularly
Review your daily and weekly check list a few times per day
Think about your reward for your output
Interruptions decrease your output by diverting your attention from high-priority activities to lower-priority activities and by requiring you to mentally “reorganize” your work. The average time it takes for a person to become focused when interrupted is 6 minutes. If you are interrupted 10 times per day, you lost one hour getting yourself focused.
Learn to Be on Time
By being on time, you set the example for others to do the same. A person being late is a big-time waster.
Plan for success by committing to yourself
Special Note: Take a few minutes every morning and prioritize your checklist of things to do that day. This is crucial for your success so that you know where you are at and where you are going that day. Visualize yourself as an energized and organized person.
How do buyers buy? Is it based on …? (Business Development #6)
Do buyers buy just on price and availability?
Buyers Do Not Make Their Decisions Based on ….
Many people think that buyers make their decisions based on price and availability. This is rarely the case. Buyers make their decisions on many things, such as:
Style of products and/or services
First impression of person, brochures, and/or presentation
Reputation of company being represented
Very little or no references
Experience with your and/or your company
“Perceived” quality of products and/or services
Cost of product and/or service
Confidence of potential buyer in sales person
Quality of sales personnel
Lack of follow-up by the sales person
Lack of knowledge in the sales person
Lack of personal touch by sales person
Wrong time for buyer – distracted
Buyer is not interested
Prioritizing your day and your selling opportunities is very important. If you do not prioritize and use some type of planning system to track what you are doing, your workdays will be interruption-driven, and you will not be able to leverage your selling time to maximize your sales potential.
There are many Selling Opportunities!
Find a map and visualize the area you want to concentrate on. Then, develop a plan to focus on this area for your sales activities
Present seminars that are targeted to your market.
Leverage client relationships – existing clients are your best prospects for new products and services.
Requests for information from potential representatives and potential clients. You can use this request as an “invitation” to qualify their needs and concerns and to begin working together with them to develop a solution that meets their needs.
Using opportunity/business cards to visit businesses – a very relaxed way of selling. You go business to business giving each manager and/or owner your business card and you get his or her business card. As you do this, you thank the person by fax or email for meeting them. Then, you place the person in your follow-up sales system. Call each person every 4 to 6 weeks about some good news about a client increasing their sales because of your product and/or service or some other good piece of information.
Referral sales are usually the easiest sales to close because referred prospects usually grant you a problem-solving role early in the selling relationship.
Google / Business Listing – Open up your Word Document, Excel Spreadsheet, CRM, or a blank book of paper and sectionalize one page at a time with the following sections: name of company, phone number, email, contact person, and notes. Start with section A in the yellow pages of your phone book. Call each company and ask who is responsible for the area(s) you offer from your organization. For example – anything that is pertinent to marketing and bringing in more clients to a business, you would ask for the person who oversees marketing. Take a minute and write down the person’s name in your note section. Ask to speak with this person – If the person is not there, leave a voice mail with your name, phone number, the purpose of your call, and that you are sending an email to their attention. If you get the person on the phone, let them know you are sending an email that will show them … (whatever you are offering). Follow-up with a phone call and fax or email every few months.
On a good day. All you must do is show up! In other words, being where you need to be and in the activity of selling on a regular basis, will help you sell.
Develop inactive prospects. Contact them every 2 months with a tip or some valuable information or with a testimonial from one of your clients.
Hand out or mail brochures, information packets, and/or flyers. Whatever you do, make sure your marketing material is compelling. If it is not, do not give it out.
Develop a Sales Call & Communications Plan (Business Development #7)
Do You KNOW what your client wants?
Regardless of a person’s reason for making a sales call, knowing what a person wants to accomplish and what they are going to say is important. Knowing these two things will give a person a much greater chance to meet their objective.
This can best be accomplished with two tools:
Sales Call Form
By completing this form, you will be able to review your sales call, plan your strategy for the next visit, and plan your strategy for your next call. Analyze what you are doing right or wrong in the selling process and communicate with other leaders who might be able to give you some of their input.
Plan for Success
Spend enough time to develop your sales plan to maximize your effectiveness, your efforts, and your areas that need to be changed.
Effective Communications – Be an Effective Communicator!
Being an effective communicator means the difference between limited success and total success. If you are building a sales team, it is crucial.
The secret to effective communication is learning how to establish an open, productive dialogue. Dialogue means sharing ideas without trying to change the mind of the person you are communicating with, and without trying to prove that their position is right or wrong. Opening this type of dialogue with people you are communicating with creates an environment that is conductive to honest, open, and straightforward communication.
When you and others are open to discussion, you are well on the way to working cooperatively. When this happens, you and those you are communicating with are open to moving the process forward for whatever concerns and needs are being discussed. At this point, you will be able to identify and provide the solutions and/or answers.
Effective communications begin with a conscious effort to understand the communication process, and to create an open dialogue with whom you are communicating with.
To really understand communication, you need to understand the communication cycle.
What is the communication cycle?
What you intended to say – learn to think before you speak.
What you said – what you think you are saying is often quite different from what you are communicating.
What your listener heard – You cannot control what your client hears.
What your listener thought he or she heard – after receiving a communication, a client must interpret the communication.
Feedback from your listener to verify the communication – a client may or may not respond to your communication. This lack of feedback may make it difficult to determine whether your communication was received as you intended it.
The Selling Process (Business Development #8)
The selling process is very important in all things we do in life!
Without knowing and understanding this, your selling success will be limited. Some of the steps in the selling process are outlined below:
Sell You First
You cannot move the selling process forward until you qualify your client’s needs and concerns. And you cannot qualify your client’s needs and concerns until your client feels comfortable enough with you to discuss his or her business.
To resolve this dilemma, you must open a dialogue with your client, and then establish rapport by being open, honest, and nonjudgmental, and maintain a positive, enthusiastic attitude about your work.
See You through your Clients Eyes
Be friendly and optimistic
Balance aggressiveness and being too timid
Avoid personal criticism
Do not use inappropriate language humor
Do not make your client feel defensive
Listen to Your Clients
Pay attention to your clients’ concerns
Do not interrupt your client
Write down your client’s ideas
Ask for Your Clients’ Help
Do not be arrogant about your success
Your clients are experts
Shoot straight if you are shooting from the hip
Do not become a teacher or evangelist
Successful Prospecting and Relationship Sustainability (Business Development #9)
How Important is Prospecting and Relationship Building?
Before you can sell, market, and promote your products and/or services, you will need to identify and contact prospective clients. This is called prospecting and is very time-consuming and is one of the most time-consuming parts of selling.
Depending on your selling situation, you may use both direct prospecting methods such as direct prospecting methods such as direct mail, telemarketing, advertising, cold calls, and trade shows and indirect prospecting methods such as referrals, seminars, articles, Linked In, and networking with business contacts, to help you identify new clients.
As you prospect, make sure you identify those being prospected in 3 categories – hot, warm, and cold. These 3 categories are defined as:
Hot – those who are interested in your product and/or services
Warm – Interested but do not want to buy for 3 months or longer
Cold – Not interested and/or do not want to buy for 12 months or longer
When you are prospecting, when you are planning, and when you are working the process, it is important that you ask yourself the following questions for maximum results:
Based on prior experience, what is the likelihood of closing the leads that are generated?
How much will the prospecting activity cost in terms of time and money?
Will the prospecting activity enable me to communicate with my targeted marketing opportunities?
What is my best estimate of the number of leads that the prospecting activity will generate?
Can I do anything that will help me be more efficient in my prospecting?
Qualifying Your Prospects and Relationships
Once you have identified potential clients for your products and/or services, you will need to qualify their need for your products and/or services and their level of interest in moving toward a buying decision.
How do you find out whether the prospect you have qualified needs your product? Below are some sections that will help you identify this.
The easiest way to qualify your prospects’ need is to ask them general questions to establish a dialogue about your prospects’ problem and to help you reveal specific purchase concerns.
Identify Personal Concerns
The most effective way to address your clients’ personal concerns is with specific explanations and examples.
This is self-explanatory – what does your client need?
Money determines whether your prospect has budgeted money to purchase a product that addresses his or her need.
Authority of the Prospect
The more time you spend with the people in your prospective clients’ organization who are responsible for making or influencing their purchasing decision, the less time you will waste with unqualified prospects.
Most prospects will respond honestly to a direct question about when they will be making a buying decision.
Business and Sales Closing Styles (Business Development #10)
Relational and Sustainable Business Development is Key!
Relational business development, partnership, strategy, marketing, and team development is the only way to create and sustain long-term business. Keep in mind as we outline closing styles, the most important area to keep in mind is the relationship being developed, implemented, and sustained for mutual gain together. Also, serving people is the bottom line success in all things conducted in business.
The best way to ask for a client’s business depends on how you were introduced to your client, how you did your presentation, what your relationship is to the prospect, the type of product and/or service you are promoting, and your personality.
As you develop contact people, approach individuals and organizations, and build your prospects, clients, and teams, keep in mind there are different ways to accomplish outcomes. Do your best to never hard sell anyone. Approach people with the understanding of serving, asking questions, listening, and providing solutions to meet their need. With this mind, below are some closing styles.
The close is the step within the selling cycle whereby the prospect is ready for a close.
Direct Question – This is when you ask the prospect directly for their business.
Earned your business – This is where you summarize all the work you have done for your client in the past (this is for existing clients).
Ben Franklin – This is the pros and cons written down on a piece of paper – the pros (why they should buy) on the left and the cons (against why they should buy) on the right side.
Partnering – This is where you join forces with your prospect/client and partner with them.
Downsizing – This is where you suggest a solution that is too expensive for your client’s budget and downsize the solution to fit your client’s real needs.
Assumptive Close – This is where you assume your client has already made a buying decision.
Time Out – This is where you set a deadline for their buying decision.
Referrals – This is where you describe the benefits your clients have realized after implementing your presentation – you propose the same for your prospect.
Personal Appeal – This is what you can use with clients who are susceptible to personal appeals such as “If I get one more sale this month…”
Cost-Justification – This is where you assume your client will make a buying decision if the cost is right.
Benefits Summary – This can be used when your prospect is on the fence. By reviewing the benefits of buying, your client will buy.
Ten Presentation Style Hot Tips (Business Development #11)
What are ten tips that will improve your presentation style and outcomes?
Speak loudly enough to be heard.
Involve your prospect and/or client with eye-to-eye contact, gestures, nodding your head up and down, etc.
Keep your sentences short and simple.
Try not to speak with a monotone voice – add some tone and a little feeling.
Use normal hand gestures.
Avoid passive constructions (Ex: you “may”).
Use your normal speaking vocabulary.
Read your presentation aloud to check grammar and style.
Make sure you have enough time for a proper presentation – do not rush.
Don’t overdo repetition to emphasize important points.
12 Time Saving Tips for Placing Calls (Business Development #12)
What are Some Tips for Successful Call Outcomes?
Utilize a headset for multi-tasking (doing multiple tasks at once) and more comfort.
If you get voice mail, leave a message if you are returning a person’s call so that they know you called – If you are calling for the first time making an introductory sales call, feel free to leave a voice mail introducing yourself, the nature of your call, your phone number, and the fact that you are sending them some information (fax, mail, and/or email). When you call again to follow-up with your voice mail and the information you sent them, do not leave another voice mail. You want to talk to them over the phone – Keep calling until you get a hold of them.
Place calls early in the morning if they require some action to be taken later that day.
Time your calls to track how much time you spend on the phone.
Install additional telephones or use a cordless telephone to eliminate the need to run between rooms to take calls.
Schedule important calls in your daily calendar, like any other business meeting.
Don’t spend too much time socializing; the person you are calling may be politely waiting to get back to his or her own work.
Keep a record of the best times to call frequently called business associates.
Use call forwarding to have your calls automatically forwarded to you from your office phone.
Use a speed dialing system for your most frequently called numbers.
Use three-way calling to share information with multiple people eliminating the need to make additional “for your information” calls.
Make a schedule for prospecting on the phone and stick with it.
Why Do Business Development People Fail or Succeed? What can be changed for Success? (Business Development #13)
What Hinders and What Increases Your Success?
Hinders Success – Negative Personal Factors
Lacks personal or professional’s goals
Poor organizational skill
No respect for leadership
Desire for different type of work
No interest in self-improvement
Unacceptable personal appearance
Problems - family, friends, or coworkers
Addiction and substance abuse
Unstable personal life
Increases Success – Positive Personal Factors
Team Player – Good communicator
Goal-oriented – Learns new skills
Motivated for success
Respects leadership and team players
Constantly strives to improve
Honest and ethical
Pays attention to personal grooming
Stable personal life
What are some Business Development Tools for person-to-person relational selling?
Business Development Tools
Company information – flyer, brochure, business card (stories sell best)
Personal information – flyer, brochure, business card (people buy you!)
Client interview form (allows you to take notes in your selling interview to understand the person / people and organizational needs and challenges creating a greater long-term relationship and solutions)
Demonstration material – CD, DVD, Online Website presentation, Skype (recorded testimonials, videos, outlines, etc.)
Business Development / Sales brochure (keep things simple for greater understanding in your presentations)
Contract and any other necessary form to becoming a client (include educating your client partners and stake holders in the contract / agreement process for understanding, delivery, and transparent communication for greater outcomes)
Pricing – website, form, flyer (outline can be simple or very complex – what are your pricing models)
Service / Product information – on flyer, contract, website, CD, DVD, Skype (what do you offer, what are your solutions, what do you do to provide solutions to people’s challenges)
References (individuals and organizations that are willing to give their name and make a statement about how you impacted them)
Company history and mission statement (what are you about, what is your vision, how do you impact others)
Success stories (case studies, white papers, client testimonials)
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About Above the Standard
Above the Standard has global experience empowering and changing the lives for many executives, leaders, and organizations in more than 100 nations, having increased profits in the tens of billions of dollars, with sustainable outcomes.
Above the Standard is a dedicated and highly motivated leader and executive with more than 30 years global Business, Training, Strategic, Procurement, Finance, and Leadership experience in many different industries, from small to Fortune MNC’s.
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