Business Development is a critical strategy of a growing company. It does this by fusing marketing, sales and development strategies which, if executed correctly creates business expansion and growth in line with the company’s intended business strategy.
What is business development?
Business development is a process and as such can incorporate many different departments within a company. Business development activities include, but are not limited to, creating meaningful partnerships, establishing business in new markets and increasing the value of a current customer base.
1. Creating a business development strategy
To be successful at business development, you need to keep in mind that this role is a mix of sales, marketing, negotiations, networking, project management and contract review. Business development goes hand in hand with business strategy and it is up to top management to make sure that everyone is up to speed with the most current business trends is vital to maintaining the company’s success.
Business development can also reside within a business unit within an organization that works to create long term growth and profitability through three main activities. Most business development experts recommend that new opportunities in the company’s industry be identified as often as possible in order to expand current markets and bring in more money. If your company cannot afford to have its own business development team, often you can have the advertising, sales, and/or marketing department handle the business development responsibilities.
2. The Value of Research
Business development should be a core part of a business’ growth strategy. Every business, regardless of size, should have business development activities, even if it’s in addition to other responsibilities. To get started with business development, you need to do some research such as:
- Understand your industry, and all of its moving parts, before you start making decisions that can affect your company’s growth, and ultimately your revenue.
- Current state of your industry
- Where your current sales coming from
- New and existing business opportunities
- Competitive and external threats
- New and potentially disruptive technologies or products
- New and disruptive business models that are driving your industry
Bashir is the Head of Strategy Advisory at The Finance Team. For more information relating to how we can help you with your business strategy and implementation thereof, please contact firstname.lastname@example.org or visit www.thefinanceteam.co.za