Understanding Business Development

Business development is one of the most important agendas that businesses and large organizations try to understand and utilize its full potential. In some cases, businesses may fail to comprehend business development and its scopes or strategies. To clarify, business development entails ideas and activities that help a business realize its full potential and make it better, stronger, and more profitable. Business developers for that matter, are being sought after by companies to help guide them to achieve the long-term goals in relation to its markets, customer base, and growth opportunities.

To understand business development and what it encompasses, below is a list of business development functions and how each of which strategically helps the development process;

·      Sales and marketing

In every organized business, there is a sales and marketing department which is aimed at offering advice and direction to the business for it to be fruitful. Business development similarly taps into the same idea. The business development team assesses a certain market or clientele, and estimates a target revenue to be gained by the market. If the target is potentially enriching to the business, the team provides ideas for promotion and advertising which are within the marketing budget.

·      Business planning

Business developers evaluate the businesses projects and their impact on cost, time and other factors. Business development also determines whether new resources or facilities are needed and the most suitable location for new offices or manufacturing facilities.

·      Strategic initiatives

Partnerships are considered as part of strategic initiatives. In the case of penetrating a new market, businesses may build partnerships with the local or national firms. The business development team analyses and then lists the most suitable firms to be in partnership with. In addition, it highlights the pros and cons of the potential partner companies. This helps the business or organization to make an informed decision as to who is the right partner to best meet their goals.

·      Business expansion and cost savings

Business development, as stated earlier, is all about making businesses better. Often, businesses feel the need to expand their boundaries and stretch their limits - a good thing.  However in doing so, there may be additional incurred costs, and the expansion may do more harm than good. A team of business developers can determine a more effective way to expand the business while cutting the related costs, while helping to direct the expansion toward a better path of success.

·      Product and vendor management

Different countries have different regulatory standards pertaining to certain products. Business development plan covers the legal approvals, cost considerations to be made in order to meet the standards, and governing regulations. Seasoned business developers can also help consign quality vendors to meet the product / service needs of the company.

Companies should consider hiring a good business development team if they are looking to make their business more efficient, more cost-effective, or if they are looking to expand their operation.

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