What is business development? During this phase cash flows stabilize and establishment of marketing networks and operational channels are completed. Hiring a consultant or consulting firm to act as a business development team for you company is a great route for many small businesses. In a new business development it is a visionary process, in which a direction for the venture can be identified and a systematic and orderly processes can be established as part of the overall business plan.
Fast growth can cripple a small business if there isn’t enough cash flow to fulfill on the sales. Marketing involves all activities such as planning and strategy, marketing research, pricing, advertising, branding, communication, customer service and other important functions, that finally make selling possible.
Plan – Once new business opportunities have been identified you will need to decide how you can best reach those new customers and markets. Given the growth stage in which your company finds itself it can indeed be worthwhile considering employing business development services in one way or another.
The business accelerator’s emphasis is on accelerated and sustainable growth, and to eliminate organizational, operational, and strategic bottlenecks that prevent the client firm from growing. Lately, the internet and social media has created a huge number of marketing job opportunities.
When it comes to improving the running of your business or building up a solid business from the ground up hiring a firm of business development consultants are a great way of increasing your profits and developing a solid business plan. A successful business development process is being able to get a clear and concise evaluation of the inherent strengths and weaknesses, goals and issues that face the development of your new venture. A common problem facing many firms, regardless of where they are in the company lifecycle, is that they get stuck in the trenches of daily operations, at the cost of conducting business development activities.
Implement – If your business is not at the stage to appoint a full time marketing director, at least hire an experienced business development professional to work with your company for a few days a month. A person that specifically focuses on business development will understand how to communicate potential business deals to perspective businesses in the right manner.
During this phase, the business require infusion of additional capital to buy capital equipment to increase production (for manufacturing businesses), to establish additional service network (for service providers) or procure more goods for trade (for trading businesses).
What Are The Stages Of Business Development
Starting a new business is far more than simply hanging a sign out and waiting for customers to pour through the door and I’m sure anyone willing to invest in a new venture is well aware of this fact. Firms of all sizes will sometimes find that they lack a particular skill or area of expertise, and seek the advice of a specialist. In the table below a classification of business development institutions are plotted … Read More