What is business development? Business development involves all tasks and processes concerning both the analytical preparation, monitoring and support of growth opportunities. You will be left with a balance – i.e. “20% of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.
These are but a few of that which we consider to be business fundamentals and how these key business imperatives dovetail into the core internet marketing activities are fundamentally important to the organisation’s overall marketing activities effectiveness.
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).
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.
Job titles continually evolve based on the changing needs of companies. This is an extract from my FREE eBook – “How to Construct an Effective Business Development Strategy” which is available for download – please see details below. Business Process Management (BPM) is an all-round management approach that aims at aligning all the business processes with its core vision and consumer demands.
Identify – Before you can seriously plan for business development it is necessary to identify new business opportunities. With the help of the business development plan you can monitor the progress of all the current programs and evaluate the efficacy of your future endeavors.
While there of course exist much overlap between of these fields, it gives an idea of who, how, when and for whom various actors interact with firms on their path to growth. During this phase, the business experiences market pressures from all quarters, and are unable to handle them successfully.
Business Development Plan
If your business has been struggling to get more clients in the last few months or year then consider hiring a business development expert that can find the right joint venture marketing partners that can deliver hot leads to your sales team. Another dynamic of this is that it can be difficult to admit that sometimes we need help, or it could be that upper management would take a dim view of our abilities if we asked for outside help with our internal processes. Incubators often employ a selective screening process assessing the feasibility and workability of the business plan of incubatee prospects before letting hem join the program.
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.
Managing a business development team member is similar to … Read More