Business development is fundamental for company’s growth!
Business development is defined as a group of duties and procedures that are settled to develop and achieve all growth opportunities in an effective way in order to approach company’s goal and target.
Setting a plan that focuses on business development can increase company’s revenue and profit by expanding it in new markets that targeting new audience.
Three main sectors that are required for business development
Any company could reach its settled targets by following an effective business plan that combine these three sectors:
1. Marketing
Building campaigns and promotions that reach company’s targeted audience and sales, as well as expanding to new markets! In addition to having the ability to understand and identify competitors.
2. Sales
Part of the business development plan that should be followed is focusing on sales! Every business developer should have sales skills in order to seek out new clients and enhance their relationship with existing and potential customers.
3. Communication
In order to end up with a successful business development plan, every company have to build a trustable relationship with their customers, by keeping customers updated with all company’s achievements, values and mission, this relationship will implement new consumers and will repeat your customers!
How does Business development affect your company?
First of all, every business owner should know the stage of his company in order to set a business plan that meet firm’s needs and requirements! Companies are classified into Start-ups, Mid-size and Large established.
• Start-ups firms:
In the first period of launching any new company, business developers have to set a strategy that build a strong foundation for the product or service they provide, in addition to recognizing other investors and laying out market research in order to specify where the company fit in the market.
• Mid-Size firms:
At this phase, business development strategy can impact in a remarkable way, as each company aims to grow and extend, business developers in this stage should focus on developing by adding new products or services, expanding into new markets and investing in company’s growth.
• Large, established firm
When the company reaches this stage, it will have customer base that can sustain its growth to the next years! Almost each business developer focuses on creating new ideas and campaigns and to build new relationships that can lead to new partnerships or innovations.
References
https://www.americanexpress.com/en-ca/business/trends-and-insights/articles/business-development-and-its-importance/
https://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp#:~:text=In%20the%20simplest%20terms%2C%20business,and%20making%20strategic%20business%20decisions.
