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Developing Your Business
In simple terms, business development consists of ideas, initiatives, and activities that assist in making a business better. Therefore, including the increase of revenues, growth in business expansion, increasing profitability using strategic partnerships, and making other strategic business decisions.
Business development extends across many different departments, such as sales, marketing, project management, product management, and vendor management. Additionally, business development should involve networking, negotiations, partnerships, and cost-savings efforts. Each of these departments and activities strives to follow the business development goals.
For example, a business has a product or service which is successful in one region, such as the U.S. Therefore, the business development team will assess further expansion potential. After due diligence, research, and studies, it finds that the product or service can expand to a new region, such as Brazil.
Sales experts focus on a specific market or a particular demographic of clients, often for a targetted revenue number. Therefore, business development analyzes the Brazilian markets and confirms that sales worth $1.5 billion can be accomplished in the next three years. With these goals, the sales departments target the new market’s customer base with their sales strategies.
Marketing consist of promotion and advertising aimed towards the successful sale of products to end-customers. It plays a major role in accomplishing sales goals. Business development initiatives can distribute an estimated marketing budget. Higher budgets allow aggressive marketing strategies. These include cold calling, personal visits, roadshows, and free sample distribution. On the other hand, lower budgets tend to lean toward passive marketing strategies, such as limited online ads, print ads, social media ads, and billboards.
When entering a new market alone, ask yourself, will it be worth going solo by clearing all required formalities, or will is it more sensible to form a strategic alliance? When assisted by legal and finance teams, the business development team weighs all of the pros and cons. These are split between the best options and selects the one that best serves the business.
Managing Projects and Business Planning
Does your business expansion require a new facility in the new market? Will all products be developed in the base country and then imported into the targeted market? Also, will the latter option need an additional facility in the base country? Decisions such as these are finalized by the business development team based on their cost-and time-related assessments. Furthermore, the project management/implementation team assists with working towards the desired goal.
Regulatory standards and market requirements typically vary globally. For instance, a medicine of a particular composition may be allowed in India but not in the U.K. Therefore, it is essential to know whether or not the new market requires a customized or all-new version of the project.
Does your new business need external vendors? For instance, will the shipping of a product require courier services? Do you know whether or not the firm partner will retail chain for retail sales? What are the expenses involved with these engagements?
Networking, Negotiations, and Lobbying
Business partnerships and initiatives must have expertise in soft skills. For instance, lobbying is legal in some regions and may become relevant for penetrating the market. Networking and negotiating is also a necessary skill to communicate with vendors, agencies, government authorities, and regulators.
Business development does not just involve increasing sales, products, and market reach. Strategic decisions are necessary to also improve the bottom line, which consists of cost-cutting measures. An internal analysis reveals high spending on things like travel. This can lead to travel policy changes, such as hosting conference calls instead of on-site meetings. Business development can also save by aiming for less expensive transportation modes.
Management can also execute cost-saving initiatives by outsourcing non-core work, such as billing, accounting, financials, technology operations, and customer service. Strategic partnerships are a necessity for these initiatives are a part of business development.
What You Should Know as a Business Developer Know
Because business development involves high-level decision making, the business developer should remain aware of the following:
- The current state of the business as far as the SWOT analysis goes (strengths, weaknesses, opportunities, and threats
- The current state of the overall industry and growth stats with goals
- Developments of the Competitor
- The primary basis of sales/revenues of current business
- Understanding the customer profile
- New market opportunities
- New products, domains, and sectors for expanding business
- The long-term scope with regards to the execution of initiatives
- The cost areas and the possible options to save
Are You Looking for Katy TX Shared Office Space near me?
Here at Titan Business Suites, we provide you with the best working space to optimize your productivity. We have several other amenities to provide for you, your employees, and your clients. Stop searching for Katy TX Shared Office Space near me and pick up the phone to learn about pricing, our executive membership, and so much more!
Katy, TX Fun Facts
- Though a hurricane destroyed Katy in 1900, many historical buildings were preserved and you can take a tour downtown to see them.
- Katy’s primary industry was rice but was also known for peanuts, cotton, and gas.
- The Name Katy comes from the “K-T Railroad” that runs through the city.
- For more information, search Katy, TX.