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The Basics of Business Development
Simply put, business development can be defined as the ideas, initiatives, and activities that help make a business function. Therefore including, increased revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and executing strategic business decisions.
Business development involves activities that extend across numerous departments, including sales, marketing, project management, vendor management, and vendor management. Additionally, networking negotiations, partnerships, and cost-savings efforts are also involved. All of these departments work closely together to carry out the goals of the company.
For example, a business may have a product or service which is succeeding in one region, such as the U.S. Therefore, the business development team will analyze what potential they have to expand. After their analysis, they find that the product or service can be expanded to a new region, such as Brazil.
The sales department will focus on a specific market or a particular type of clientele for a targetted revenue number. Using our previous example, the business development team will assess the Brazilian markets and concludes the sales worth of what can be achieved in the next three years. Therefore, with all of these goals set, the sales department works hard to target the customer base in the new market with their sales strategies.
This is a major component of any business development plan. Marketing involves promoting and advertising to successfully sell products to end-customers. Marketing also plays a vital role in accomplishing sales targets. The business development team should also make an estimation of the marketing budget. Higher budgets typically involve personal visits, roadshows, cold calling, and free samples. Lower budgets typically include print ads, social media ads, limited online ads, and billboards.
Strategic Relationships and Efforts
When it comes to entering into a new market, the business owner must make a decision whether or not they want to go solo or if they want to form a strategic alliance or partnership with a local firm that is already in full operation. Therefore, when assisted by legal and finance firms, the business development has the capability of weighing out the best options for the company.
Managing Projects/Business Planning
When it comes to this part of business development, you should ask yourself the following questions:
- Does the business expansion require a new facility in the new market?
- Will the development of products be in the base country and will shipments target the market?
- Will the latter option consist of an additional facility in the base country?
These types of decisions are considered by the business development team based on the cost-and time-related analysis. As a result, the project management team swings into action to tackle the desired goals.
Typical standards and market requirements may vary from country to country. For example, consumers can purchase a type of medicine in another region that they can’t in the U.S. Therefore, the business must decide what the new market requires.
These requirements are aimed toward the work of product management and the manufacturing departments. Therefore, cost consideration, legal approvals, and regulatory adherence are all analyzed as a part of business development.
If you are expanding, ask yourself, will the new business need external vendors? For instance, will the shipping of a product need dedicated courier service? Will the firm partner with any established retail chain for retail sales? Also, determine what are the costs of these engagements. The business development team considers all of these questions.
Networking and Making Connections
A few business efforts should be focused on the expertise of soft skills. For instance, lobbying is legal in some areas and may become necessary for a competitive market. Other soft skills like networking and negotiation may be a necessity for entities like vendors, agencies, government figures, and regulators. Therefore, all of these efforts are apart of business development.
Business development is not just about improving sales, products, and market reach. There are strategic decisions that are essential to help improve the bottom-line. This includes cost-cutting measures. An internal analysis can reveal high spending on travel. For example, it may lead to travel policy changes, such as virtual conference calls instead of live meetings. Or even aiming to cut the cost of expensive transportation modes.
Management can include similar cost-saving efforts by outsourcing the following:
- Technology operations
- Customer service
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Therefore, if you are in need of a Katy TX virtual address or want to know information about pricing, give us a call today!
Katy, TX Fun Facts
- Katy’s main 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.
- Hundreds of geese and wild birds migrate to Katy TX each year. There are many statues of geese around Katy.
- For more info and fun facts, search Katy, Tx.