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How to Develop and Grow Your Business
In simple terms, business development can be summarized as the ideas, initiatives, and actions that help make a business grow. Therefore, this involves revenues, growth in terms of business expansion, enhancing profitability by building strategic partnerships, and coming up with sound business decisions. Read further to learn how you can properly develop your business.
The Basics of Business Development
When it comes to business development, these activities extend across different departments which include sales, marketing, project management, product management, and vendor management. Additionally, there is networking, negotiations, partnerships, and cost-savings efforts are also apart of the development of a business. Each of these departments and activities is based on true business development goals.
For example, a business has a product or service which is successful in one region such as Canada. The business development team will assess further expansion potential. With research, studies, and due diligence, the team finds that the product or service can expand to a new region, such as Mexico.
Sales
This department focuses on a particular market or a set of clients that are targeted to bring in revenue. Therefore, business development assesses the Brazilian markets and concludes that sales worth $1 billion can be achieved in just three years. With major goals like these, the sales department will target the customer base in the new market with their sales strategies.
Marketing
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This part of the business focuses on the promotion and advertising that focuses on the successful sale of products to end-customers. Marketing is a major component in achieving sales goals. Also, there will be an estimated marketing budget. Higher budgets allow major marketing strategies like cold calling, personal visits, roadshows, and free sample distribution. Lower budgets will most likely go a more passive route. This includes limited online ads, print ads, social media ads, and billboards.
Strategic Partnerships
To enter a new market, you can either choose to go solo by clearing all required formalities or you can form a strategic alliance with local firms that are already in operation in your region. Therefore, with the help of the legal and finance teams, the business development team weighs all of their options. They will then make the decision on what serves the business the best.
Project Management/Planning
Do you know if business expansion requires a new facility in the new market? Or will all the products be manufactured in the base country and then included in the targeted market. You may also be wondering if you all will need an additional facility in the base country. Decisions like the following should be finalized by the business development team based on their cost-and time-related analysis. In addition, the project management/implementation team will start working towards the desired goal.
Managing Products
Regulatory standards and requirements vary globally. For instance, a medicine of a certain composition may be allowed in India but not in the UK. Also, does the new market require a customized or new version of the product?
If so, these requirements drive the work of product management and manufacturing departments which is decided by the business strategy. Cost consideration, legal approvals, and regulatory adherence are all analyzed as a part of a business development plan.
Managing Vendors
When expanding your business, decide on whether or not you need external vendors. For instance, will the shipping of a product require courier service? Also, consider whether or not the firm partner with any established retail chain for retail sales. Lastly, find out what are the costs associated with these engagements. These are all answers you need to direct to your business development team.
Networking and Negotiations
The business development team may need to learn soft skills. Soft skills focus on the relationship one has with others. Therefore, individuals need to learn the importance of networking and negotiation so that they can communicate with vendors, agencies, government authorities, and regulators.
Cost Savings
Business development does not just involve increasing sales, products, and market reach. Strategic decisions are also important to help improve the bottom line which includes cost-cutting measures. An internal assessment revealing high spending on travel, for example, may result in travel policy changes. These changes include hosting video conference calls instead of on-site meetings or opting for less expensive transportation modes.
Are You Searching for Katy TX Virtual Business Address?
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Katy, TX Fun Facts
- Katy has ten parks, including Heritage Park, best known for its restored buildings.
- “Old Town Katy,” the city’s downtown area, is where you will find many specialty stores, antique shops, and restaurants.
- Katy has several museums that honor the city’s history, heritage, and the country’s veterans.
- For more information, search Katy, TX.