Business Development Strategy Plan

Business Development Strategy Plan-59
The business development team assesses further expansion potential.After all due diligence, research and studies, it finds that the product/service can be expanded to a new region, such as Brazil.

The business development team assesses further expansion potential.After all due diligence, research and studies, it finds that the product/service can be expanded to a new region, such as Brazil.

For example, in the case of a merger, significant cost savings can be accomplished by integrating the common functions of the housekeeping, finance, and legal departments of the two firms.

Similarly, a business operating from five different offices in a city can be moved to a large central facility, resulting in significant operating cost savings.

And what do they need to make sure they don’t get lost?

A strategy, of course, which some may also call a roadmap.

Businesses often encourage employees to brainstorm innovative ideas, which can help in improving the potential of the overall business.

Businesses also seek help from external incubator firms, business development companies (BDC) and small business development centers (SBDC).In the simplest terms, business development can be summarized as the ideas, initiatives and activities aimed towards making a business better.This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.An open mindset, willingness for an honest and realistic self-assessment, and the ability to accept failures are a few of the skills needed for successful business development.Beyond the ideation, implementation, and execution of a business development idea, the end results matter the most.Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management.Networking, negotiations, partnerships, and cost-savings efforts are also involved.“Business Development Executive,” “Manager of Business Development,” and “VP, Business Development” are all impressive job titles often heard in business organizations.Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing – all of these fields are involved in business development but are often mixed up and mistakenly viewed as the sole function of business development.The business development scenario discussed above is specific to a business expansion plan, whose impact can be felt by almost every unit of the business.There can be similar business development objectives, such as development of a new business line, new sales channel development, new product development, new partnerships in existing/new markets, and even merger/acquisition decisions.

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