Fundamentals of Business Development

Fundamentals of Business Development Every Entrepreneur Must Know

A business development strategy is of utmost importance to each and every organization. It plays a crucial part in the growth of that institution. In this article, we will focus on the basic aspects of business development, and the various related process.
In a world full of cutthroat competition, each and every organization has a common agenda: to constantly come up with different ways of achieving maximum growth, sales, profits, and in the development process, to stay ahead of its competitors. However, all this is much easier said than done. Setting goals and growth targets is easy, whereas actually going ahead and achieving them is altogether a totally different ball game. Business companies need to prepare some essential development strategies, without which, achieving the desired targets becomes a next-to-impossible task.

Things to Keep in Mind

Selecting a group of individuals, and forming a specific business development team is the first thing that needs to be done in the development scenario. The senior-most member of this team (in terms of qualification, skills, and experience) can be appointed as the organization's business development strategy manager. His job is to head the team, and supervise the goal and target setting process. At the same time, he also should be in constant touch with the company's higher management, and should work in tandem with all the members of the team management.

The first step involves identifying the company's core business values, aims, and objectives. This can ideally be done by using a set of questions similar to the ones listed below.
  • What are our company's primary business objectives?
  • What are our current business growth strategies?
  • What kind of people are we targeting?
  • Who are our potential customers?
  • What are the financial targets that have been presently set by ourselves?
  • Considering the present workforce strength, customer base, and market research statistics, what are the targets that we can actually hope to achieve?
  • What kind of business intelligence does our organization require?
  • What changes do we need to make if we wish to meet those targets?
Questions like these will enable you to get off the starting block in quick time. Also, they help to get a clear idea of what the organization wants, as well as the things that it doesn't want.

Business Objectives
It is necessary for the business development team to clearly identify the company's exact business objectives and goals. This is the fundamental step of business development and strategy planning. Also, there is always scope for the organization's business goals and its business process management to vary, or to change in the future. Therefore, this point should also be taken into consideration during the process.

Identifying Your Customers
It is absolutely essential that you know exactly who and what type of people you will be targeting as your potential customers. If yours is a company that is into manufacturing of central heating systems, then it would be a bad decision if you set out targeting people from countries that are located in hot and arid regions, as your potential customers. You also need to take into consideration, the factors like your products, services, and their suitability to people, with respect to their geographical location, lifestyle, standard of living, etc.

Setting Targets
As an entrepreneur, you will ideally want to make as much money as you can through product sales and services. However, on a practical level, you need to assign a specific number to the amount of sales that you wish to achieve, the percentage of growth that you intend to bring about, etc. The targets that you set or yourself should no doubt be challenging, but at the same time, they also should be practically possible. You should take into consideration, both the short-term as well as the long-term goals, while setting the targets. Last but not the least, investing a bit of time in analyzing the various risk factors involved is another important part of entrepreneurship, which you should perform without fail.

These were some basic principles that you should keep in mind while coming up with variations of business development strategies. Remember, innovation is the key, and only those companies that have something new and unique to offer, survive in the long run.
Advertisement