In business organizations, there is variety of job entitled to business development such as business development executive, business development manager, etc. those are important role in business because they have crucial responsibility for the growth of the business. Things that need to be taken care of by people who are entitled to the job related to business development include strategies, business partnerships, sales, marketing, business, expansion, and many more. Therefore, the job entitled to business development is not for anybody. It is for those who are strong-willed, skilled, organized, and strategic, as well as creative.
Business development, the basic, and the importance
Business development itself is ideas, strategies, initiatives, as well as activities to make the business better. Developing business is not a simple job to do. Business development involves planning of business expansion growth, increasing revenues, increasing profitability, making strategic business plan, building business partnerships, etc. However, it doesn’t stop in those areas only. There are also underlying concepts of business development you should know because it involves the overall business objectives.
First thing first, business development has no limits of which field they are connected to. It is related to every field in the business no matter the department is. The activities of business dvelopment extend across various departments. The main thing driven business development to reach every department is business goal itself.
For marketing department, there are various activities such as advertising and promotion to reach successful sales of products. Business development activities in this department also include allocating estimated budget, planning effective marketing strategies, making personal visits, and many more.
For sales department, the focus is still on the marketing strategies. However, there is targeted revenue number that is set to be the goal. Market research is important activities of business development in sales department. Sales strategies are needed in order to target the right customer base which in result can help in increasing the revenue.
For networking department, business development strategies are just as important as any other departments. Networking includes negotiations, as well as lobbying. These activities need true expertise and skills. Penetrating the market is the goal of these activities. However, those need to be done legally. Business development strategies for this field may also require third-parties such as government regulators and authorities, agencies, vendors, etc.
For project management department, business expansion is also crucial and that’s why business development strategies are needed as well. By initiating the plan, it will be found whether or not the company need new facility to accommodate the project. There are many decisions need to be made properly when it comes to product management especially when expanding the business is the goal.
For partnership, business development ideas are vital because there are advantages you can take from building business relationship. Going solo and being independent in growing your own business is not a wrong thing to do. However, building strategic partnership can help in the long run especially if you aim to make your business better and bigger in the future.