Business development’s essential points you may not know!

business development

Business development’s essential points you may not know!

Essential points about business development

There are lots of competitions in the world of commerce, just like anything else. Therefore, as business owners, we need to develop constantly in order to stay in the competition and prevent our business from failing. The changes and improvements are happening every day throughout the world. With each change, there would be several opportunities out there that would help us in our business growth. If we don’t improve our business and remain static, we would lose the competition and eventually fail. This is where business development helps our business and lets us grow and succeed in the world of commerce. If you are going to run your business in the near future, or if you are an entrepreneur who is looking to expand his/her business, then I would recommend you to follow this blog up to the end. Here we will have a walkthrough over the essential points of business development that would be remarkably helpful to us!

Table of content

What is business development?
  • Business development goal!
What are the activities of business development?
Business development plan
Blog at a glance

What is business development?

<img class="aligncenter wp-image-8136 size-full" title="Illustration by Olha Khomich from Ouch!” src=”” alt=”business development” width=”500″ height=”500″>

When we want to improve our business and grow in the market, we should refer to business development. So in order to understand it well and know how it works, we should first understand what is the business development description?
Simply put, any activity that involves improving our business like expanding the company, generating more revenues, saving costs, building long-term relationships with others (either people or companies), is known to be the development of our business! In other words, it is a high-level decision made by business development managers or representatives for different fields and activities of the company in order to make the business improve and reach higher peaks!

Business development goal!

Every entrepreneur is trying to improve their own company and make more profits. So I can say that the ultimate goal in the world of commerce is making more profit. Hence, the goal of business development is to improve the business in different aspects in order to increase its revenue and profit. When it comes to developing our business there will be three main points to consider, developing growth opportunities, establishing effective relationships with other companies, and saving costs! Each of these three points can improve our company in order to grow better and make more profit. But how?
  • Growth opportunities: with the unlimited changes in needs and desires of the people as well as the everlasting struggles in the market, comes brilliant opportunity gaps that business developers can look for and use in order to develop the business.
  • Relationships with other businesses: business development representatives can spot the opportunity available with particular organizations and start building relationships with them for making win-win results. This can attract more customers and as a result, the market share for the businesses would increase and wow, the company would make more profit!
  • Cost savings: the business development aim is to make the business better and increase revenues. Therefore, the specialists can also aim for the high costs of the company and cut them out by planning specific strategies for them. This will decrease the costs and help the company grow better!
Overall, the business developers, with high-level decisions, would help the company to expand and get bigger and bigger in time. The things they plan for about the company involve different fields and activities of the business that we will go through next!

<img class="aligncenter wp-image-8138 size-full" title="Illustration by Icons 8 from Ouch!” src=”” alt=”business development” width=”500″ height=”250″>

For example, the restaurants that are working with Uber Eats as well as the Uber Eats itself, develop their businesses by working together. Together they can reach a great number of customers and become more well-known, therefore their business grows and their revenues increase.
Did you know?

The reason for forming partnerships for more than 50% of companies is to acquire new customers!

What are the activities of business development?

From the moment business development specialists bring an idea of developing the company in a certain way, to when they set the goals and plan the strategies for it, and up to when everything is executed are all under the business development activities. In fact, the activities involved in the process of developing the business extend over different parts and departments of the company. These departments include the marketing department, sales department, project management, product management, partnerships, etc. So how do they work?
  • Marketing Department: the marketing department is involved in the activities of developing our company because it is the part of our company that can attract more people, or penetrates in more markets in order to expand the business and increase the customer base. Thus, the business development representatives may spot particular opportunities and decide to expand to other areas and regions or target more groups of people, or even they may spot the need for online marketing. As a result, they would set the goals for increasing the market reach as well as setting a defined budget for them. This would expand our market and increase our customers.
  • Sales Department: besides the marketing department, the sales department is also affected by the decisions made by business development managers. When the managers decide to expand the business in another region and attract a specific group of people with a specified amount of budget, the marketing team has the responsibility to penetrate that market and attract those people to our brand. Then it is the sales team’s duty to make the specified revenues set by developing representatives by connecting to the targetted group and make them purchase our products and services.
  • Project Management: whenever there is a certain project in the organization for growing the business, such as expanding it to another region, the settled goals and high-level decisions involving the deadline and budget are decided by business development managers. Besides them, other decisions about the project such as the distribution methods and required facilities are finalized by these managers!
  • Product Management: the need for manufacturing new products or adding new services is mostly aimed at by the development representatives. They may decide to attract more groups of people by producing new products or make loyal customers. They may even decide to produce a newer version of the current product to be specifically distributed in a new region. These decisions plus high-level decisions about product management, such as the financials and regulators are decided and finalized by business development specialists!
  • Partnership: sometimes for certain business growth, collaborating with other companies would give us better results. The business developers decide about this part by finding out if it is profitable to collaborate with other companies on a particular project or not! This is deciding about the goals and strategies for making long relationships with other organizations in order to reach a win-win result!
If we consider them all, we can understand that the main reason for business development is to integrate different activities of a company by making high-level decisions for them and setting up the main goals for them in order to make them work in a form that would result in business expansion and a bigger customer base, increase in sales, and making more profit!

Business development plan

<img class="aligncenter wp-image-8139 size-full" title="Illustration by Marina Mogulskaya from Ouch!” src=”” alt=”business development” width=”500″ height=”500″>

A business development plan is an outline of the business developers’ plannings for the growth of the company. When we start the company, we have the vision for improving our business and growing it bigger. Well, there are many different activities, some of them mentioned earlier, that get involved in this process. To set the main goals for the whole business as well as each department’s activities to reach those goals a guideline is needed. This guideline is the business development plan, which is widely known as the business plan. The business developers would have to research the market and industry, look for the opportunities and threats, as well as identifying our company’s strengths and weaknesses in order to make the best plans for growing the company.
Then, based on their studies, they can set the goals and strategies for developing the business. The timing and budgets are also planned for here to make things clear straightforward.
Finally, this plan can be used for assessing the success of each department as well as the whole organization!
You can read the startup business plan blog to learn more about a business plan!
Did you know?

In the United States, about 75% of business development managers have a bachelor’s degree!

Blog at a glance

Starting a business can be hard, but running it successfully along with improving it can be harder sometimes; especially when there are more powerful competitors. Therefore, we need to learn how to manage our business as well as knowing the essential things needed for our business to be better and grow every day! One of the important points in growing the business is to have a business development section in the company. This can be done either by learning the skills needed ourselves, hiring specialists in this field, or working with business developing companies! This would help us reach out to new markets or industries, expand to other cities or countries, provide more distinct products and services, outsource high-cost activities in our company, etc. As a result, they can help our business grow by an increase in sales, customers, markets, industries (sometimes), and most importantly by an increase in profit! Hope this blog helps you in running and growing your business! If you need to learn more about how to run your business and succeed you can take a look at other blogs by clicking the blogs link!

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