Businesses look for new ways for steady growth and to deal with competition. Most businesses have several departments to deal with different issues. A disadvantage of this approach is that every department acts on its own, resulting in everything going directionless. Thanks to business development, companies can consolidate all their departments in one place to get guidance.
What exactly is business development?
To put it simply, we can say that business development is about chalking out strategies and actions that will guide a company to achieving healthy growth. It will help in adding value to what the company does, makes, and sells. A business developer will also guide you in building customer relationships, expanding the market, and spreading brand awareness. You can also seek help developing Small Business Packaging Ideas similarly.
So, business development is about generating new ideas and initiatives and taking action for better business growth. The developers make growth strategies intending to enhance a company’s profitability.
How is business development different from marketing?
Marketing is about creating something for customers or strategic partners. It’s about knowing what growth opportunities are available. First, business Development professionals will find ways to appeal to your target markets. Then the marketing team or a professional content writing agency will create content and copy that helps realize that appeal. Businesses should also pay utmost attention to build brand identities that stand out in the respective niche market. If you’re running your business on a shoestring budget, you can opt to create your brand identities using online DIY tools, such as online logo maker, business card maker, banner maker, important logo, etc.
So, a business developer will assess a company’s performance deeper and develop ways to improve its growth prospects and word of mouth referrals. We can say that business development professionals look at the big picture. On the other hand, salespeople or marketing teams will contact individual customers to sell products or services.
What are the main tasks of a business developer?
A business developer performs multiple tasks for a company’s steady growth. The developer will carefully create a business development plan to set an organization’s practical business goals. The plan also will include the strategies to achieve those goals.
The developer will conduct a SWOT analysis to find out a company’s strengths and weaknesses. That often is a starting point for the developer to know what the growth plan should look like. Then, the developer assesses opportunities and threat assessment.
Then, the business developer will set the parameters to assess the strategies’ success. For example, most developers base their growth assessment on lead generation success and an increasing number of new customers.
Another function of a business developer is to put the right people to do the jobs. The developer will suggest who are the right people in an organization to ensure better growth. So, it is about finding out from the existing employees and hiring new growth-minded individuals who know how to build customer relationships and networks. So, putting the right person for the right job is one of the developer’s responsibilities. Don’t forget that another important task is to make sure that network security is on the highest level, so considering IT security consulting is always a good choice.
Another thing a business developer is responsible for is choosing advanced inventory management software that will take your business to the next level.
The software you choose should be able to help you keep track of your inventory levels and make decisions about the stock, internal workflow and more. It should also be able to integrate with your existing systems to get the most progress and growth.
Business development for different scales of organizations
But know that business development is not the same for companies of all scales. So, one development plan may not work for the other. For instance, a startup with a bunch of people will have a different plan than a company of many years with, say, one thousand employees.
The development strategies will depend on how big or small a company is. If it is a startup, the developer will develop a plan to lay a solid foundation first for its survival in the competitive market and then its growth. Most startup business development strategies work on building a base to create valuable products or services. The developer will also help identify potential investors and even an excellent custom logo design that helps potential customers recognize the business.
Business development for startups also involves building a dependable team capable of achieving the initial business goals.
The business developer will develop some impactful strategies for mid-size companies. After the startup phase, the developer will suggest adding new products or services. At this stage, the focus is to monitor day to day functions of the organization and set the managerial priorities.
Once a company is well set and established with hundreds of employees and a solid customer base, the role of a business developer creates plans to take it further. This phase is all about unique ideas and executing them flawlessly. So, the company gives incentives for innovative ideas and builds new partnerships. There is an extra emphasis also on building relationships with existing and new customers.
Business development at this stage also is about identifying new ways to conduct business efficiently.
Most nonprofit organizations do not see the need for the creation of a business development plan. One of the reasons for this is because they see themselves as charitable organizations – with no primary objective of raking in profits. More so, the need to cut costs cannot be entirely overlooked.
While all these reasons may seem valid, a business development plan can benefit nonprofit organizations in many ways. For one, it enables them to detailedly and strategically map out the activities and measures that ensure business continuity. This is why the business plan is often seen as some sort of blueprint.
Furthermore, the business plan will be a handy instrument whenever you want to review the performance or progress of your NGO. Interestingly, and on a larger scale, your chances of getting a grant or aid from an established (corporate) body are enhanced when you present a well-crafted business plan. In essence, business development somewhat positively impacts how prospective donors see your nonprofit organization.
Importance of business development
Business development helps bring together all of a company’s departments so they can function efficiently as one unit. That helps improve product offerings, sales, revenues, customer service, and brand awareness.
Here are some of the reasons why business development matters :
Relationship building is an integral part of the business development process. A business developer will take it as a significant task to connect with clients, which is the basis for identifying emerging business opportunities. It also is a key to generating leads and hiring talented people. Also, a business developer will nurture relationships, so customers repeatedly buy from that business.
Enhance revenue and lower costs
Business development lowers costs so a company can earn more revenue. A business developer makes the right strategies for increasing a company’s revenue and ensures that less money goes out.
The business development process helps in identifying those products and markets that have the potential to increase profits for a company. However, it is also about deciding on making those deals first that are profitable.
Improve the company’s image
A company’s great image matters the most in creating a positive perception among target customers. This a business developer does efficiently by working closely with the marketing team. The developer does that by first understanding how a company’s products or services work. Then, the developer will find out more about the company’s customers.
With these insights, business developers guide marketers in launching marketing campaigns to give customers an excellent image of the company’s products or services. The developer also can suggest a company’s visual brand identities that brush up its image in the market.
Enhance reach in new markets
The business development process also helps significantly open new markets for a company’s offerings. With the new opportunities explored, it can help grow a business rapidly. The development team helps a company stay at the top of market trends and new opportunities. There is a deeper analysis of customer data and demographics by a business developer to enter new markets.
Business development guides an organization in strategically proceeding with a comprehensive approach to building growth steadily. This development consolidates a company’s departments and guides them with a single plan to give direction.