Business Development is an important portfolio in the modern business world. The biz focus has accelerated onto growth and increased and new markets in the production world. In the CIT world the focus concentrates on revenue streams via increased target audiences.
Business Development and vital jobs growth
Business Development is key to job creation and maintenance of levels of employment irrespective of the company, country or continent.
The business development focus stems from the company or for that matter the government’s strategy in marshalling and implementing its objectives. Various departments including research & development, finance/investment, marketing, branding & sales, design and production, all contribute to development goals.
Business Development and some initial problems
Where should one start with development in business?
Point no 1 should be quantifying the objectives of the business, short, medium and long term. Hence a focus first on existing clients is common sense. This key point forms the core part of any business development strategy
Point 2: adopting a portfolio strategy i.e. a spread of diversified clients that are likely to be larger businesses with the longer-term higher gain of ideal clients – while still keeping the possibilities open for opportunistic new business.
A common problem many companies, professional firms and even no- governmental organizations are confronted by is their one and only (one) approach to business development. They concentrate 100 per cent of effort on word-of-mouth & referrals, or on networking, or on responding to tenders/RFPs. There is little or no out-of-the-box thinking. A strategic portfolio of approaches is a wise move. Areas of client business arena, existing and potential:
- Current Clients:
- High Probability Potential Clients
- Ideal Potential Clients, targeted and serendipitous
Business development is such a wide sphere and good ideas from management and employees alike and should be actively encouraged, recognised and reward by management.
A good start in being aware of business development is to read good business newspapers, publications, books, blogs and biographies. It provides strategies, ideas and helps the employee (and management) soak up the successful, high value business world. Understand how international business leaders created solutions to problems in an immensely creative manner.
So it’s good to be aware of such above factors when advancing your career. Solid counselling to help you understanding the business development scene and discussing your role and your future can be available to you as a confidential resource.