Background on business development

Sales, strategic initiatives, business partnerships, market development, business expansion and marketing – all of these fields are involved in business development, but are often mixed up and mistakenly taken as the sole function of business development.  I hereby explore the detail of what business development comprises and the standards and practices to be adhered to.  Step Up Consulting will custom design a business specific plan, derived from research and assessments conducted on the business itself.  This will enable us to come up with unique solutions which will ultimately grow the business operation and in time also the bottom line.  Therefore – this comes down to increasing revenue, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.

We will be drilling into aspects as set out below, which may open doors to other areas in need of exploring.  The full picture will only come to light once all the steps have been covered over a period of time.

We may cover among other the following, but the process is not limited to this structure as it will expand into other avenues as we continue our journey of discovery 

1. Defined Tools to Reach Goals

1.1 Departmental Business Structure Assessment: 

The detail per department to assess will determine the time frame allocated per category.

• Operations
• Sales
• Marketing
• Administration

2. Informed Decisions

Since business development involves high-level decision making, and in order to assist you thoroughly, it is my responsibility to remain informed about the following:

2.1 The current state of the business in terms of SWOT analysis (strengths, weaknesses, opportunities, and threats)

What is a ‘SWOT Analysis’

SWOT analysis is a process that identifies an organization’s strengths, weaknesses, opportunities and threats. Specifically, SWOT is a basic, analytical framework that assesses what an entity (usually a business, though it can be used for a place, industry or product) can and cannot do, for factors both internal (the strengths and weaknesses) as well as external (the potential opportunities and threats). Using environmental data to evaluate the position of a company, a SWOT analysis determines what assists the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results: where the organization is today, and where it may be positioned in the future.

2.2 The current state of the overall industry and growth projections

2.3 Competitor developments

2.4 Primary sources of sales/revenues of current business and dependencies

2.5 The Client Profile

2.6 New and unexplored market opportunities

2.7 New domains/products/sectors eligible for business expansion, which may complement the existing business

2.8 The long-term view, especially with regards to the initiatives being proposed

2.9 The cost areas, and the possible options of cost-savings

3. Business Profile

• Current Business Services and how to expand on the existing service delivery
• Resources: Equipment, Staff, Clients, Finances
• Business Tools and Corporate Identity
• Strategic Initiative or Partnerships
• Project Management/Business Planning
• Product/Service Management
• Vendor Management
• Negotiations and Networking
• Cost Savings

4. The Bottom Line

An open mind-set, willingness for an honest and realistic self-assessment, and the ability to accept failures are a few of the skills needed for successful business development. Beyond the ideation, implementation, and execution of a business development idea, the end results matter the most.

The brightest minds in business development should be ready to accommodate change in order to achieve the best results. Every approval or disapproval is a learning experience, better preparing you for the next challenge.

5. Planned Outcomes

• Expand current service offering
• Explore new service offerings
• Define resources: Equipment, Staff, Clients, Finances
• Develop Business Tools and Corporate Identity
• Apply Strategic Initiative or Partnerships
• Develop Project Management/Business Planning
• Improve Product/Service Management
• Create and Improve Vendor Management
• Create opportunities for Negotiations and Networking
• Implement Cost Savings