Business development, within the fields of business and commerce, is aimed at the establishment and development of growth opportunities. While business development may appear to be identical to traditional business management and its subsequent marketing, certain functions must be addressed to develop and or establish a new business. These same functions are used to improve or expand an existing business. Implementing the successful growth opportunities of a new or existing business is a large component of business development.
There are many aspects to firm development, including but not limited to strategic management, sales and marketing, management concepts, marketing concepts, marketing management, and entrepreneurship. There are no consistent models available to help a business practitioner navigate the precarious waters of development. The lack of models may hamper effective development. No tests or scientific studies are available to define the success of a particular business scenario. There are few scholarly works’ available on the subject of business development.
The prime examples of successful business come from the differing perspectives of venture capitalists, senior employees, chairmen of boards of directors, management directors, and other successful business people. Insight from one businessperson states that business development is the process of analyzing potential growth opportunities, and the implementation of growth opportunities, and their subsequent support.
Successful development is reliant on people who possess certain skill sets and can implement them for the benefit of the enterprise. Some of these skill sets include financial services, marketing, investment banking, strategy, management consulting, legal, sales experience, and proposal management. The skill sets required in a particular business scenario are defined by the business’s needs. Management information is of paramount importance in a firm development environment. The information required can include reasons for profit and/or loss and opportunities for progress in sales process. Other data can include top sales people or sales channels. Finding a business developer who understands the importance of these components can be the first step is successfully developing future business for an existing enterprise, or for building a new enterprise from the ground up. Businesspersons who have experience in operations management or in sales and marketing represent a large portion of firm development expertise. Utilizing the skill sets of these experienced individuals can often produce very successful outcomes for a new or existing business.
Another aspect of business development is the utilization of client information, including but not limited to projected sales volume. Enterprises develop future business using customer relationship management. Many existing companies have in-house customer relationship management databases. Others use web-based solutions to manage and analyze data. This management information can also be used as a model for the development of a new business enterprise. Business development professionals can use existing data to grow of your business or failure of a new business scenario.
Some of the key components of successful business include access to intellectual properties and technological expertise. Utilization of these attributes can expand a company’s capacity for analyzing new business or new products. Identification of new business niches can be accomplished by research and implementation of existing data.
Business that is focused on a strategic business plan can be highly successful. The business plan might include equity financing and the establishment of strategic partnerships. In technology-related industries, alliances with third parties can lead to increased sales and improved products for both involved companies. There are numerous examples of companies who have modeled a joint business development plan that has led directly to the discoveries and advancement of new technologies.
Initializing a development plan is reliant on many factors, not the least of which is data. Whether the data is developed and analysed in-house for an existing company or gleaned from web-based sources, people are a necessary component. No matter the source of the business development data, the expertise of key personnel leads directly to successful implementation of that data. Without expert human interpretation, utilization, and implementation of the significant facts and figures, successful business development in today’s global economy would be highly improbable, if not nearly impossible. Business development data, no matter the source, is useless without the knowledge and expertise of key personnel to use it accurately.
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