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What is Business Development?

by gbaf mag

Business development is the identification of short-term ways to improve value through the creation of markets, relationships and clients. The key responsibility of a business development analyst is developing a viable business. Depending on the industry, the different day-to-day activities and plans to achieve that objective will vary, however the ultimate objective remains the same. Marketing, operations, growth, and development are all integrated to make the business more profitable. The ultimate goal of the business development analyst is to create a situation where the company has the greatest advantage over its competition. When business development involves a lot of time spent researching markets, competitors, customers and other key players in the marketplace, it can be a very frustrating experience.

Most inbound marketing professionals are left with the traditional marketing strategies of traditional media and advertising. Traditional inbound marketing usually consists of creating a media plan and purchasing ads, submitting articles to article directories, and creating content through various forms of electronic and online publishing. As new technologies become available to marketers, they begin to look for the best ways to market their products and services using inbound techniques that are new to them and effective. Social media, video marketing, and online community building are just some of the best examples of inbound marketing strategies that are finding new niches and audiences in today’s marketplace. The best business development manager will develop an online strategy based around the needs of the organization and tailored to the best possible solution for that organization.

Strategic planning and implementation require a long term perspective. Business development teams should work to build the kind of business development strategy that can sustain growth and the kind of clientele they want to be associated with. It takes a long time to develop a clientele that becomes loyal to the same company over time. Building a social media page on a highly trafficked social network site may be effective for a social media company in the short-term, but if the company does not continue to use such sites as a platform for sustained communication it may not have the longevity required to promote a clientele who will stay loyal. A well-planned strategic approach will make sure that the right people are using the various sites and remain connected long after the original business development team leaves. This will make the company more profitable over time and keep its clients happy.

Strategic planning and execution also involve working with partners in the area. The key to business development involves developing strategic alliances and relationships in the area. For example, a health care company might form strategic alliances with a university, a technology company, and an investment firm to create hospital-based outpatient care units. The business development manager could also work with a local Chamber of Commerce and other groups to create strategic alliances. Such alliances can foster long-term professional relationships and professional growth within the area.

There are a number of approaches, a company can take to develop strategic alliances. Many companies choose to do so through acquisitions where they purchase a company that has a strategic need and where the owners already share a certain core value. There are also companies that specialize in strategic alliances. They create strategic alliances with smaller companies and venture capital firms, where they can invest in the company’s growth at a lower cost than their own capital. In addition to achieving sustainable business growth with these types of transactions, they also increase a company’s stock price.

A company can also develop strategic partnerships through mergers and acquisitions. In a typical merger or acquisition, a company with strategic plans in place will also have other companies that share the same vision. These businesses often develop strategic alliances with one another to help them achieve success in different areas. Again, the goal is to build sustainable business growth by developing strategic partnerships. Such alliances will lead to further expansion of the scope of the company’s activities, allowing the company to explore new markets, increase revenues, and reduce expenses.

Another way a company develops strategic partnerships is through project management. The term “project management” describes a wide range of activities that support company growth. One example of a project management activity is leveraging business development opportunities. By developing strategically partnered relationships with other companies, project management helps companies achieve their business expansion objectives. Again, this leads to growth in a company’s profit margins, as the process of what is business development becomes more efficient and more cost-effective.

Developing a strategic business plan is an integral part of what is business development. It allows management to outline a course of action for achieving long-term business success. Through this business development activity, a company establishes how it plans to expand its market reach. It also identifies the costs associated with such expansion, such as financing, staff, and operational expenses. This plan allows management to evaluate future strategies that could prove to be successful.

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