Business Development: What is it, Keys and MORE

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The business development It is known as a moving strategy that allows the growth of a certain company in the face of situations and difficulties that exist in the market. In this sense, its concept is basic, which is to create a new business.

Now if you have no idea how the business development This article may interest you!, below we will mention what it is, how a business development plan is drawn up, its importance And much more!, keep reading and find out all this important information.

What is Business Development?

While it is true, the business development It is established under the concept of involving tasks that allow executing and applying growth opportunities within organizations or within a specific company. Clearly, it is related to the theory of business, commerce and organization.

On the other hand, it is known as the creation of long-term value for the markets, relationships and customer organization. From a business point of view, it can be known as any for-profit or non-profit activity that allows the company to grow in some way, regardless of whether it is a large or small organization.

Also, the activities of the Business development can be made of internal way or external through a business development consultant or business developer. However, it can also be defined as the processes related to the growth opportunities of the company.

However, the Business development must include two important aspects, among them we find:

  1. Implication of the definition of the growth strategy of the company.
  2. It must have the speed of movement necessary to allow the initial strategy to be adapted quickly to the reality of the market.

Of course, the economic point of view cannot be absent, therefore if we calculate the benefits that the growth of the company can attract within a medium or long term, we will know that, the business development it can be extremely important to a business.

What is a Business Developer?

Generally speaking, a business developer is the person who is in charge of studying customers, the market, suppliers and establishing long-term business relationships that allow the business to expand business. Therefore, you must be a visionary leader who promises the systematic and professional growth of the organization thanks to their skills.

Of course, the promoter of the company must be in charge of studying the market competencies and analyzing its growth opportunities in such a way that, in the business development phase, said promoter fulfills the knowledge and functions of the organization. And in turn, ensure that the company is fully capable of evolving into the growth opportunity through research, production, and sales marketing.

In another vein, for a company it is extremely important to have a business developer since he is the person responsible for having the vision and adequate speed to take advantage of market opportunities at the right time.

Also, the tools of business developers are to analyze the market and the business plan model. Indeed, the business development Many times you must have experience in financial services, sales, or investment banking.

How is a Business Development Plan Prepared?

Every entrepreneur must learn to carry out a business development plan since this is a key factor. In effect, the business development It is a document where the bases of the creation of a business project, what are its objectives and what means will be needed to achieve them and reduce risks for the organization.

For this reason, it is important that the business developer relies on a plan that studies specific data in order to obtain a realistic and positive opinion about the current situation of the company and the chances that the project will be successful.

Therefore, to know how to execute a business development plan, you must take into account the following:

  • Executive Summary. This allows to identify the interest of future investors, therefore, the most important aspects of the business plan should be highlighted. For example, the business idea, product value, among others.
  • Product description and distinctive value. Explanation of the basic concept of the product or service to be offered, including its characteristics and the audience for the product or service in question.
  • Potential market. Detailed description of the market, its size including sales volume, evolution and growth, etc.
  • Competence. Determine the competition, whether existing or potential new competitors, in addition to the description of the strengths and weaknesses of the competition.
  • Business model and financial plan. Revenue breakdown, three to five year forecasts based on realistic assumptions.
  • Management team and organization. It allows to have a common and determined vision.
  • Development status and implementation plan. Stage in which the product or service is located.
  • Strategic Alliances. Specification of how many alliances there are, their state of development and conditions.
  • Marketing and sales strategy. Positioning, description of the characteristics of the product or service with respect to the competition.
  • Main risks and exit strategies. Determine basic risks that affect the organization or the business itself. Include possible contingency strategies in case the business does not go as planned.

Applicable Keys for a Business Developer

It is important to take into account certain key aspects that allow you to be a good business developer, among them we find the following:

  1. Make sure to keep an eye out for any opportunities that come your way.
  2. Be generous with your business contacts.
  3. Generate your own ecosystem of contacts.
  4. Take an interest in the business of other organizations.
  5. Always look to the future and long term.
  6. Work on your reputation and prestige.

If you notice, they are simple aspects but they will be extremely useful when carrying out your work as a business developer. Try applying it! You may find it better than you expect. If you want to know in depth these important aspects, we invite you to enter the next link.

Stages of Business Development

Once the concept of business developmentIt is important to take into account that it has a series of stages that every entrepreneur must know.

For instance:

  1. Know the product in depth.
  2. Know the market that the product will face.
  3. Establish business contacts.
  4. Design development strategies for the company that favor its growth.
  5. Business Plan Study or also known as Feasibility Study.
  6. Study business opportunities.
  7. Negotiation and approval.
  8. Start of the project and the company.

Let’s say that these are the stages involved in business development and although they are not mandatory, they are beneficial to avoid future dangers. Let us remember that, when creating a new business and going to market we will find situations that can get out of our hands, such as, new products or new markets and for this, it is important to be well prepared.

If this happens and the stages that the company must go through to emerge and grow have not been established, the organization will be forced to waste resources and efforts and clearly no employer wants that for their company. In another order of ideas, it is also necessary to believe in ourselves and in our abilities to contribute to the business development of the business. own.

Competencies of the Business Development Manager

It should be noted that the business developer also known as business development manager and at the same time, it must fulfill certain functions that allow it to carry out its work. That is, you can take on multiple responsibilities in a single project that contributes to the long-term future of an organization.

In this sense, the main function of a business developer is generate income for the company. This can range from finding new markets, partnering with other organizations, selling new products, or new services for existing markets.

Of course, you must have basic knowledge about the strategies of the competition that exists in the market, that is, know what their marketing plans and new products. But, the most important thing is that the developer must have knowledge of the company’s own products and marketing strategies.

Importance of Business Development

The importance of business development It lies in from the beginning the processes that will be carried out are established and thus be able to identify what are the steps that the organization must follow to achieve success and not fail in the attempt.

Clearly, these processes are accompanied by a business developer and a business development plan that allow evaluating and studying the growth opportunities of the organization in the long term. Let us remember that a business plan allows us to evaluate the possible statistics that the company will go through at the time of applying the business development.

Likewise, this plan allows the use and planning of the company’s resources, by defining the strategies to be followed. In addition, it is important to remember that the business developer is responsible for studying and analyzing the possible opportunities that the company obtains.

Thanks for reading! We hope you liked this article about the business development and growth opportunities.

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