Business development is the creation of long-term value for an organization from customers, markets, and relationships. It involves nurturing a business and its elements through change and expertise is required to grow an idea into a viable business venture or when an existing business is to change or expand its mode of operation.
Business development is all about figuring out how the interactions between customers, markets and relationships combine together to create opportunities for growth. These elements are critical to the entry, survival, productivity, competitiveness, and growth of your business. It’s about developing new elements the organization hasn’t focused on before.
Leading change requires challenging the status quo and finding new ways of doing things to further organizational goals. Business development is focused on building relationships and we challenge our clients to see problems they hadn’t thought about until now. Being challenged requires people to think more deeply to justify a course of action, which frequently produces much better ideas fostering innovation and success.
“Well-defined problems lead to breakthrough solutions. When developing new products, processes, or even businesses, most companies aren’t sufficiently rigorous in defining the problems they’re attempting to solve and articulating why those issues are important. Without that rigor, organizations miss opportunities, waste resources, and end up pursuing innovation initiatives that aren’t aligned with their strategies. How many times have you seen a project go down one path only to realize in hindsight that it should have gone down another? How many times have you seen an innovation program deliver a seemingly breakthrough result only to find that it can’t be implemented or it addresses the wrong problem? Many organizations need to become better at asking the right questions so that they tackle the right problems.” *
You can’t leave anything to chance, developing your business is not guess work, it is a precise science, requiring knowledge and expertise. Thinking about business development as a means to creating long-term value is the only true way to succeed in consistently growing an organization. We have spent many years building businesses we are passionate about and helping young companies market, distribute and grow their business.
For Business Development to be successful, four fundamental elements need to be addressed:
Generate a Strategy based on the owner’s required business performance and goals.
Review, Analyze and Plan Markets, and ensure the managed implementation of the Plan.
Review, Analyze and Plan Operations, and ensure the managed implementation of the Plan.
Review, Analyze and Plan Finances, and ensure the managed implementation of the Plan.
Business Development involves planning and managing these elements to ensure a complete approach to business growth, and achievement of the owner’s goals. We work with young companies at various levels of growth and needs working with you on:
Creating a Network of partners
*Harvard Business Review contributor Dwayne Spradin ‘The Power of Defining the Problem’