Business development includes all the steps which are taken to develop a certain business organization in time. The idea of pursuing a business to grow beyond the state it currently is in forms the core ideology behind business development. Every initiative taken, activity involved and ideas developed for the advancement of a business organization comes under business development.
Brian Carr points out the key indicators of business development
There are certain factors which indicated if a business is developing or not. After spending years in the field of business development, Mr. Carr sums up the four main indicators of business development:
- Consistent growth in the profit margin of the company
- Expansion of the business from its original state
- Foundation of strategic partnerships
- Employee satisfaction and a steady growth in their output
The steps taken for the development of a business organization stretches across all of its departments. An overall advancement of the company is the only way to ensure business development.
As an experienced professional in the field of business development, Brian Carr Naples shares a few valuable tips which can help in this process:
- A company is made by its employees. They are the ones putting their hard work in it and thus having arguably the biggest hand in the development of a business. No company can progress with inefficient workers. The competence of the employees directly reflects on the product or service offered by the company. Making substandard products only results in losses and forms a negative image of the company. Thus, one of the key points of business development is to hire the right employees. In the long run, each of those employees’ would play a part in the progress of the company.
- While business development certainly takes into account the profits made by the company, it is definitely not the only thing that matters. While revenue is important, so is building partnerships and establishing the scale of business. A huge chunk of the revenue might go into a valuable investment or in procuring a certain assent, that doesn’t mean that the company is not developing.
- Building and maintaining relationships is important to any business. Better relationships and partnership will help in building the image of your company and ultimately help in business development. Partnerships must be maintained even after concluding a certain contract, so that there are more chances of business opportunities in the future.
- Focus should be maintained on qualitative development rather than quantitative development. A company might produce lower cost products in order to garner more customers, but in the long run a better quality product is what helps a business to progress. Better quality will ensure a good name for the company in the market. While producing a cheaper variety product to enable mass consumption might have an immediate impact on the revenue, good quality products is what helps build consumer loyalty in the long run.
- As a business developer himself, Brian P Carr stresses on the importance of making shrewd deals. While a good deal may help the company progress a step, a bad one can drag it three steps behind. A full research should be done before striking any deal, keeping the company’s objectives in mind.
With the ever increasing competition in the business world, the task of business development has surely become a necessity.