Business Development Strategy Plan

Business Development Strategy Plan-10
“Business Development Executive,” “Manager of Business Development,” and “VP, Business Development” are all impressive job titles often heard in business organizations.Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing – all of these fields are involved in business development but are often mixed up and mistakenly viewed as the sole function of business development.

“Business Development Executive,” “Manager of Business Development,” and “VP, Business Development” are all impressive job titles often heard in business organizations.Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing – all of these fields are involved in business development but are often mixed up and mistakenly viewed as the sole function of business development.

All of these different departments and activities are driven by and aligned to the business development goals.

For instance, a business has a product/service which is successful in one region, such as the United States.

A business developer can be the business owner(s), or the designated employee(s) working in business development.

Anyone who can make or suggest a strategic business change for a value-add to the business can contribute towards business development.

Businesses often encourage employees to brainstorm innovative ideas, which can help in improving the potential of the overall business.

Businesses also seek help from external incubator firms, business development companies (BDC) and small business development centers (SBDC).It is not sales; it is not marketing; it is not partnering.Instead, it is the eco-system encompassing the entire business and its various divisions, driving overall growth.And what do they need to make sure they don’t get lost?A strategy, of course, which some may also call a roadmap.Whenever you set off across new territory you’ll want to consult a map, otherwise you’ll get lost.Stepping forward into the unknown (also known as ‘the future’) is what companies do every day.However, would this lead to employee attrition, if the new location isn't convenient for everyone?It's up to the business development team to assess such concerns.The business development scenario discussed above is specific to a business expansion plan, whose impact can be felt by almost every unit of the business.There can be similar business development objectives, such as development of a new business line, new sales channel development, new product development, new partnerships in existing/new markets, and even merger/acquisition decisions.

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