When we talk about business development, what exactly do we mean?
The business development refers to the multidisciplinary management for defining products and services, aimed at strengthening its marketing. Definition of new opportunities, creation of needs and design of a strategy of alliances.
In this sense, the head of business development defines how the business should evolve so as not to stagnate, to keep growing.
It is very common to confuse business development with marketing or sales. It is important to know that, although there must be a close synergy between them, these are totally different areas, where each one has its own functions. Let’s say business development goes ahead of other areas by defining strategies for business progress, taking advantage of opportunities in the environment or creating them, as well as establishing the necessary synergies with external entities.
What does a business development department do?
Identify and seize opportunities
It must identify and take advantage of the opportunities offered by the environment, such as markets with high potential that have not yet been exploited, either to spread to new geographical areas or to develop new products and / or services. In addition, it must have the ability to create opportunities that lead to business growth, ahead of market movements.
Create opportunities if there are not
Business development must have the ability to create opportunities that lead to business growth, ahead of market movements. Go a step further.
Establish synergies
For the growth of the business, it is necessary to establish strategic alliances with external entities, either to expand into new geographic areas, develop new products and / or services, new suppliers to reinforce the current value chain of the business, development of new Processes, etc. Synergies with third parties are a key element in the evolution of every business.
Innovate
The business development department must go hand in hand with innovation, both in technology and in business processes. This is of great relevance today, due to the constant and rapid evolution of technology and society. Staying static in the face of these changes is letting yourself be brought down in the market war that today’s companies are undergoing.
Ask yourself the questions no one else does
Business development must go beyond the reality, the custom, the routine. You should always inquire into how you can do things differently, how to improve current processes. To think that everything is better and that no procedure is written on stone.
Define strategy
As always, strategy cannot be lacking. Through strategy, business development defines how the business will evolve, always taking corporate goals into account, as well as the mission and vision of the company. Without strategy it is practically impossible to obtain results, because only actions will be carried out by improvisation without pursuing a common end.
It is vital that the activities carried out by this department are framed in a work methodology and a business development plan with well-defined objectives, aligned with the organizational objectives and the overall strategy of the company, thus avoiding the improvisation that can lead to To errors that harm the company.
In today’s changing market, it is essential to have a business development department that is 100% focused on looking for evolutionary opportunities and defining strategies to adapt to changes quickly and even anticipate them. In this way, the company advances to the speed of the markets.
If your company has not considered including business development as part of its core functions, and does not have the professional muscle needed to do so with the current staff, it is time to seek experts in the field, professionals with the knowledge and Experience needed to visualize and take advantage of the opportunities that will grow your business. Today, losing an opportunity can translate into failure for a company, without going back.
The company must be prepared for its evolution, in this sense knowing how to manage the change is necessary. Business development and change management are two sides of the same coin.
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