Strategic Management For Business Development

business developmentIf you are starting your own business it is important to come up with a business development plan. A business development director is one of the first points of contact someone has with the company, so it’s vitally important to be able to explain what the company does and how it can help in simple and digestible terms, he says, be it in person or via email.

If your company is an early startup, the decision for joining an incubator or seed accelerator comes down to your personal confidence in your business model, the strength of your team, your capacity to execute, and not the least your fundraising skills.

Whether the job is in television, tech or digital media, a business development director is responsible for driving a company’s business and increasing its revenue, identifying and developing new business opportunities and building and expanding the presence of the company and its brands.

In such instances boutique consultancy firms come in handy to for example support a particular project or give advice on matters related to a specific topic such as law, finance or HR. Larger corporations often make use of larger management consultancy firms to identify existing organizational problems and development of plans for improvement.

For instance, if you take the sales canvassing process that allows the company to acquire customers that have never heard about your brand In that scenario, a sales team can give valuable insights to the marketing team on where to focus their attention and understand the areas where the marketing activities of the company might be improved.business development