As part of my consulting practice, I read and review business plans written both for venture capitalists and for grant applications. All universities want to build long term relationships with businesses (strategic account management) to move beyond negotiating a series of smaller projects into something altogether more ‘strategic’ and broader. In the traditional sense, business development refers to activities designed to expand your organization’s reach into a new market – for example, forming partnerships with other businesses to sell Company X’s product to Company Y’s customers.
With the help of the business development plan you can monitor the progress of all the current programs and evaluate the efficacy of your future endeavors. Typical goals of business development strategies include market expansion, brand projection, new client acquisition, general awareness about brand, etc.
Good business development allows businesses to profit by doing something that is tangential to their core mission. Members are selected for the Council based on their depth and diversity of experience, then invited to share their insights via CommunityVoice on Write business articles or submit brief industry-related tips when you’re short on time.
For this, the pharmaceutical industry will need to engage in increasingly aggressive marketing strategies. Traction offers a unique experience for business development managers that is based on supporting customers to evolve customized solutions on the expanding platform and broader ecosystem.
You may work to improve profitability through careful strategic planning and positioning in the appropriate markets, or to enhance the operation of the business, position or reputation in some way. The business development and marketing roles are probably the most difficult in the knowledge transfer process – lonely, ambiguous, poorly understood by colleagues and with KPIs hard to set and measure.