Business Development Strategy=Sustainable growth and profitability
Sales and business development are the same. Right ?
No doubt both activities lead to growth, however they achieve this very differently. Read on to understand how strategic business development can accelerate revenue growth, build collaborative partnerships with customers and leads to sustained competitive advantage by leveraging organizations Operation Excellence.
Business development is to develop strategic growth opportunities within and between organizations (customers, markets and other relationships) to create long-term value for an organization.
Long-term value creation is achieved through three main activities. These activities include, but are not limited to, creating mutually beneficial partnerships, establishing business in new markets, and increasing value of current customer base.
While business development is the creation, focus and measurement of a plan, sales development involves actual execution.
Collaborative relationships developed through well executed business development are fundamentally critical to the Innovation Management process that delivers sustainable competitive advantage to a organization.
Business development requires a comprehensive understanding of the following (but not limited to),
- Existing products, services and related technical value propositions
- Global market & industry trends, unmet needs/pain points/targets
- Competitive landscape (competitors, product offerings, etc.) and potential collaborative partners/alliances
Existing customers, prospects & adjacency. Insights in to key decision makers, etc..
Maturity of business development practices can be categorized per below
Business Development strategy
A well articulated business development strategy can help a organization fulfill one or a combination of strategic priorities.
Business development strategy execution
Well defined and executed business development process plays a critical role in the organizations strategy management process and execution that delivers desired business results
Please read other related articles,
Business Strategies-Article 1 of 8 – Growth Through Innovation
Business Strategies-Article 2 of 8 – What is Innovation
Business Strategies-Article 3 of 8 – Types of Innovations
Business Strategies-Article 4 of 8 – Technology Roadmap 101
Business Strategies-Article 5 of 8 – Operational Excellence
Business Strategies-Article 6 of 8 – Rapid Business Growth (Organic)
Stay tuned for the next article which will be “Maximizing Profitability – Tax Rebates and Credits”
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
Ketan Deshpande is also passionate about sustainability and renewable energy; he curates and shares latest updates in his blog posts. Recently the Southern Minnesota Municipal Power Agency(SMMPA) of Litchfield, Minnesota, endorsed Ketan Deshpande for an energy conservation project.
This blog also features memorable events, travel experiences and his favorite places to visit in the great state of Minnesota.
4 thoughts on “Why is Business Development important”
Awesome. Just started a blog in business/personal growth; check it out and let me know what you think!
Thanks for the comment. Will check it out