Due to the wide-open scope of business development and activities, there are no standard practices and principles. From exploring new opportunities in external markets, to introducing efficiencies in internal business operations, everything can fit under the business development umbrella.
Those involved in business development need to come up with creative ideas, but their proposals may prove to be unfeasible or unrealistic. It’s important to be flexible. Employees charged with business development should try to seek out and take constructive criticism, and remember that it’s a process.
Since business development involves high-level decision making, the business developer should remain informed about the following:
- The current state of the business in terms of SWOT analysis (strengths, weaknesses, opportunities, and threats).
- The current state of the overall industry and growth projections
- Competitor developments
- Primary sources of sales/revenues of current business and dependencies
- The customer profile
- New and unexplored market opportunities
- New domains/products/sectors eligible for business expansion, which may complement the existing business
- The long-term view, especially with regards to the initiatives being proposed
- The cost areas and the possible options of cost-savings
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