‘Business development’ sounds ambiguous. The term refers to building your business through sales, partnerships and strategy. Use sales to develop your business by choosing and pursuing a target market through sales or marketing initiatives such as referrals, networking or cold calling. Develop your business using partnerships by finding the right people to work with, whether they be suppliers, a colleague with whom you make a strategic alliance, or partners in your company. Finally, use strategic business development to create a plan that ensures all pieces of your business fall into place. We’ll focus mainly on business development strategies in this module, as they’re difficult to develop.
Business development strategy ensures that your business grows in the right direction without you overlooking opportunities. Some businesses don’t survive because they grow in the wrong direction, or in too many directions at once. We designed this module to help you to focus. You’ll find it especially helpful if you’re looking to:
- Grow their business
- Figure out your next steps
- Ensure that your organization remains simple and makes sense.
Topic Objective: To learn how to strategically grow your business.
Your Outcome: A ramped-up business!