Business Development Strategy Plan
In the simplest terms, business development can be summarized as the ideas, initiatives and activities aimed towards making a business better.This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.Business development activities extend across different departments, including sales, marketing, project management, product management and vendor management.Networking, negotiations, partnerships, and cost-savings efforts are also involved.However, these entities assist in business establishment and the necessary fine-tuning only during the early stages of business setup.As a business matures, it should aim to build its business development expertise internally.However, would this lead to employee attrition, if the new location isn't convenient for everyone?
Anyone who can make or suggest a strategic business change for a value-add to the business can contribute towards business development.
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.
The business development team assesses further expansion potential.
After all due diligence, research and studies, it finds that the product/service can be expanded to a new region, such as Brazil.