What is business development? What is its purpose? What are the steps in the business development process and what types of businesses is the process intended for? Business development is a professional concept from the field of management, through which business processes can be defined and implemented that are designed to advance such and other business goals. In most cases, business development refers to how the business’s potential is realized, where development processes can focus on a wide range of management areas simultaneously, including, managing resources for efficiency, marketing management for increasing sales and business turnover, financial management and the like. According to its professional definition (as it appears in textbooks in the field of strategic management, business development is defined as a collection of tasks and processes designed for the needs of analytical preparation for the realization of opportunities and potential growth. For new businesses, they must look to create a business plan and incorporate a strategy in it before continuing. Then, they must consider applying for a business license and looking to start their journey. However, development in business is what will ultimately aid the company.
The importance of the business development process
The competitive and dynamic business world requires all business owners and types of businesses to act continuously and regularly to improve profitability indices and to establish their professional / business status in the relevant field for them, and therefore, business development processes are essential and necessary for any business to grow and prosper. The business development process can be reflected in a wide range of areas, from the development of a new product or service marketed by the business, through the process of developing and implementing a business plan aimed at growing the business while increasing revenue to developing a new business model and/or improving a model.
What are the steps in the business development process?
Business development is in most cases the creation of “something out of nothing”, and therefore, behind every business development process, there must be a business development plan in which the development goals can be defined, how the process is implemented in parallel with the current business activity, development resources and the like. The creation of a business development plan is the same as the process of creating a business plan, and in both cases, the plan must be based on a preliminary feasibility study through which the viability of the investment in the development process can be estimated. As a result, it is recommended that you seek the help of a professional service. In quite a few cases, the development process can “steal” quite a few resources from the business, and therefore, a development plan is required that defines in the most measured and accurate way how to manage the resources required for development needs and the various development stages from concept to actual implementation.
Who needs a business plan?
Looking at the economic climate is important for any business. This must be incorporated intelligently into any plans. A business plan is the cornerstone on which it is recommended to base the activities of any business, whether it is an existing business or a new business. This plan is in fact a business document through which all the aspects required for the needs of operating the business are listed. At the same time, it is important to note that there are several different types of business plans, including: An economic business plan whose other goals include the following goals: examining economic programming, formulating a profitability model, accurately diagnosing the financial situation of the business, anticipating future income, and raising sources of financing and investors.
An economic business plan is necessary for any business in any field and of any size, where the construction of an economic business plan can also be adapted to the needs of establishing a new business and in which emphasis is placed on formulating a profitability model, examining economic programming, revenue expectations and raising sources of funding. In addition, an economic business plan is necessary for existing businesses that are struggling with poor management of the financial side, and at the same time, for existing businesses that are interested.Increase profitability or change profitability model according to changing market conditions.
How to write a great plan
As mentioned above, there are several types of business plans and therefore, the structure of the plan also varies according to the main objectives of the business plan. At the same time, there is a schematic structure consisting of, among other things, the following sections:
- Executive Appendix – A preliminary summary of the main points of the plan and its goals
- Appendix about the business – a document detailing the business vision along with main characteristics regarding the activity of the business
- Research appendix – a document detailing various research findings that relate to the target audiences relevant to the business, the competitive environment in which the business operates and research data on the size of the market
- A financial document that centralizes all the economic aspects required for the operation of the business
- A document detailing the marketing, sales and distribution methods available to the business
- A document that details all the courses of action required for the purposes of realizing the goals of the business plan
Once these are in place you can look at ensuring that you are making all the necessary steps to assist your business.
Do we need a business consultant?
This may come a little further down the line but it isn’t to be ruled out. The main role of the business consultant is to provide you with consulting services within the framework. The process covers a wide range of issues related to business activity, from work methods and procedures, through the business economic field to the marketing and management field. At the end of the inspection process, the consultant formulates together with you an economic business plan whose goals and objectives are determined in accordance with the findings of the preliminary inspection. It can be an essential step if you wish to broaden your business horizons over the coming decade.