As a manager, one of the foremost concerns to an organization is developing and exploiting business opportunities that are presented to you and your company. In order to grow, you need good knowledge and best management practices and strategies. It comes to down to whether as a business development manager, you are revolutionary or evolutionary. Any strategy that you undertake, no matter how small or insignificant it may seem will revolutionize your company or will evolve it.
Successful business development takes a multi-disciplinary approach in that it involves financial, advertising and legal skills. It is not enough to reduce activities to a simple template that can be applied to all situations faced by real-world enterprises. Being creative in this regard goes a long way in ensuring that any new and unforeseen challenges contribute to sustainable growth of a company rather than its demise.
There are several areas where business development strategies can help your organization to grow and succeed. Development strategies based on a strategic marketing plan for example will address a changing customer base and market dynamics, help one to understand horizontal and vertical target market opportunities and how to develop the right products, services and solutions to meet the target market needs. This plan should not just be an accident. Most successful business owners will tell you that a carefully planned business strategy was involved. A plan can take either a ‘bottom up’ approach or a ‘top down’ approach. A bottom up approach is where the employees make suggestions and the best are passed up the management while the top down approach is where top managers create the business development strategies and implement them down the chain of command. Another approach is the use of collaborative process where managers and employees work together.
In order for a business development strategy to work, you will need to evaluate its weaknesses, strengths, risks and growth potential. If possible, a strategy consultant may be included. Several factors will need to be taken into consideration, depending on the complexities that come with implementation. These include assigning responsibilities, sufficient resources and establishing a chain of command. A timeline will also need to be developed to evaluate if the desired goals are being achieved. Obviously, no one type of business development strategy is going to work for every business. Find out what works for you and your organization and the benefits of sticking to it.