Let's Talk Business Development Strategies...
Business development is aimed at developing and implementing growth opportunities either within an organization or between organizations. For example, within technology-related businesses and industries, it’s an extremely important process where it is usually about one company setting up and managing strategic relationships and also allying with other third-party companies. This is to allow the sharing of expertise and technology. In general, it is the focus on the implementation of strategic business plans through acquisition or divestiture of technologies, products and companies, equity financing, and the creation of strategic partnerships where appropriate.
Bringing Together Strategy and Business Development
Strategy and business development can happen in a number of different ways. It involves many different types of analysis’ and a lot of brainstorming. Business strategy development usually begins rather simply with rather well-known tools to develop basic business plans, including the likes of a SWOT Analysis and a PEST(LE) Analysis, but can also include the Ansoff Matrix and the Boston Matrix. Igor Ansoff, regarded by some as the Father of Strategic Management, first publicly shared his product-market growth matrix in 1957 to help understand and assess marketing or business development strategy. It is still widely used today.
Such tools, like the Ansoff Matrix, are not just for start-up businesses, but also established businesses or units within businesses. For example, when taking a business to a new territory, the challenges faced there are going to be completely different to those currently faced in a territory where you are established in the market. The Ansoff Matrix focuses on market penetration, i.e. the developing of sales of existing products to your current markets, and product development, which is developing or finding new products to take to existing markets, as well as market development, i.e. developing new markets for existing products, and also risk diversification, which involves taking new products into new markets.
Such tools help formulate a strategy for a business, which is further developed with more analysis and brainstorming between the interested parties. If this seems like a lot to take in, that’s what consultants are there for. You can read the definition of consulting for more information on this. Once that strategy is decided, then it is put into action and monitored for success.
Turning To A Consultant For Help
Firstly, you’ll want a good consultant to foster your development of business strategy. Without a shadow of a doubt, you’ll want someone with the expertise and experience of implementing such strategies and who has been involved in many different types of businesses. You also want someone who can cast an analytical mind over a situation and problem. You want someone who can define the problem and who can use tools to get to the bottom of why it is an issue. Having defined the problem and narrowed it down to its roots, they will identify ways to overcome it. But they need to understand where the problem came from, how it arose and how to solve it. This is where the likes of a SWOT and PEST(LE) Analysis fit in.
Once the problem has been defined, and the critical factors of what contributed to the problem are understood, the consultant will then generate solutions. From these solutions, they will analyze the risks involved in each option; break everything down and picking the best solution. Then it’s time for action and the continual monitoring of the business development strategy plan. It all sounds rather simple but, without the proper personnel involved, it’s a doomed strategy. You need someone with the experience in leading such initiatives.