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Want to Know About the Basics of Business Development

by Shamsul December 9, 2022

Want to Know About the Basics of Business Development

Business development combines ideas, activities, and initiatives that can improve a company or business. Simply put, the primary purpose is to increase revenues, expand the business, and enhance profitability. This can be achieved by building strategic business plans and strategic partnerships. In an organization, the posts of “Business Development”, “Manager of Business Development”, and “Business Development Executive” are very important because they are directly linked with the basics of techniques and current market information. These posts are responsible for making strategic business partnerships, business expansion, market development, and increasing sales. Business development is a mixture of all these factors and plays a significant role in the whole process of development.

 

Important Takeaways

Business development contains a range of ideas, initiatives, and activities. The managers of a company or business can use these factors to improve the business.

It includes sales, strategic partnerships, enhanced profitability, business growth, and many more.

In this process, many departments are involved such as HR, sales, manufacturing, vendor management, finance, accounting, sales, and product development.

Business developers must know competitors, current market resources, expansion, and new market opportunities.

 

Understanding the Basics of Business Development

Business development is a valuable method that can be applied to different departments, such as project management, vendor management, sales, product management, and marketing. Departments like cost-savings efforts, networking, partnerships, and negotiations are also crucial in this regard. All these departments work together to achieve the business goals.

We will try to convey it in a practical method. Suppose a company has a product that is very successful in a particular region. All these departments attempt to find new ways of expansion in their surrounding area. They will conduct effective market research and study all the possible factors that can provide the company with growth opportunities.

 

Sales

The sales department mainly focuses on clients or a particular market. The purpose is to get the targeted revenue. For this reason, you need to assess different markets in which you want to expand. So, the sales department targets the main consumers in these markets in order to increase their sales in the new markets.

 

Marketing

The marketing department is responsible for advertising or promoting the company’s products or services in new markets to get customers’ attention. When it comes to achieving business goals, marketing can do wonders. In every company, there is a particular budget for marketing. For aggressive marketing, you need a big budget. There are so many ways to do marketing. If you don’t have a budget for aggressive marketing, you can focus on low-cost marketing like social media ads, online ads, billboards, and print ads.

 

Partnerships

It is hard to venture into a new region or market without the help of other companies. It takes so much time to fulfill all the formalities of a new market. In this scenario, a partnership is the best technique. You can collaborate with other companies that can help you with legal as well as financial problems. As a result, you can easily enter a new market.

 

Business Planning

A business requires new facilities when it enters a new market. This is vital for its growth and rapid expansion in a new market. Business planning encompasses everything that you need to survive in a new market. It contains everything from manufacturing to supply chain and distribution. Several competent workers design policies in business planning by understanding the market’s requirements. They also implement these factors to obtain desired goals.

 

Product Management

In different countries, market dynamics and regulatory standards vary. A medicine is banned in the US but it might be legal in Brazil. Understanding each country’s market requirements is imperative before venturing into it. These factors influence the manufacturing process and product management. So, you can run your manufacturing process based on your business plan. Factors such as regulatory adherence, legal approvals, and cost consideration are a part of this plan.

 

Vendor Management

Your business in a new market requires external vendors. Because every country has its own shipping method and courier service, so it is necessary to conduct vendor research. You can also collaborate with local courier services or shipping agencies to make things easier. You can make the vendor management process feasible by fulfilling these requirements.

 

Lobbying, Negotiations, and Networking

Every company in a new market needs some extra skills to survive. In some countries, lobbying is considered fair and legal, but it is banned in some countries. However, it is necessary to penetrate a new market. With the support of networking and negotiations, you can make effective lobbying to help your business expand in any region. You have to deal with government authorities, regulators, agencies, and vendors to do well in the market.

 

Cost Savings

You are wrong if you think increasing sales, market reach, and products are about business development. It also requires some strategic planning and decisions, such as cost savings. You need significant money to host meetings, conferences, and travel. These factors are costly and can destroy the company’s overall competitiveness.

Implementing cost-saving initiatives on different departments’ accounts, finance, customer service, and so on is crucial. It is an important thing in business development.

 

Things That Every Business Developer Should Know

In business development, business developers have to make some bold and high-level decisions. Below, we have mentioned some important things that every business developer should know:

They should conduct SWOT analysis along with PESTLE.

They should analyze the current growth and status of the market.

They should track competitor developments.

They should explore new markets for expanding business.

They should see the customer profile.

They should find new ways of expansion and growth.

They should consider cost-saving in mind.

 

Business Plan

The factors mentioned above are beneficial for successfully entering new markets. They can help to build a solid channel for development and product development. A company can find new ways of expansion by focusing on mergers and acquisitions. The goal of cost-saving can be achieved by making recent mergers and acquisitions. As we know, it is tough to drive business development because it involves some high-level decision-making. But, you can do an effective business by targeting new ideas or taking new initiatives. You can take the help of outside sources for the overall prosperity of the company. However, it requires internal as well as external expertise.

 

The Best Fit for Business Development

A business developer could be an employee or an owner in this process. Any person who contributes to the success of a business is a business developer. Due to this reason, many firms and companies allow workers to brainstorm in order to explore new ideas that can take the business to a whole different level. Taking help from BDC (Business Development Companies) and SBDCs (Small Business Development Centers) could be helpful. These entities provide necessary fine-tuning to business.

 

What Accelerates Business Development Activity?

The scope of this activity is enormous. To be honest, it doesn’t require specific principles or practices. When it comes to improving business, every factor falls under the umbrella. If your employees are involved in this process, they must bring new and creative ideas. But, you must be flexible with your employees by giving them some freedom. You can also make constructive criticism when necessary. After all, it is just a process.

 

Ethics in Business Development

It is necessary to implement legal and fair practices in business development. Factors like bribery, insider trading, and discrimination are unethical in every business culture. It is important to follow all the laws and regulations to be a legal and fair company. Loyalty and trust can help you achieve every business goal; this is its beauty.

 

Why is Business Development Crucial?

When it comes to developing industries, keeping the economy positive, and generating jobs, This can help a lot to achieve these goals. This is the reason business development is so important.

 

What are the Major Skills of Business Development Executives?

From vision to leadership, willingness and drive are essential skills for business development executives. They have to collaborate with different people to achieve a common target or goal.

 

How to Make Business Development Successful?

A good vision and the right decisions can make you successful in business development. You can easily achieve this by following the factors mentioned above. However, you need a good business developer who can make a good business plan for your company.

 

Final Thoughts

It is hard to explain business development concisely, but it can be effortlessly understood. If a business developer works realistically with an open mindset, he can create a solid business plan. It requires some special skills that can make it successful. But execution matters a lot in business development.

 
 

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ABC Analysis: A Method for Better Business Planning

by Shamsul March 17, 2022

ABC Analysis: A Method for Better Business Planning

 

It is necessary for management to find out which thing contributes to the company’s success. They can evaluate different factors such as the quality of products, purchased items, or consumers because they have an important role in the company’s success. For assessing and analyzing, ABC analysis gives a solid illustration. It helps to analyze crucial individual items of the company. You can determine your most-selling products, target customers, and other relevant factors. Consequently, the company can readjust its production costs to increase profits. With the help of these factors, the management can make successful business planning.

Background and Definition of ABC Analysis:

What exactly is ABC analysis? It is a useful business planning method that helps to visualize the actual situation in an organization or a company. ABC analysis is used to answer income-related questions. The company can also find answers for future targets. You must consider the following elements.

  • Your main customers.
  • Your resources.
  • Most profitable products.

In ABC analysis, we usually divided them into three steps such as,

  • A (very important)
  • B (moderately important)
  • C (less important)

It is also crucial to find out which item or factor contributes the most to the revenue and profits.

This analysis is based on the “Pareto Principle.” This principle uses the 80/20 rule. It may represent that 20 percent of consumers generate 80 percent of the income. It is an excellent method for evaluating which services, customers, and goods are generating more profits. These factors influence various things such as marketing, customer service, and sales. They can also find out which customers deserve special offers and deals. They can also evaluate their target customers, their preferences, and needs. All these factors contribute a big role in the company’s success.

Any organization can utilize ABC analysis to prioritize its tasks by identifying which consumers or products are necessary to the company. For boosting productivity, the Eisenhower Method is really important. Hence, ABC analysis is a vital tool for analyzing the situation in the company. Managers at the company can take appropriate decisions in light of these factors to increase profit.

How to Conduct an ABC Analysis? An Example

Here, we will show you how to implement this analysis in real-life situations.

The Problem:

How can you cut the manufacturing costs of a particular product? This is the initial question when it comes to ABC analysis. The answer is to buy cost-effective materials and manufacture products in an efficient manner.

Data Collection and Analysis:

Collecting data in the form of which materials gain the highest money. On the basis of manufacturing costs, you can categorize them in the order of A, B and C (A is the highest and C is the lowest). In this way, you can analyze the data more efficiently.

Defining the Groups:

If a product is gaining the highest manufacturing costs (say 80%), you can categorize it into group A. If a product is gaining moderate manufacturing costs (say 50%), you can place it into category B. Moreover, if a product is gaining less manufacturing cost (say 20%), you can add it into group C. By defining each product in different categories, you can evaluate each product more efficiently. If you do not separate them into specific groups, then you will not get meaningful outcomes.

Analysis through the ABC:

After collecting the data and assigning it into groups A, B and C, you can realize how to cut the production costs in the future. On the basis of groups or their share, you can take appropriate decisions while purchasing materials. Hence, you can decide what you want for the company that doubles the revenue. It makes your procurement process slightly more manageable.

Advantages and Disadvantages of ABC Analysis:

In light of the above examples, it is clear that ABC analysis is ideal for solving complex processes to show them in an easy way. It is a tool that every company should utilize for accounting and controlling. You can conduct further analysis at any time without any hassle. The biggest strength of this method is that it can be applied to many businesses, which helps them decide future business decisions easily.

On the other hand, ABC analysis encompasses some disadvantages. It is very common to categorize items into three categories. Moreover, if the data barely differ, it will be hard to categorize them into A, B, and C. According to experts, it is impossible that the system’s biggest disadvantage. Also, it does not investigate the impact of qualitative changes on revenue.

In conclusion, you can make some modifications in ABC analysis in certain situations or conditions. For example, you can add more categories in this analysis according to your demand.

 
 

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