Choosing The Right Path To Growth
Most businesses need a diverse set of initiatives to improve organic growth, and how you organize
them matters. But sometimes companies tend to weight on what have worked in the past and rely heavily on that. Thus inhibit the potential growth of the company itself.
Company can always utilize 3 broad profiles; Investors, Creators, Performers to achieve organic growth. “Investors” tap new sources of funding or reallocate existing funds to capture new growth for their goods and services. “Creators” build business value with new products or through business-model innovation. “Performers” grow by steadily optimizing commercial functions and operations.
Companies that mastered and utilized at least 2 or more of broad profiles grew faster than their industry.
Creative companies tend to be the faster growers among others because its ability to innovate consistently. However it can’t be denied that it’s hard to get innovation right.
A research suggests that the pursuit of innovation is not a way to guaranteed moving into the top-growth tiers. Rather, the most prevalent practices among above-average growers reflected mastery of core investor and performer levers. Three of the top five practices characterizing upper-tier growers were related to investing: aligning on priority markets, engaging in portfolio management informed by prospective returns, and overseeing resources top down.
Summary
Business development can be summarized in the simplest terms as the innovations, programs and activities intended to make a company better. This includes increasing sales, growth in company development, improved productivity by developing strategic alliances, and proactive business decision taking.
Business development goal can be tied to the various functions and departments such as :
- Sales
- Marketing
- Partnerships
- Project Management
- Product Management
- Vendor Management
- Negotiations, Networking, and Lobby
- Cost Savings
The objectives of Business Development include branding, expansion in markets, new user acquisition, and awareness. However, the main function of business development is to utilize partners in selling to the right customers. Creating opportunities for value to be ongoing in the long-term is very important.