Choosing The Right Path To Growth
Summary
Business Development is the creation of long-term value for an organization for customers, markets, and relationships that includes ideas, initiatives, activities to enhance the overall business. Business Development activities extend across different departments: Sales, Marketing, Project Management, Product Management, Vendor Management, Partnership, and cost-saving efforts. All of these different departments and activities are driven by and aligned to the business development goals. Business development goal can be tied to the various functions and departments. Business expansion plan, whose impact can be felt by almost every unit of the business. There can be similar business development objectives, such as development of a new business line, new sales channel development, new product development, new partnerships in existing/new markets, and even merger decisions. In essence, business development involves high level decision-making based on a realistic assessment of all potential changes and their impact. Through new ideas and initiatives, it aims to improve the overall business prospects, which drive the functioning of the different business units. It is not sales; it is not marketing; it is not partnering. Instead, it is the eco-system encompassing the entire business and its various divisions, driving overall growth.
Abstract
Growth is vital for funding new investments, attracting great talent, and acquiring assets. It is also a critical driver of overall company performance. Growth is a critical driver of performance therefore developing and growth is an important step. Growth broadly in dynamic or mature industries can be misguided or even downright wrong. Many so-called growth industries, such as high tech, include segments that are not growing at all. And industries that most consider mature, such as consumer goods, often have segments that are growing rapidly. Growth is difficult, but research shows that it’s possible to bring a disciplined approach to improving your growth trajectory. Build momentum through well-sequenced initiatives, Support them with the right capabilities. organization that are on board with a multifaceted approach that often will rest on a strong foundation of resource allocation and execution before taking on the tougher discipline of innovation. mprovements from the initial steps would provide the means, confidence, and capabilities for more innovative efforts.