Since business development involves making high-level decisions, a business owner should always be aware of the following:

• Current business situation with SWOT analysis (strengths, weaknesses, opportunities and threats)
• Current sector trends and growth assumptions
• Competitive development
• The main sources of sales / current business finances and dependencies
• Customer profile

• New and untested market opportunities
• New domains / products / sectors that are suitable for business expansion, which can support an existing business
• Long-term vision, especially in relation to proposed programs
• Cost-effective sites and cost-saving options

The business development environment discussed above is directly related to the business growth plan, the impact of which can be felt by almost every business unit. It can have similar business development objectives, such as the development of a new business line, the development of a new sales channel, the development of a new product, new partnerships in existing / new markets.

In essence, business development involves making high-level decisions based on a realistic assessment of all possible changes and their impact. With new ideas and plans, it aims to enhance the overall business prospects, which drive the performance of various business structures.

It’s not for sale; it is not marketing; it does not share. Instead, an eco system that covers the entire business and its various categories, driving the full growth.