Successful business development affects all departments in the company, including sales, marketing, manufacturing, staffing, accounting, finance, product development, and vendor management.
Business developers should be aware of new market opportunities, expansion opportunities, competitive development, and current sources of corporate income.
Franchise site selection is one of the most important factors that both you and your franchisees need to consider. The location of a business can make or break it, so it is absolutely essential to find the right location for each and every franchise.
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, and integration and acquisition (M&A) decisions.
For example, in the case of consolidation, significant cost savings can be achieved by merging the same activities of the manufacturing, financial and legal departments of the two firms. Similarly, a business operating from five different offices in the city can be transferred to a large central center, which has resulted in significant operating costs. However, would this lead to employee attraction, if the new location did not suit everyone? It is up to the business development team to assess such concerns.
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.
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, and integration and acquisition (M&A) decisions.