The function of Business Development should be seen as a natural process for any business to maximise the profitability of the enterprise in an organic & logical way.
Business Development should be seen as a responsibility for all stakeholders in the enterprise to optimise the financial performance of the business, although it is not uncommon for companies to set up a dedicated department / allocate the task to an individual – to “focus minds”.
At gutowski & milner we have even seen companies which are at a “crossroads” in their evolution, create a Business Development taskforce to improve profitability.
With the above in mind, let’s now take a few moments to explore the true purpose of Business Development within an organisation – other than “grow sales”. This could include (but is not limited to):
Improving profitability of an existing product or service, by:
- Rationalising or growing current product / service ranges.
- Divesting of existing non-contributing product / service ranges.
- Repositioning the company offering – increasing longevity of product life cycles.
- Establishing the company in new channels or countries (where the company has not previously been present).
- Creating new, long-term, strategic partnerships with clients & / or vendors.
For the function to perform at an optimum level, the individual(s) involved will need to be experienced stakeholder(s) of the enterprise, with deep understanding of not only the organisation & it’s employee’s strengths & weaknesses, but also have the mandate to create & subsequently implement change. They will be:
Capable of strategic planning, thinking & vision.
- Have strong analytical skills.
- Have a deep insight of the company & the changes that are realistic for the company to make.
- Can negotiate both internally & externally.
- Have the authority within the organisation to affect change.
- Understand the competition & have a working knowledge of their insights.
- Be able to work within a team & have effective networking skills.
- Understand the principles of Project Management.
- Able to create credible Scenario planning.
Hopefully, you can see from the above that this function, when fully understood by the organisation, with the appropriate resources / scope, together with qualified individuals, can be a potent force for business improvement within any enterprise.
Please feel free to contact us at https://www.gutowskiandmilner.com/contact-us/ in the first step to learn how we can help you with your Business Development plans.