Beyond sales: How business development works
Business development is a powerful force for organisations across Australia and the world. A thorough and carefully planned approach to this process can help a company achieve its goals and build better plans for the future.
The unique nature of business development means it isn't easily defined in the same way as other foundational units of a company, such as sales, accounting or marketing. While these functions have clear processes and areas of focus, business development is more complex. Understanding the purpose of business development and how it can influence nearly every other area of your own organisation is vital for getting the most out of this valuable practice.
What is business development?
Business development essentially means the work put in by owners and staff to strengthen and improve a company's operations and outlook, based on careful analysis and consideration. This simple definition offers a firm foundation but leaves some room to wonder exactly how it manifests in a practical sense. The reality is that business development can apply to anything, from sales and marketing to building strategic partnerships with other organisations and changing internal systems to make daily work more efficient.
While business development is sometimes perceived as focusing on sales, the process can apply to any department or function. Your company may choose to focus on areas like market expansion, product diversification, changing business models and more. It often stretches across many different teams and areas of operation, as Investopedia pointed out. For example, an attempt to market an existing product in a new area will have to involve staff from across a business for the best chance of success.
A company may also elect to follow a business development path that could ultimately benefit its sales team but isn't directly focused on increasing the quantity or quality of leads. That might mean something like implementing project management software or changing the manufacturing process.
Why is business development valuable for small and midsize companies?
Business development is especially valuable for small and medium-sized organisations because the process creates better conditions for growth. Developing into a more mature and secure enterprise is a universal goal for new and growing companies. Smaller businesses can generally implement the recommendations that come from business development activities in a shorter time frame, thanks to more compact and faster-acting chains of command. If the business owner and key stakeholders involved believe a plan of action is in the company's best interests, there usually isn't much red tape to cut through or many organisational obstacles to work around.
While small and midsize companies have an advantage in terms of timelines for implementing new strategies and workflows, they may lack the resources that larger organisations leverage to quickly push those concepts into action. Generally, smaller businesses have to be careful with allocating the time and effort of employees, both in terms of business development itself and the specific initiatives that stem from it. In these cases, working with a trusted service provider can help to spur business development while making costs more transparent and avoiding the need to balance staff time between core tasks and ideation around business improvement.
Partnering with an organisation experienced in offering business development services, support and guidance specifically for small businesses means realising the benefits of this powerful process while maintaining balance within your organisation. To learn more about how Wilson Porter can aid your business with development, get in touch with us today.