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Evaluating Business Development Opportunities

Business development involves processes and activities to develop and implement new growth opportunities in and among various companies. It is a subset of these three fields of organizational theory, business and commerce. It involves the analysis, synthesis and application of information about human resources, markets, competition and other relevant economic factors. In other words, business development covers the process of coming up with plans and strategies for the development of the company.

The term ‘business development’ has various other meanings. In some instances, it is aimed at the expansion of existing operations. Other times, it is used to describe the creation of new enterprises. And other times, it is used to refer to the implementation of strategies aimed at bringing about positive changes in the market share of a company.

A business development initiative is typically part of an overall business plan. The plan is normally called a business plan, a strategy and a project. It is aimed at providing a detailed description of the company’s past performance, present circumstances and future objectives. It is not the same as an organizational management plan, which is usually a document drafted to organize and manage day-to-day activities within an organization. A business development plan instead is aimed at helping business owners to achieve goals and objectives through the use of formal and informal techniques.

The major activities included in business development include identifying potential clients and identifying vendors who can provide the necessary technology, market, or customer relationships. Identifying the right vendors is a process of negotiation and finding the lowest prices. Identifying vendors and developing relationships with them is the first step toward expanding a company’s market reach and its technological capabilities. Business development also involves establishing partnerships with suppliers of equipment, products, services, and facilities. The establishment of partnerships can help reduce costs, improve service quality, and promote loyalty among employees.

Strategic partnerships in business development can be described as existing and/or future business alliances that require some degree of participation from one or more of the cooperating companies. These could be either direct or indirect. In some instances, there may be no need for direct participation. Examples of strategic partnerships in business development activities include existing and ongoing relationships between one or more companies that are complementary to one another.

Business expansion usually includes building a customer base. The size of the customer base is related to the scope of operations. For instance, a local supermarket has a limited number of customer base; on the other hand, national chain stores have a far larger customer base. A business development team in one company may engage in advertising to build a local customer base. This type of marketing can be performed by a sales staff or it may be done internally through the use of catalogs or advertisements in newspapers and other media. Sales personnel can also be trained to generate local customer calls during busy seasons to obtain new business.

There are a number of different types of business expansions that a business owner may engage in. An owner can decide whether to create an initiative or expand an existing one. Initiatives are designed to create a sense of change in order to attract customers and foster loyalty among current customers. While expanding initiatives focus on increasing the scope of the market.

Strategies include expansion plans that take advantage of existing market opportunities. Strategies can be developed to take advantage of opportunities that arise at different times of a year. Strategies take advantage of any potential downturns in prices as well. It is important for a business expansion plan to include a baseline cost-savings estimate and future projections of sales and market opportunities. This information will help a business owner to determine what kind of initiatives will produce the highest cost-savings over the shortest period of time.