Business Development

Business development is measured by three main parameters: business growth, competition and the target market’s changing demands. Technological development creates new needs in the target market and necessitates a re-alignment of the organization’s business strategy. Companies that lag behind in providing solutions for these emerging needs will have to contend with new players who are able to read the market, provide a fast and suitable solution and jump ahead of the competition despite being less established and professional.
Business development in organizations includes: utilizing organizational resources, creating new business opportunities, creating a relative advantage in the market, meeting new market conditions, creating competition in an evolving market and transitioning to a digital economy through employee training. The first steps in business development are identifying a strategy, characterizing the company and its needs, assessing the value of the strategy in terms of organizational goals, identifying and analyzing resources and limitations and matching the company’s line of business with the skills of the leading team. An organizational strategy should examine the long-term goals and objectives and how to achieve them and provides the business unit with its unique advantage in the industry. The strategy should also take into account the resources that must be allocated to business development and whether the company is prepared to allocate them. Business development strategy then considers the organization’s policies, objectives, objectives and ultimately the resources that the organization is willing to allocate to the proposed business development. The strategy might also address the preferred target audience, improving product position or product service or how to meet objectives, such as entering markets with high-growth potential and maintaining market share. The success of a unit’s development is measured by its profitability, using predefined performance indicators that are based on average performance in the relevant branch of the organization.

By Orly Roah Senior Consulting Financial & Strategy