The key idea of development of business
The idea of developing a business is not related with a single person’s idea. It is more like teamwork to develop a situation towards better. Developing a business needs the help of different organizational policies and departmental help to apply any change in working procedure of work. On the other hand, there are different and variety of departments, therefore, a business developer needs to understand each sector’s contribution to develop a company. There are finance, management, marketing, and sales department are included, which have important role to play in organizational development. Developing a business, a business developer needs to work collaboratively with all these departments. The importance, of different departments of an organization develops the business of an organization are mentioned below:
Finance department is one of the most important departments of a business sector. Whether it is business dealing or transaction of money, the finance department of a company manages all things. Based on the transaction and other business dealings and company assets, the financial report of a company has been made. Therefore, if a clear and transparent transactional record is there, then it is easier for the hierarchy of a company to make the financial report. On the other hand, based on the assets and business report, future cost management and strategies are been made by the management group. There are different types of finance sections, such as finance related corporate sectors, public finance, finance of personal needs. Based on these there are different types financial report have been developed by the hierarchy which states, income statement of a company, equity statement of a owner, and status of the balance sheet of a company.
Marketing is generally dealing with their customers and the fluctuation of choices and customer behaviors. Therefore, the management teams of marketing department are originally focused on the Increase of revenue margin of a company by doing right type of marketing among customers. On the other hand, they are putting efforts on marketing mix to develop marketing strategies. It helps an organization to develop their business according to the current market demand and needs. This strategy based on 4Ps, product, price, promotion and place of promoting the product.
Strategic management is related with the hierarchy of company and their understanding of the current market status. It focuses on internal and external factors of business sector that can affect the business in future years. Moreover, through analyzing the external and internal efforts of business company can develop the strategies to overcome the negative impact of those factors and develop the business accordingly. Business development needs right execution of planning and strategies.
Mergers and Acquisitions
In order to plan and develop a business the few strategies need to be identified first. In case, if two companies came together to deal with a problem or to develop a business then, it will be classed as merger. Merges and squares have few distinct, such as,
- A clear and legal document of the dealing and the partnership needs to be filed in the beginning of the partnership.
- The value of the share will be modified according the evaluation of the market.
- The financial team of both party needs to understand their own policies regarding the deal to carry forward the same
In the process of business development, if a company faces any legal issues then it affects a company and the procedure. In some cases, it can be stopped due to any legal issues. On the other and the business and economical laws need to be maintain while the development process to carry out a smooth development. Different countries have different rules and company laws, therefore, the management team, need to be careful enough about the laws and ethics, which can affect the future business of a company.
Proposal Management or capture management
In case, if a company is trying or planning to expand their business, diverse their business range, then it follows by the management, which is called capture management. On the other hand, the study a company or its management team needs to do while planning for a new business, that calls proposal management, as the management team is proposing something for the new business.
In which ways these factors includes in business development?
On business development, the business developed has the most important role to play, as the developer needs to work with all the departments and needs to change them accordingly. Development of a business does not mean that the development of a particular sector of that business, but it demands the entire development of the organizational working procedure. Therefore, all factors that have been discussed above have importance and impact on a development process.
Moreover, development of a business has been done to increase the performance and revenue scale, therefore, if any of the department that have been discussed is identified with any loopholes then, the initiative of developing a business will be failed.
Business development policies
In order to develop a business, adaptation of fixed strategy is important for any company. “Pipeline” is one of the important and interesting strategies regarding the development of business. According to the pipeline strategy, a company prefers those clients that provide the potential business record. Based on this strategy, firstly, a company who provides the maximum revenue to the company will prefer the client, and the process will go accordingly. The strategy related to the sales figures that have been targeted by each client, performance scales of clients, the reasons of bad and good performances by the client, all these are significant criteria that a company is measuring while doing any changes.
How other skills and techniques can help developing a business?
In developing a business, there are many policies that a company can follow while developing a business. Design of business model, practicing different policies and following the development scales need can be beneficial for the management group in case of development. Marketing is one of the most important factors, which can help a business to grow immensely. Therefore, drafting, and advertising can help a company to develop their business. Apart from the marketing, sale department can also become the major factor on developing a business. In order to develop this situation, customer review and leads of sales can be collected. Development of business is related with other factors like, gathering and following the data and present status of the competitors. Therefore, this can be considered as one of the policies that can be incorporated in the policy range of a company while they are working on the development of their business.
How DMG Solution can help student to develop their planning of developing a business?
Students are not professional business developer; they need help to complete their tasks regarding the business development. In that process, they can take help from DMG Solution. In this website, there are many helpful details of management and development of business has been given. The students of business development can use the details of different types of strategies of developing a business. Moreover, it can also help the students to use the marketing mix, and pipeline strategy of marketing. On the other hand, it can also help the students to gather knowledge about different types of advertisements uses for increase the revenue scale. Similarly, students can be helpful by using this website as it has a lot more details about the policies and the scope of developing a business. Related to this, a student can collect the data related laws and legislations that a company needs to maintain while planning a development. As they can face problem in future if they are not maintaining laws and legislation regarding the development procedure.