Archive for the ‘Building Business’ category

What Are The Stages Of Business Development

February 2nd, 2011

Every business has its life cycle that it undergoes during the course of its entire existence. It is widely accepted that businesses across the world experience four principal stages of existence – Start-up Phase, Growth Phase, Maturity Phase and Decline Phase. Invariably, all businesses undergo these phases.

Start-up Phase:

Start-up phase is that phase during which a business comes into existence. It is during this phase that plans are conceptualized and implemented regarding how the business should be set up, how it should be run, where to get the start up capital from and how to keep the cash flow going. During the start up phase, legalities of setting up the business are taken care of. Every business, which is starting up will normally require a large investment of capital, lots of time and effort, setting up of good profitable and stable customer base, money to buy raw materials, manpower recruitment etc. Businesses usually arrange for their own limited resources to run their activities. At first, demand is assessed and/or created for the products or services the business wishes to offer. Then manufacturing facility and processes are established (if it is a business engaged in manufacturing) or processes for providing service are established (if the business will be service provider) or goods for sale are purchased (if it will be business engaged in trade).

Growth Phase:

During this phase of its existence, businesses experience expansion of its activities and enhancement of its customer base. It is an exciting period for the business. Its products and services are gaining acceptance in the marketplace and customers are patronizing them in increasing numbers. Profit margins also tend to increase during this phase. During this phase, the business require infusion of additional capital to buy capital equipment to increase production (for manufacturing businesses), to establish additional service network (for service providers) or procure more goods for trade (for trading businesses). » Read more: What Are The Stages Of Business Development

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Team Building For Business Development

January 3rd, 2011

To remain competitive and secure in the new economy, it is imperative that companies communicate to their employees the critical importance of proactive branding, marketing and business development. It is essential that Managements outline corporate sales objectives and needs thus creating an innovative business development atmosphere amongst all team members. The new corporate culture builds the team for “exciting-times ahead” by communicating the key strengths, opportunities and competitive advantages of their company by first ensuring that all stakeholders are “on-message”.

An astute business leader will subsequently promote branding, marketing and business development activities as factors vital to establishing the “next growth level” of the company. A well-defined brand experience, the creation of a strategic plan, addressing areas of improvement, identifying competition, and segmenting internal and external target audiences are critical components for continued success. Ultimately, all team members are to externally “transfer this knowledge” to clients, suppliers, prospective customers, community, and, of course, to their families. The number of sales people working on business development must directly reflect the number of employees in the firm, e.g., a 100-person firm has 100 business development people. In the new economy, the act of “team selling” is no longer a “luxury” for a select few but a critical “necessity” for all. » Read more: Team Building For Business Development

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Posted in Building Business, Business Development Strategies, Business Development Tips, Uncategorized