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What Should a Business Developer Know?

Business, Games, News and Technology, Sport
Business development is not just about increasing sales, products, and market reach. Strategic decisions are also needed to improve the bottom line, which includes cost-cutting measures. An internal assessment revealing high spending on travel, for instance, may lead to travel policy changes, such as hosting video conference calls instead of on-site meetings, or opting for less expensive transportation modes. Management can implement similar cost-saving initiatives by outsourcing non-core work, such as billing, accounting, financials, technology operations, and customer service. Strategic partnerships needed for these initiatives are a part of business development. Since business development involves high-level decision making, the business developer should remain informed about the following: The current state of the business in terms of SWOT analysis (strengths, weaknesses, opportunities, and threats)The current state of the overall industry and…
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The Right Fit for Business Development

Business, Games, News and Technology, Sport
A business developer can be the business owner(s) or the designated employee(s) working in business development. Anyone who can make or suggest a strategic business change for a value-add to the business can contribute towards business development. Businesses often encourage employees to brainstorm innovative ideas, which can help in improving the potential of the overall business. Businesses also seek help from external incubator firms, business development companies (BDC), and small business development centers (SBDC). However, these entities assist in business establishment and the necessary fine-tuning only during the early stages of business setup. What Drives Business Development Activity?Due to the wide-open scope of business development and activities, there are no standard practices and principles. From exploring new opportunities in external markets to introducing efficiencies in internal business operations, everything can…
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