Questions Business and Entrepreneurship

What are the business development activities?


Santia Christiane

Dream beyond limits

Running a business requires much hard work and a series of complex and lengthy procedures.
Business is not just about marketing and sales; business comprises several other co-factors such as Strategic Partnerships, Project Management, Product Management, Vendor Management, etc.

To be a successful business development manager, you need to keep in mind several big and small factors that play a vital role in building a strong foundation for your business. Some of the significant business development activities are mentioned below:

  • Business planning:  The first step towards anything is proper planning. Before actually jumping off directly into the business you need to write a business development plan along with all the pros and cons. In simple terms, a business plan is formal documentation of all the policies and procedures to reach the set target/goal and the time within which the goal has to be attained. It is the outline of the entire business highlighting its nature, background details and also the projects were taken up the company.

  • Employee management: Another important aspect of business development is proper employee management. You cannot run a business alone; you require the support of different skilled hands.  You need to maintain a healthy working atmosphere among all the members of the company to ensure maximum output.

  • Marketing: You need to be aware of the people around the globe about your business.  You need to enlighten the people about the promises and quality of the services offered by our company. Marketing is a way of establishing a strong bond between your company and the audience. Marketing helps a business to grow by contributing to achieving the proper sales target. Some of the commonly used ways of marketing involve:

    1. Cold calling.
    2. Promotion via different social media platforms.
    3. Roadshows.
    4. Free sample distribution.
  • Sales management:  Another critical factor of any business is sales management.  Sales management focuses on several techniques aimed at regulating the firm’s sales operation. It is essential as it drives the profit drive of the business. Sales management is a combination of the following strategies like:

    1. Selecting targets according to profits.
    2. Quotas.
    3. Forecasting of sales.
    4. Demand management.
  • Cost Management: Apart from sales, proper cost management is very much essential to improve the profit slab of the business.

    Read more:  What is strategic business development?

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