Business Development

Written by Yvette Dubel
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Business development, not surprisingly, begins with creating your business plan. Once your business is up and running, how do you keep the development process in motion? There are several key areas that warrant attention to ensure that your business fulfills or exceeds the goals identified in your founding business plan.

One of the most obvious is partnership development. Why is this important? Who does this include? Before addressing that, let's agree that your business success depends on successful relationships. In this instance, that means that everyone needs to be on the same page working towards related goals.

Of primary importance in that regard are your suppliers. Supplier development is a key part of an ongoing business development plan. This can include control of manufacturing operations as part of total quality management. In this context, business development will require attention to inventory control, manufacturing processes, system design, and product development as part of partnership based business development. Fundamental to this aspect of business planning and growth is inviting input and participation from suppliers.

Making Sense of It All

The hands-on involvement afforded by this kind of business development approach will be beneficial in a number of ways. It facilitates the formalizing of process for implementing changes based on fluctuating circumstances. In addition, it makes establishing benchmarks and understanding the current situation a relatively painless procedure. These concerns are imperative when considering issues like training new recruits.

Keeping control of finances is another critical component in your business development. In fact, the ability to fulfill your objectives is strengthened by a close partnership with suppliers. A close working relationship there gives greater control over the production process and subsequently over production costs. In addition, it will ensure that control is maintained over other unavoidable expenses such as purchasing and in some cases, engineering.

Maintaining a close eye on the finance department will also go a long way towards maintaining continuous progress. However, when combined with attention to vital business relationships and operations, the formula for success is revealed. Sustained business development can form the cohesion for profitability and vision.

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