A job of a business programmer is to develop a growth plan and then put that into performance. In the development phase, the business programmer collaborates with the production, marketing and the R&D teams etc.
Business development experts need skills in all the areas of business management, including:
- Mergers and acquisitions
- Strategic management
- Proposal Management or capture management
- Sales experience
Let us explore each of these areas individually to find out how each of this area contributes to the discipline of business development.
Finance deals with allowance of resources and liabilities of either an individual or a company or a movement during periods of both assurance and uncertainty. There are a few main areas of finance:
- Corporate finance
- Personal finance
- Public finance
From the point of view of business development, knowledge of the financial state of a organization helps to frame techniques to improve business and decrease costs. There are three types of financial report that suggests the financial state of a company. They are:
- Statement of income that notes the net profit incurred
- Statement of owner’s equity that notes the effect of cash inflow and outflow on the owner’s capital
- Balance sheet that tells the financial state of the company at any given moment.
Marketing offers with the communication of the value of a product to the customers in order to maximize the profit-making motives of a company. Marketing has typically involved four distinct elements: price, product, promotion and place. Any business development technique has to take into account the 4Ps of marketing mix.
- Strategic Management
Strategic management relates to the formulation and implementation of technique based plans usually undertaken by the top management of a organization on the part of the board of directors and shareholders based on a careful analysis of the initial and extol environment of the company. In current years, the focus of strategic management has changed from the production process to the marketing procedures. Strategy based planning and executions are essential for business development.
- Mergers and Acquisitions
A part of strategic planning, merger relates to the coming together of two or more companies, while acquisitions relate to the taking over of one company by another. Mergers and acquisitions, as they are known as together, consist of distinct stages. They are:
- Records which involves a letter of intent between two parties to enter into a deal.
- Business valuation relates to the evaluation of the market value of both the companies getting into in a merger and acquisition
- Financing relates to the ways in which a merger and acquisition deal can be carried out either through a cash purchase or through a purchase of stocks etc.
- Legal Aspects
They include the different legal aspects of conducting a business. Most of these laws are commercial in nature.
Some business development policies: Business pipeline strategy
One useful business development strategy is the “pipeline”. It refers to the circulation of the potential clients which the company has began developing. Each business development strategist offers each client in the pipeline with a business development plan including:
- Specific sales figures
- Factors for wins and losses
- Top executing sales channels and figures
- Sales of solutions and figures etc.
- Other strategies and skills involved in business development
- Assessment of marketing possibilities and target markets.
- Intellect gathering on customers and competitors
- Generating prospects for possible sales
- Advising on, drafting and improving sales policies and processes for Business Development
- Follow-up sales activity
- Formal suggestion or presentation management and writing
- Pitch and presentation rehearsals
- Business model design etc.
Therefore we see that business development is a instead complex discipline which consists of a number of allied fields. A business developer therefore must have a bit of expertise in everything: be it finance or accounting or marketing and sales.
- In finance he must be conscious of capital budgeting, making financial statements, creating financial analysis etc.
- In production he requires to know the production process and the raw components used in the process.
- Ultimately he must also be aware of marketing mix, marketing strategy etc.
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