Maybe It’s not complicated but it’s a huge complex!
What is Business Development?
Tasks and processes for developing and implementing growth prospects within and across firms are included in business development. It’s a combination of business, commerce, and organizational philosophy. It’s the process of a business or firm seeking strategic prospects, such as cultivating partnerships or other commercial relationships or finding new markets for its products or services.
Our Business Development department focuses on two aspects: The Business Plan and the Operational Efficiency.
A business plan is a written document explaining how a company—usually a Startup—defines its objectives and strategies to achieve them. A business plan sets forth a documented roadmap for the company from a marketing, financial, and operational aspect.
An executive summary provides a high-level overview of a business plan. It emphasizes the most significant document elements, such as a business description, the problem, and the solution. An executive summary that is well-written convinces investors that reading the entire business plan is worthwhile.
Goals, Objectives & Mission
Here, we will expand on these critical milestones. Where are we going? Which will be the values that will define the company? What do we want to bring forth? Goals are statements of what needs to be accomplished to implement the strategy. Objectives are specific actions and timelines for achieving the goal. The mission is a general statement of how you will achieve your vision.
Competitive analysis can help you understand how your competitors operate and identify areas where you might outperform them.
It also allows you to remain on top of industry trends and ensure that your product meets — and surpasses — market standards consistently.
Financial modelling is the process of creating a spreadsheet that contains a summary of a company’s costs and revenues and may be used to evaluate the effects of a future event or decision. For business executives, a financial model can be helpful in a variety of ways. However, financial analysts most commonly use it to examine and forecast how future events or executive choices will affect a company’s stock performance.
Business Development Plan
A business development plan is similar to the one you made when you first started your company, but it focuses on growth and how to achieve it. It’s a long-term strategy for achieving consistent and sustainable corporate development in the years ahead.
The administration of business practices to achieve the best efficiency level inside an organization is known as operations management. It is concerned with efficiently transforming materials and labour into products and services to maximize an organization’s profit.
Operational efficiency refers to an organization’s capacity to minimize waste in terms of time, effort, and materials while still delivering a high-quality service or product. Also, as a financial aspect, operational efficiency is the ratio of the input required to keep the company running to the output it produces. Input refers to what goes into a business to function correctly, such as costs, employees, and time. In contrast, output refers to what comes out or is obtained, such as rapid development times, quality, revenue, client acquisition, and retention.
Design operational plans (Business action plan):
An operational plan outlines how you will work in practice to carry out your action and monitoring procedures, including what resources you will use, how you will deal with risks, and how you will ensure the project’s accomplishments are sustainable.
Define key progress indicators:
A Key Performance Indicator (or better known as KPI) is a quantitative statistic that shows how well a firm meets critical business objectives. Organizations use KPIs at many levels to assess their progress toward their goals.
Implement an agile workflow
We are talking about an iterative project delivery strategy here. Multiple individual teams work on specific tasks for a certain amount of time, referred to as ‘Sprints,’ in an Agile workflow. The set of processes involved in producing an application, from inspiration to sprint completion, is known as Agile Workflow.
Create a measurable way to track processes
Regularly (daily, weekly, monthly), we measure progress through movement toward our process goals. The amount of work matters less, only whether that work takes us closer to finishing that day’s (or other timed pre-defined) process goals. Afterwards, we check that the process goals are doing what they should by tracking overall movement toward an outcome goal.
A feasibility study determines if a proposed project or system is practical. It tries to identify the strengths and weaknesses of a current business or a planned initiative, as well as the possibilities and risks that exist objectively and rationally in the natural environment, the resources needed to carry it out, and the likelihood of success.