Five Elements of a Business Development Strategy

A key factor for businesses facing complex and turbulent business environments is how to make reference to current information in an accurate and timely manner. The Information Technology Department at any organization has a particular strategic role in assisting businesses with this effort. One such department is in the process of developing a strategy to address the rapidly evolving technological aspects of today’s marketplace. This department needs to first review its organizational structure and make a plan as to how it will react to a changing business environment.

  • The primary objective of this task is to determine what the company’s long-term goals are and how it plans to measure success as it evolves from a traditional sales organization to a technology organization.
  • A second major issue facing organizations facing complex and turbulent business environments is how to deal with uncertainty. Uncertainty results when there is a risk that a company’s strategy will not work or that a new strategic direction will result in failure. Uncertainty can be considered the enemy of a company’s strategic control. One way to deal with uncertainty is to create a culture of complacency where all employees understand what their roles and responsibilities are expecting to carry out on those responsibilities in a timely manner. Failure to ensure that complacency is avoided leads to organizational failure.
  • The third area that is addressed through a company’s strategy for business progress is the creation of a referral system. Referrals can be either positive or negative and neither should be ignored. A company needs a variety of sources for referrals so that it can gauge both the frequency and number of referrals that come in for particular projects or that affect the company in general. There should also be a separate and confidential system for handling referrals so that company personnel cannot be inappropriately pressured into making a specific referral.
  • Finally, creating an appropriate revenue model is the fourth key element for integrating a comprehensive strategy for business performance into any firm. Revenue modeling is very similar to the concept of project accounting. Revenue models deal with the direct and indirect benefits derived by a firm from engaging in various activities. While revenue models simplify the process of measuring profits and losses, they are no substitute for a qualified accountant who can explain the inner workings of a business.
  • The fifth element for a company development technique is the use of technology to leverage internal resources and external market access. This element is closely related to the prior three and refers to the use of technology to facilitate business growth and the reduction of costs associated with such growth. There are many available techniques that can be used to implement this technique.

Every business faces significant obstacles and a company development strategy for business growth strategy must be developed to address these obstacles. These barriers include an aging population, economic recession, a shift in consumer spending preferences, and the need for companies to respond to rapidly changing markets. The use of a combination of strategies will help an organization to remain viable as its competitors become more established. This combination of strategies will also help a company to achieve its ultimate goals.