Business Development
A sound organization aiming to withstand competitors never stops business development, but engages in it
as an ongoing process.
Successful business development often requires a multi – disciplinary approach. Which may involve financial, legal and advertising skills.
Creativity in meeting new and unforeseen challenges may help sustainable growth. The principle issues are:
- Essentially how much of the product or service has to be built before customers can make some level of either actual purchase decision and / or purchase commitment?
- How much investment/expense is required to secure these revenues/ commitments from customers?
- How much risk is there in achieving net positive cash flow, given the required upfront investment and the future time to capture revenues/receivables cash inflow, within an acceptable timeframe, if ever?
Development Phases
- Identify opportunity after successful research
- Create market awareness
- Survey market potential
- Further development to stage to allow demonstration of product/service
- Propose major project
- Implement first project
- Expand market and develop long term client relationships or partnerships
