Business development is a process that everyone goes through when they are running a company, especially a new company. The idea of “business development” can mean different things for different companies. For some it could mean simply obtaining a new customer base, while for others it could mean raising more capital to expand operations. It could even mean building alliances and forming partnerships with other companies. It all depends on what is right for your business at the given time.
Business development can also save a company that is failing with its current products or services. For a company to gain successful momentum in their industry, they will want to get people’s attention by launching new products. If a company is selling the same thing year after year, there may be some who are used to it and others who despise it. Therefore, launching a new product to try to win over new customers is always a good idea in developing a failing business. It is also a good idea because there could be a lot of competition in your industry and you need to be ahead of everyone else. It would not be possible for a company to stay in business successfully without launching new products.
The Ultimate Success Story
Take the Apple Inc story, for example. During the late 1990s, they were doing very poorly among consumers. Microsoft and PC companies were dominating the computer market. Then in the early 2000s, Apple started their spree of launching new products. First, they created the IPod, then the IPad, then the Iphone, etc; until it got to a point where Apple was on top again in the computer industry. Their stock prices went from $10 per share in 2002 to $700 per share in 2012. All it took were a few new product ideas and this was able to practically redevelop the entire Apple Company.
Your Business Development Plan
Business development requires not only new ideas, but skilled employees who can make the ideas come to life. If the skills and experience of employees are lacking, then even a great idea will fail in the company because no one will know how to develop the idea in their business. This is why so many companies these days are tough on job applicants. They want their job applicants to have references, background checks, personality checks, credit checks and an extensive employment history. After all, in this economy they cannot afford to make a mistake in their hiring because it could damage the entire development or redevelopment of their company.