Charles Darwin’s “Survival of the fittest”, says that only those survive who are the most responsive to change. This evolutionary theory holds for business organizations too. Who would have thought that biology and business would converge at some point?
Whether it is the fashion industry, the healthcare industry, the food industry or the AEC industry, business is all about dynamics. All AEC organizations are subject to entropy and it is important to adapt to new methods to not lag in an ever-evolving marketplace. Well, now that we have established the fact that business is all about evolving, let us talk about the strategies that these organizations use to ward off entropic forces and maintain equilibrium.
I am sure most of us have heard the title “Business Development”. But, what does this title entail? In layman terms, business development is all about developing strategies that are aimed towards bringing the business to speed with the rest of the market and developing ideas that result in growth and business expansion. Business Development tend to the needs of dynamic business partnerships and help make decisions that increase profitability.
Business Development team would thoroughly assess the marketplace to deduce whether a particular idea would materialize in the field or not. Once the idea seems plausible, this team would brainstorm strategic plans that lead up to the establishment. Business developers also take into account marketing and sales along with establishing business alliances as and when needed. So, a business developer’s interests align with market research, business plotting, establishing business partnerships, increasing revenues and sales, competitor developments, reviewing markets, customer profile, cost-savings, and the overall profitability of the organization. SWOT analysis is also a major part of project planning. All in all, business development is exploring external markets all the while running internal business operations efficiently.
Now that we have a fair understanding of business development, let us talk about the myths and the misconceptions surrounding business development.
- Business Development is the same as Marketing:
These terms are often used interchangeably but they’re both very different from one another. From reviewing different domains to identify the one that is the most fitting to materializing the same and its further development is what business development is all about. But, bringing it to public outreach via media and networking is what marketing is all about.
- Acceptable capital leads to growth:
Capital, when combined with well-devised innovative business plans, leads to the growth of the company. Growth Capital provides development opportunities but if it is not used with discretion, it can never live up to its potential. Having Growth Capital is necessary and important but working it out with strategic planning is what is even more important.
- Business growth rises revenues:
Expansion can be a risky business and more often than not, help is needed from external business incubators. But, growth of a business is crucial and while it may not generate profits right away, business expansion is a step towards attaining higher profitability in the grander scheme of things. People often confuse growth with an increase in revenue. Growth of a company could mean stronger client relationships, sustainable business partnerships or an established foothold in emerging business domains.
- I do not need technology to achieve development:
There’s no such thing as a static business. If you’re not constantly growing, it only means the opposite; you are fading out into oblivion. Being in the grey area is easy but not a very wise thing to do when we talk business. The Market is an ever-evolving place, if you are not walking ahead, you are simply lagging. Reviewing emerging business domains and using technology to keep a tab on the latest fads in the market is the way to go. Most companies are apprehensive about leaving their conventional methods behind to embrace technological advances but technology helps attain growth faster than any of our traditional methods which is why companies should be open to exploring new horizons.
- I can do it without help:
Whether we are talking about help from external business incubators or help from within our organization, getting help is a good thing. It simply means that you’re strong enough to identify your weaknesses. One must always be open to the idea of help either technologically or manually. Growth happens when everybody works together to achieve a common goal.