Unit 8 - Business Development

Learning Objective
In the present module you will learn what the concept of Business Development essentially consists of and the main strategies and the potential ways to its successful achievement are. Business Development does not depend only on the management staff of your company, although they are responsible for the decision-making process. Business Development depends also on the company's employees involved in the different stages of the production cycle.

Estimated Time

It will take you about 45 minutes to go through the entire module. You will need additional time to do the exercises and apply the different tools.

Introduction

As a rule, business is oriented towards generating profit. The higher the profit, the better for the owners, managers and indirectly, the community. Generating profit is associated with company development, building appropriate company culture and work environment. Managers and owners of successful SMEs will be quick to assure you that their success is not just due to good luck. In most of the cases there is a carefully developed business strategy combined with flexible implementation. The most concise explanation of Strategic Management defines it as development and implementation of a strategy that is directed towards achieving your business goals. The development of a business strategy does not necessarily require expensive consultants - employees, workers and the work environment of businesses are very good sources of strategic ideas and resources for its implementation. At the end of this module you will know how this can be achieved and you will get practical directions.

The successful business is typically based on a carefully developed business strategy combined with its flexible execution.

Developing a good strategy does not necessarily require highly paid consultants - the ideas and resources may be within a company.