Active growth depends on a viable business development plan. Companies, both large and small, must commit to a strategic growth plan to stay relevant in their respective field. The first step to this strategic development is to understand “business development.” Let’s first take a look at what business development encompasses and where it intersects with other areas of the business. Business Development vs Sales Business development, while it includes sales, has the ultimate focus of growing a business or corporation toward a predetermined future. Development entails marketing, advertising, recruiting, and calculating. But the end result is growth. The sales team also plays an integral part of business development. In practice rather than theory, sales increase the bottom line. New sales and existing customer reorders are vital to a healthy financial position. The main goal of sales is to build profit. Business development and sales operate like avocado and guacamole, they are intimately entrenched and require a little blending. Key Performance Indicators Performance indicators should be based on a benchmark that compares your bottom line to the competition. Choose key performance indicators (KPIs) that make sense for your expected growth. If you are spending most of your advertising and marketing resources on email campaigns, then one of your KPIs should reflect email leads that turned into sales. Read more: https://joeshew.org/2020/03/08/how-to-create-a-business-development-strategy/
Published: April 28, 2020
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