The growth tactic for a startup of three people in the development phase is very different from the development of a corporation with thousands of employees that have been on the market for more than ten years. It is important to remember that business development has different stages, and certain functions can vary greatly.
The main points of the company’s development in different periods of its activity
Startups, mid-sized organizations, and large corporations require different approaches to business development.
- Startups: establishing a solid foundation for a new company is critical to its survival in the marketplace. For startups, business development projects focus on developing unique products and services, conquering a market niche, attracting investors, finding funding sources, and building a reliable team.
- Medium companies: when a business is on a solid footing, business development has an important role. If the founders of the organization earlier performed the business development duties themselves, now is the right time to find a professional business developer for this role. The business at this stage continues to evolve by improving and adding products, seeking new markets, and investing in growth opportunities.
- Large corporations with a good reputation: more mature organizations can use the resources and customer base they have built over the years. However, they still need to look for new growth opportunities. The search, development, and implementation of innovative ideas within and outside the company can lead to innovation, new partnerships, and improved customer relationships.
Developing a solid business development plan will help your organization define its goals and create a list of tasks your team needs to achieve growth at any stage of its activity.