Business development is a term that confines in itself quite a few other aspects of the business itself. Just like Grand Unified Theory of the universe, it is important to understand and identify that one theory of business development which will help you in achieving short term as well as long term goals. So what exactly is the Grand Unified Theory in term of business development by developing a long term value for organization from customers, markets and relationships point of view? Let’s have a look.
1) Think big
Business is not all about making money in the quickest possible way, rather is about giving importance to more consequential factors like value, prestige and ethical means to grow a business. Businesses should not depend on factors such as making quick money or unethical tactics in order to achieve short term growth. Long term growth of the business depends on creating value that should be on top of your list for sustainable business development strategies.
2) Markets
A business should always keep itself open to new markets by identifying new customers who may want a product that you are offering but not getting it. It should be the responsibility of business development personnel of any organization to identify new sources for their prospect buyers and tapping in the market before the competitors do.
3) Customers
Customer is the king and you should do extensive R&D to develop products that are to the liking of the end-user. If your product doesn’t have the features that appeal to a customer then your business won’t flourish for long.
4) Building relationships
To ensure that your business develops long term value for the organization as a whole, you need to build relationships with your clients, employees and customers that are based on trust and mutual respect.
All in all, the Grand Unified Theory of business development thus implies the way a business should be carried out for maximum benefit.