Business development is a multi-dimensional process that involves almost every department of an organization. No one department can carry out this task on its own. It requires intra-departmental contributions and an over-arching mechanism for coordination among the departments.
That’s why the Role of Departments in Business Development is crucial.
The process starts with the planning phase of any business and keeps running continuously thereafter. With time, the market share of an organization keeps growing.
With a company soaring in profits, its size swells as well. And that too is considered business development as it increases the capacity of the firm.
With time, many departments come into being and begin to take part in the development and growth of the business. So, in this article, we’ll talk about the Business Development Role of Departments.
No organization can grow without a regular and continuous growth strategy combined with an effective execution. When a business is not growing in any dimension, it stalls and starts to lose value.
This fact is illustrated by many examples in the market when a business lost its value as it did not move abreast with changing trends. Digital world companies fall prey to this phenomenon every other day.
Tech companies remain on their toes to stay in the game and even a single misstep costs them their whole investment.
That’s why business development is considered a shared responsibility of each department with the leading role played by the Business Development Department or BD.
Role of Business Development Department (BD)
Most of the companies keep a specified business development department with a manager to ensure the smooth running of affairs. The manager is responsible for taking input from each department and plan for a coordinated response after joint deliberations.
We’ll briefly discuss some of the main themes that BD is responsible to develop and share with other departments. That’ll help us understand the Business Development Role of Departments.
BD sets goals for a business. Setting powerful and meaningful goals help a company stay on track and keeps everyone onboard through clear visions. It also sets objectives and strategies to achieve those goals in the shortest time possible. BD works closely with other departments to set deadlines and devise tactics to meet the set targets.
Also, they may collect data, analyze the existing conditions of each department, and suggest changes to remedy the problems. They also conduct surveys and get customer feedback to see if the product sold by the company or the service offered is well received by the consumer.
What Role other Departments have in Business Development?
Each department has a role to play when it comes to business growth and expansion. As we mentioned earlier, it is a multi-dimensional mechanism and one department cannot do it on its own. The role each department plays is explained in the below paragraphs.
What Role Marketing Plays in Business Development
When most people think of BD, they think of it as a marketing activity. In fact, some companies have merged BD and marketing departments under the same head. That’s because marketing plays an important role in business growth. Also, it works as a face, eyes, and ears of a company in the market.
For this reason, marketing has a vital role in business growth and expansion.
Another reason is that marketing helps in networking and creates valuable links that are a major part of business growth and development. Most of the marketing managers are valuable because they have an extensive network in the market that creates numerous opportunities for the business to grow. This helps in creating new spaces for product promotion as well as opportunities for partnerships.
Also, marketing devises strategies to promote a product or service in the market and helps increase the sales targets. This creates a brand image of the company in the market. Besides, it makes people aware of the presence of a company in the market which later benefits all the products a company introduces.
Therefore, the role of marketing in Business Development is crucial and a company must develop a marketing strategy with a strong marketing team.
Along with marketing, let’s now discuss the Business Development Role of Departments other than marketing.
Role of Project Management in Business Development
Project management is another important department when it comes to business development. A business does not run on old products indefinitely. Over time, there must be new products, services, or improvements in existing ones that increase their value.
For business growth, project management works closely with BD. Many companies have project management staff but many hire experts for specific tasks. If you need someone, you can always hire an expert from Fiverr. Conversely, you can take a course to learn about project management from Fiverr Learn. This will help you in your career and business.
In terms of business development, project management plays a key role. As mentioned above, there must be new and improved products and services. This is where project management comes in. Its job is to take an idea, develop it, and complete it from start to end. It ensures the timely delivery of the products to the doorstep of the customers.
Project management is responsible for planning, execution and timely completion of a project, either for a new design or for innovation within the former model. This makes its role crucial as any delays can cause drastic consequences for a company.
Also, the company cannot move forward or expand if the project management department is doing a bad job. It can mess up the revenues, increase budgetary expenses, waste precious resources, and ruin the reputation by supplying a problematic product.
Thus, the role of project management cannot be ignored in the business development process and this department should be completely on board for a successful campaign.
Role of Product Management in Business Development
Next in our discussion is product management. We know that every country is different from others in terms of culture, market needs, regulatory standards, and demand for a product. If, for example, a company wants to enter a new market in a different country, these factors must be considered. Otherwise, the plan could fall flat on its head.
For this purpose, product management is an important arm of the business development process. It suggests ways to enhance customer experience through proper product placement. It also ensures that a product is not introduced without following local protocols and customer expectations.
Similarly, this department keeps a close eye on the market. It suggests to the company if any competitors for a specific product are entering the market and if the company needs to bring a newer version of the product. They also suggest marketing tactics and strategies to enhance sales.
Basically, product management is the link between customer, market, product, and the company. They know the demands of the people, take care of the required supply, keep the product up-to-date, and let the company know if there are any innovations required.
Thus, we can say that product management plays a vital role in the Business Development Role of Departments.
Role of Vendor Management in Business Development
Last but not the least is vendor management. A company makes profits by maximizing the gap between the cost of the product and sales revenue. A vendor is important here as they are responsible for a major chunk of expense a company bears. It could be raw material, an accessory of a product, shipment, or a service that a company sublets to a vendor.
Cost is not the only thing that is relevant when it comes to vendor management. A company often relies on different vendors for the timely execution of a task. If the vendor is not delivering its service or product in time, then it could be a threat for the company to meet deadlines.
Also, a vendor could provide a low-quality product or service that eventually harms the company. And most importantly, if a company wants to expand its business, it must know if it has the desired supply from vendors, or if the vendors they have are reliable to be a part of the expansion.
Here, the role of vendor management becomes critical. They must be a part of the business development process to tackle all the above-mentioned issues. They must keep the company and higher management informed about the ground realities and help make informed decisions.
Without proper insights, the business development process could stall.
Role of Digital Expansion in Business Development
The Internet has revolutionized business development as well. Today, it is impossible to run a business without a website. If you have a website, great. But if you don’t, then we recommend you get it as soon as possible.
If you need a recommendation for website building, we used SiteGround. It is super easy to set up and offers affordable rates. On the other hand, if you are running an e-commerce store, you can use ExpandCart. It will solve all your problems regarding website building.
In any case, do not forget the importance of digital footprint and make sure to maintain and expand your online presence.
To wrap it all up, business development is a multi-disciplinary process and one department cannot do this alone. In the absence of input and contribution from each department and stakeholder, the process could become counterproductive. It may inflict more harm than helping the company expand. Many a time, companies try to enter a new market, or introduce a new product but that fails miserably. It proves fatal for the existing structure of the company. There are examples where companies went bankrupt and never recovered as a result of bad planning and execution of business development models.
Therefore, whenever a business development strategy should be devised, it must ensure input from all stakeholders. Also, extensive consultations should take place within and without each department. Absent this rule, the strategy could fail even before it starts.
Teamwork and coordinated effort are indispensable in this area and without that, it’ll be a waste of time, money, and resources. That’s it for now.
In the next chapter, we’ll discuss what impacts business development creates or is intended to create for any business. Till then, keep working for your goals and do not let anything come between your dreams and success. In no time you’ll have what you have been striving for. Good luck!