When it comes to business development, every company should work on a customized strategy to attain its short and long-term goals. In addition, the company needs to look into the present and future challenges it faces on the path to devising potent strategies to overcome them successfully. Business planning and strategies are not confined to just large corporations; they should be applied to small businesses as well in order to get the profits they desire in the market for their products and services.
Steven Rindner is an esteemed business and corporate development executive with expertise in growth strategy and business development across diverse domains like real estate, healthcare, and technology. He has several years of invaluable experience in the above domains, which is why he is regarded as a specialist in planning for business development and strategies.
Well-planned business strategies are valuable for your company
He says that every company makes business plans to expand their current business as well as to improve their percentages when it comes to selling products/services and their profits. The above holds true for small to medium scale businesses that are promising when it comes to expansion, growth, and establishing their presence in the market. However, contemplating the growth of a business and actually incorporating it are two different things altogether.
In order to attain their goals at expansion, he adds that companies must deploy specific methods to execute a comprehensive and effective strategy for growth. He himself has led several corporate development ventures at Besins Healthcare International that is a pharmaceutical company based in Belgium.
During his stint with this company, he successfully launched and developed its business in the field of nutrition by establishing valuable partnerships with marketing and media companies, several channels for distribution, and he also executed many online strategies for the development of the business. Before joining Besins Healthcare International, he was employed as a Practice Director for another esteemed company, Perfect Sense Digital.
Custom business strategies
He says that there are multiple ways via which individuals can boost their businesses and effectively expand their prospects. But, first, they must ensure their strategies are formulated on the basis of their competition levels, financial situation, business scope, and the regulations imposed on them by the government. The most common strategies for growth that businesses use today are diversification, asset acquisition, and market penetration.
He adds that many business owners often confuse strategies for business development with marketing strategies for their companies. But, first, you must understand that both of these elements are not similar. Marketing refers to the systems of determining what products and services one should offer to their targeted audience with a price range.
Steven Rindner also says that marketing also covers the concerns of positioning your product and promoting it correctly in the competitive market. The result here is to boost the awareness of the product or service to the targeted audience to ensure a better flow of qualified opportunities and leads. It goes beyond the functions of business development and should never be considered to be the same.