BUSINESS DEVELOPMENT

Business development can be summarized as the ideas, initiatives, and activities that help make a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.

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• The current state of the business in terms of SWOT analysis (strengths, weaknesses, opportunities, and threats)1

• The current state of the overall industry and growth projections

• Competitor developments

• Primary sources of sales/revenues of current business and dependencies

• The customer profile

• New and unexplored market opportunities

• New domains/products/sectors eligible for business expansion, which may complement the existing business

• The long-term view, especially with regards to the initiatives being proposed

• The cost areas and the possible options for cost-savings