Elements and Performance Criteria
- Analyse areas of potential new business.
- Consult with business owners and key staff members within the organisation to canvass and identify areas that may offer future business opportunities.
- Review research to provide relevant knowledge about the business environment and emerging trends.
- Analyse the strengths and weaknesses of competitors.
- Identify and evaluate opportunities and threats from the internal and external environments.
- Consult with current clients and stakeholders to enhance understanding of their preferred products and services.
- Analyse organisational strengths and weaknesses.
- Review internal documentation to build understanding of organisational capacity to respond to new business opportunities.
- Put in place structured processes to identify organisational strengths and weaknesses.
- Conduct a financial analysis to determine the cost of current sales or service delivery and the returns generated to the organisation.
- Gather and analyse relevant research that assesses current customer satisfaction.
- Prepare a business development plan.
- Negotiate and determine required outcomes, objectives and performance measures for the business development plan.
- Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.
- Test business development initiatives for acceptance in the marketplace.
- Analyse risks associated with the initiative and ensure compliance with legislative and regulatory requirements.
- Prioritise potential business development opportunities for action.
- Develop a business plan to support the priority initiative, ensuring it is fully costed and resourced.
- Seek approval where required for the business development plan according to organisational policies and procedures.
- Manage the implementation of the business opportunity.
- Design, develop and implement the strategy to deliver the new business initiative using identified organisational protocols and processes.
- Identify and allocate financial and non-financial resources to support the delivery of the business development opportunity.
- Develop and oversee the roll-out of marketing and communication processes to the target market launching the new business initiative.
- Evaluate the success of the initiatives.
- Monitor and evaluate new business initiatives against desired outcomes and performance measures.
- Identify and oversee implementation of techniques for building repeat business and sustained client relationships.
- Review the business development plan in line with changing organisational and business requirements.