Business development is the tool to improve competitiveness

The Business development it implies building the future, that is to say that what is built today can be enjoyed tomorrow. A blunt phrase by the famous North American investor Warren Buffet sums up the importance of development and it says: If you sit under the shade of a leafy tree today, it is because someone planted it a long time ago (Johnson, 2020). Therefore, the Business development deals with helping entrepreneurs improve their existing skills and abilities to become more competent in running their businesses.

What is business development?

Business development is defined as a process of improving the set of skills and knowledge of entrepreneurs regarding the development, management and organization of a business. If we want continuous progress, entrepreneurial minds are needed at all levels of the organization. To achieve this, employees must feel that they are in an environment that values entrepreneurship.

How to Promote Business Development in the Workplace

We cannot ignore that the world has changed radically due to the digital revolution. This digital environment, basically, significantly defines the path along which the Business development of the companies. Therefore, the promotion, support or encouragement of business development has a strong technological component. Let's see how to promote development together with our collaborators.

1. Develop a statement to encourage entrepreneurship

The organization supports and promotes the participation and initiative of its members to improve the company. In this way, it encourages entrepreneurship based on its own values and expresses its culture in a simple and concrete way.

2. Create a bond between employees and the company

The entrepreneurial spirit has a great component of a sense of ownership, of belonging. Therefore, it is essential that employees feel the company as theirs. Creating a bond of trust undoubtedly helps in the Business development.

3. Error as a learning opportunity

Just like life, there are successes and mistakes, committing them should not necessarily be synonymous with dismissal or punishment. It should be a space to learn from them and obtain vital information to avoid them in the future.

4. Entrepreneurship is a mindset

Entrepreneurship is the creation of value in creative ways or the building solutions in a way that hasn't been done before. Company leaders can encourage this kind of thinking simply by allowing their people the space to try new ideas and providing resources to see them through.

5. Recognize and reward

An organization should recognize and reward employees whose ideas benefit the company. Employees must understand that the company supports new ideas, that trying to create something new is good for the company as well as for himself. It is a way to empower the value of employees. Great ideas that need further development must get the necessary financial support.

Business development and its contribution to the competitiveness of the company

We live in a highly competitive environment. Hence the importance of business development both as an organizational culture and as a financial interest for the company. If the organization encourages the contribution of its members through a creative and ambitious entrepreneurial spirit, more competitive products and services will be obtained.

 Business development means building the future, as stated at the beginning of this article, and this slogan also means hope and success. Without a doubt, everyone's contribution will increase the efficiency, productivity and profitability of your company.

Bibliographic references

• Byju´s (nd) Entrepreneurship Development Process.
  
• Farmiloe, B. (2021) 10 ways an organization can encourage entrepreneurship.
• Johnson, J (2020) 10 Warren Buffett Quotes Every Business Owner Needs to Hear.
  
• OECD (2004) Promoting Entrepreneurship and Innovative SMEs in a Global Economy.