Brilliant business development ideas have helped small businesses grow into big businesses that employ hundreds to thousands of people.
Here are 10 of the world’s best professional development ideas:
Going into partnership came about when one party has what the other party does not have. For example, many people with great products (that consumers will jump at) often go into partnership with people who have the money to launch the product off the ground.
This is one of the business development ideas that close to the top of the list! Franchising offers companies a chance to market and sell their brand and their business processes to other businesses in exchange for franchise charges and at times a share of the franchise proceeds. This professional development idea is pretty common with well known eateries, restaurants, residential maid services etc.
3. Using The Internet
Without a doubt, going online is truly a business development idea that every business in this modern day and age needs to implement or remain in obscurity. Every type of business can promote their business through a website.
Products that are in hot demand outside the shores of the country are exported abroad. This is another smart professional development plan that many businesses employ, because the high demand of the product will sustain the company’s financial, management and production needs.
5. Opening Another Location
This is a step that a lot of companies take in order to serve their growing customers especially if their present location cannot serve customers who do not reside within the locality. Companies also open another location in areas where growth opportunity has been clearly spotted.
6. Trade Shows
Attending trade shows is one business development idea that makes perfect sense because it offers business owners the opportunity to network and to even size up the competition as well. Many businesses have achieved their breakthrough in business by simply attending trade shows.
7. Corporate Social Responsibility
Contributing to the growth of the community is one way to attain business growth. People always feel a sense of loyalty to those that care about them. When they purchase products and services from a company that gives back to the community, they also feel that they are giving back to the community when they purchase goods and or services from that company as well.
8. Excellent Customer Service
This is perhaps one of the most effective business development strategies in the world. People will always do business with a company that offers them quality products and top notch customer service.
9. Giving Away Sample Products
Giving consumers a taste of your product is one way of getting them hooked and reeling them in. Manufacturers of beauty products have used this professional development strategy for years and have enjoyed immense growth.
10. Customer Loyalty Program
This particular business development idea is one that many consumers appreciate and has helped many businesses retain their existing customers and capture new clients/customers.
Grants for Business Development May Solve Your Funding Problems
You’ve got your idea, you’ve done all the calculations, now all you need is the money to develop your business. Where is it going to come from? Do you qualify for it? Will a grant be enough to get your project off the ground? The answers to these questions and more could mean the difference between success and failure for your enterprise.
Your first step is to ensure that you have a well developed business plan. This should cover all the key areas of the business process as well as providing information about how the funds will be spent and what the expected rate of success will be.
It is important to provide reasonable cash flow and sales projections. The people considering your grant applications are generally professionals who have a number of important criterion that must be met before approving a grant.
Make sure that you acquaint yourself with the qualifying requirements before embarking on the application process. The Federal Government doesn’t currently make grants available for businesses development, but state SBA’s have funds available to assist you in raising the necessary capital.
It is vital that you consult with a qualified professional who can assist you with the application. New ventures eat through available cash resources very quickly. A professional such as a CPA will be able to help ensure that your forecasts and figures are meaningful and that the chances of your success are good. Their business acumen is also available to you. They can assist you with any number of issues that can arise while developing your business. It helps to have a professional in your corner when the going gets tough or when you need someone to bounce ideas off.
You might also consider other financing options. Some of these would include refinancing your home mortgage. Another consideration would be to consolidate loans that you currently have. The result will be that you pay a lower monthly repayment, giving you more flexibility regarding your expenditure decisions.
If you decide that mortgage refinancing is your best option then pay careful attention to the mortgage refinance rate. You should be able to save yourself a considerable amount of money over the term of the loan if you negotiate the best rate available up front. A low mortgage rate is available to those of you who take the time to sit down with the mortgage companies such as Ameriquest, and get the best refinance rate they have to offer. Again, do your homework before approaching these companies.
So your options are clear. Obtaining a grant for business development is possible if you do your homework. It is always a good idea to hire a professional accountant or business advisor to help you with the preparation of your business plan. This will certainly ease the process of acquiring the funding you need. They will also be able to assist you in establishing whether you meet the State SBA grant criterion.
You may wish to explore the option of refinancing your mortgage to improve cash flow or to apply to consolidate loans you already have. All in all, the final decision on where to raise the capital you need and how much you need rests with you. Be sure that you get plenty of advice from qualified professionals first, before making a decision that will have long term consequences for your business and you.