So identifying the opportunities is the first step in understanding what kind of business development your business should or could pursue. Consider if we breakout opportunities by:
1. new opportunities in new markets,
2. new supplier sources,
3. innovating a new product or service,
4. arranging new methods of exchange with third parties,
5. new sources of financing,
6. finding new operating partnerships.
I am working with three clients right now in different fields and all at different stages of development. They all share an interest in pursuing ‘business development’.
The first is finding new opportunities in new markets (really an old market that is evolving and is subject to new dynamics).
The second is arranging new methods of exchange with a third party and that is driving some new dynamics.
The third is innovating a new product and will require new sources of financing and possibly a new operating partnership in order to fulfill in that market.
Over the next few blogs I will write about the methods we are using in order to fulfill each of these business development circumstances.