(Published in the Business Observer – Wednesday, December 17, 2014)
EXIM Bank's Business Advisory Services (BAS), through this column, is putting information at the fingertips of Jamaican entrepreneurs who are planning to take advantage of growth opportunities stemming from the Logistics Hub Initiative.
Looking at the importance of business development and project management in operating a business, we will again be sharing useful information from the CEO of the Business Development Institute, Andrea 'Anniegee' Graham, that can guide the process:
- Every business needs a business development plan which operates like a blueprint to guide its day-to-day operations and keep it on a growth path. The plan must take into consideration the external environment within which the business is operating and the effect that certain external factors can have on the business.
- The business development process should look at utilizing efficiencies that will reduce cost, harness technology, improve the welfare of the business and build partnerships that will increase value streams and market reach.
- Another important element of the business development process is the adequate training of personnel to meet the current requirements and the growth needs of the business.
- Remember to keep products/services and processes up to date to stay competitive and in line with your product development strategies and, where necessary, diversify or add line extensions to an existing product to keep revenues coming into the business, especially during slow periods.
- Project management plays an important role in helping to improve the results in the business development process as it allows for the appropriate structuring of tasks with timelines that promote greater efficiency and productivity. With effective project management, work gets done.
Ms. Graham is a business development expert who is a frequent guest on EXIM Bank's Business Advisory Services radio programme, EXIMBankja which is aired seasonally on Power 106 and Nationwide News Network as well as on JIS' network of radio stations islandwide.
Please look out for more informative excerpts from other episodes of our Business Advisory Services radio programme, EXIMBankja. You may also check the media room of the Bank's website for more information at www.eximbankja.com