What Is Sustainable Business Development?
Sustainable business development is the process in which a company can plan, reassess and achieve sustainable growth for its businesses. SBD is the backbone of effective and efficient management of companies. It is not just about developing strategies but also about building strategies.
According to Jordan Sudberg, as a company grows, multiple challenges will come to the forefront. SBD helps an organization overcome these and maintain focus on the business’s key objectives.
SBD is not something that is just done overnight. It does not happen shooting from the hip; it requires a comprehensive strategy and meticulous planning, which take time to develop. The best thing about SBD is that it’s not all on you, but you have partners willing to support you in this process – employees, executives, and investors as well.
What Elements Ensure Sustainable Business Development?
Sudberg, a successful entrepreneur and mentor in business development, has identified the following important elements that provide a viable framework for sustainable business development:
1. Customer demand.
When a company understands customer needs and addresses short-term momentary needs or wants, they base their long-term goals on those needs and wants. This leads to effective plans for business growth.
2. Competitive advantage.
This leads to a sustainable business development plan. Thus, companies need a competitive advantage to help them achieve sustainability.
3. Market share.
Market share is not just about being the biggest but also about being the best in different aspects of the market. Companies need to make sure they are prepared for what is coming from the competition and marketing strategies of their rivals. This assists in creating sustainable businesses with healthy market share before entering a new product or service, or strategy to increase market share.
Companies should understand their position in the market, which will, in turn, help them to predict future changes. This means that whether the company is moving towards success or failure, they need clarity on how sustainable their business development will be and how they can achieve it.
5. Understanding the market.
To sustain a business, it should understand its aspects, competitive advantage, and current and future position within the marketplace. Identifying companies with a competitive advantage can lead to sustainable businesses with healthy market share.
6. Stakeholder management.
It is the process in which a company identifies its stakeholders and works for their interests. In order to grow sustainably, a company needs to identify its stakeholders and assess what it can offer them to achieve sustainable business growth.
7. Value creation.
A sustainable business development plan should have clear goals that every stakeholder in the company can understand. This helps to create value and sustain it.
8. Organizational goals.
A sustainable business development plan will not be successful unless it addresses all aspects of the organization, including internal and external factors, management systems, and human resource management.
Jordan Sudberg believes that sustainable business development cannot be forced; it can only be enabled by various factors within companies’ control, such as leadership, corporate governance, and organizational culture. Once it is established, companies can enjoy a viable framework essential for the sustainable growth of their business.