Importance of business development
A business or company, whether small, medium or multinational, has a great influence on the economy of a country, city or sector, since they are the ones that provide, through a great financial cycle, the financial stability that is necessary to maintain a population.
Therefore, it is necessary to know the importance of business development, since it can directly affect the country’s economy.
Business development is a very broad concept made up of other definitions and concepts, but basically it is the growth, progress and expansion of a company, taking care of a series of elements with the purpose of obtaining all the objectives that are presented with the passing of time.
Why is it important for companies to grow?
Normally the growth of a company is directly based on the possibility of productivity, that is, if it has better or higher productivity, which in turn includes the ability to continue providing the product or service in a stable manner.
A good business development includes having higher productivity over time, where other factors grow correlatively, such as customer portfolio, physical space, employees, profits and the chances of success within the sector or niche.
So why is it important for companies to grow?
The advantage of business development or growth of a company can be seen from two perspectives, how it influences the company and how it influences the sector (country, state, locality) in which the company is developing.