Business Development Services in Nigeria; What Top Management needs to Know.
Business Development in Nigeria for Top Management. Business Development in Nigeria; What Top Management needs to Know?
OUTLINE:
- What is Business Development Services all about?
- Key Focus of Business Development in Nigeria for Top Management.
- What Should a Top management Business Developer in Nigeria Know?
- Common Services of Business Development Services Providers in Lagos Nigeria.
- Business Plan Writing in Lagos Nigeria.
- Feasibility Study/Research in Lagos Nigeria.
- Business Growth Consulting Services in Lagos Nigeria.
- Proposal Writing Services in Lagos Nigeria.
- Company Profile Writing Services in Lagos Nigeria.
- Logo Design in Lagos Nigeria.
- Search Engine Optimization Services (SEO) in Lagos Nigeria.
- Website Design Services in Lagos Nigeria.
- Speech Writing Services in Nigeria.
- Challenges of Top Management Business Development Services in Nigeria.
- Contact Development Services Providers in Lagos Nigeria
1) What is Business Development Services all about?
Business Development in Nigeria for Top Management.
Business Development Services (BDS) in Nigeria, like in other parts of the world refers to a wide range of non-financial services used by entrepreneurs and corporations to help them improve the performance of their projects/businesses, access markets, and ability to compete in the Nigerian or global market. The role of Business Development Service Providers in the development of enterprises is widely recognized throughout the world. In more developed economies like Singapore, business services are at least 15% of domestic output.
Business development services are invisible products, which means quality of final delivery cannot be judged in the same way as other physical goods. When selecting a Business Development Service (BDS) provider, judgment on quality of services can only be made based on the reputation of the firm, the presentation made by the consultants, and final results derived after all said and done.
When businesses reach a certain level of growth, more management systems-related problems develop that are beyond their capacity to solve. In this case, the use of consulting services by Business Development firms is a necessary and efficient solution. Even in cases where businesses may have the expertise to resolve the problems by themselves, they usually are driven by day-to-day business activities that are geared towards more short-term profit and may not necessarily be well positioned to carry out the needed changes. Furthermore, independent 3rd Party consultants have a more objective approach to solutions which are not biased by the internal politics of the business.
2) Key Focus of Business Development in Nigeria for Top Management.
Business Development in Nigeria for Top Management.
Business Development in Nigeria for Top Management.
- Business development encompasses a wide scope of ideas, activities, and initiatives that a business owner and management implement with the goal of making the business better.
- Business development services in Nigeria can include many objectives, such as sales growth, business expansion, the formation of strategic partnerships, and increased profitability in the Nigerian market and abroad.
- A Successful all-round business development impacts every department within a company, including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.
- Business developers in Nigeria, in collaboration with the business owner should be aware of new market opportunities, possibilities for expansion, competitor developments, and the current sources of the company’s revenue.
3) What Should a Top management Business Developer in Nigeria Know?
Business Development in Nigeria for Top Management. Since business development involves high-level decision making, the business developer should remain informed about the following:
Business Development in Nigeria for Top Management.
- The current state of the business in terms of SWOT analysis (strengths, weaknesses, opportunities, and threats).
- The current state of the overall industry and growth projections.
- Competitor developments.
- Primary sources of sales/revenues of current business and dependencies.
- The customer profile.
- New and unexplored market opportunities.
- New domains/products/sectors eligible for business expansion, which may complement the existing business.
- The long-term view, especially with regards to the initiatives being proposed.
- The cost areas and the possible options for cost-savings.
4) Common Services of Business Development Services Providers in Lagos Nigeria.
i) Business Plan Writing in Lagos Nigeria.
Business Planning is the process of determining a commercial enterprise’s objectives, strategies and projected actions in order to promote its survival and development within a given time frame.
A Business Plan is a document that describes a business, its products or services, how it will earn money, leadership and staffing, financing, operations model, and other details that are essential to both operation and success. Entrepreneurs create them as part of the start-up process while existing businesses often write them when changing direction or strategy. Most business plans cover the company’s first three to five years. Click on the link to know more about Business Plan Writers in Lagos Nigeria.
ii) Feasibility Study/Research in Lagos Nigeria.
A feasibility study is a research that is carried out in an attempt to generate information that would guide the intended CEO or Management Team that is considering starting a new venture/project. A feasibility study provides step-by-step information of everything that needs to be known towards starting-up anything new (or expansion). Feasibility studies also helps to determine if the proposed idea, venture or concept is viable / feasible or not. Click on the link to know more about Feasibility Study Writers in Lagos Nigeria.
iii) Business Growth Consulting Services in Lagos Nigeria.
The job of Business consulting firms is to advice business owners on the best possible ways to grow their individual businesses, and also strategize with them on the most effective ways of overcoming their business challenges. Business Consultants in Lagos Nigeria and also Business Consultants in other parts of the world are also responsible for organizational structuring and business process analysis and structuring. Business consultants can be seen as Business Doctors; they study businesses with different approaches, they analyze businesses, they help businesses to grow and stay healthy by giving professional advice and techniques to business owners. Business Consultants really need to be passionate about their job for them to be effective. Business consultants play the role of coaches, as such; business consultants are also called business coaches. Click on the link to know more about Business Growth Consulting Services in Lagos Nigeria.
iv) Proposal Writing Services in Lagos Nigeria.
Business Development in Nigeria for Top Management.
Proposal is a formal request for something, sent from one party to another.
A Proposal can also be said to be the act of offering or suggesting something for acceptance, adoption, or performance.
In a number of cases, a Proposal is an idea, concept, or new approach seeking acceptance, and usually presented in a written format.
Writing a Proposal can be seen as an act of putting forward or stating something in writing for consideration by another person or group of persons. Click on the link to know more about Proposal Writing Services in Lagos Nigeria.
v) Company Profile Writing Services in Lagos Nigeria.
Business Development in Nigeria for Top Management.
Business Profile or Company Profile can be defined as a detailed and graphical document that aims to introduce a Company/Business to the general Public. So, a Company Profile answers all the key questions that are usually asked by people coming across your Company/Business for the first time. First of all; from what your company is all about, to the different means you can be contacted, to the prices of your products (if you have fixed prices), to mention a few.
In addition, a company Profile is a nice looking document that ultimately introduces your business/company to those meeting you for the first time. It’s your story, it’s your edge, and it’s everything that tries to do the conviction both in writing and design. Click on the link to know more about Company Profile Writing Services in Lagos Nigeria.
vi) Logo Design in Lagos Nigeria.
At the very basic level, logos are symbols made up of text and images that help us identify brands we like. But they can be so much more! A good logo is the cornerstone of your brand. It helps customers understand what you do, who you are and what you value. That’s a lot of responsibility on a tiny image!
A professionally designed logo should be consistent, recognizable, and evoke a positive or meaningful feeling. A good logo should infuse the spirit of your brand throughout all visual elements and marketing channels. Click on the link to know more about Logo Designers in Lagos Nigeria.
vii) Search Engine Optimization Services (SEO) in Lagos Nigeria.
Search Engine Optimization (SEO) is the process of improving the quality and quantity of website traffic of a website or a web page for search engines. SEO targets unpaid traffic (known as “natural” or “organic” results) rather than direct traffic or paid traffic. Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search, and industry-specific vertical search engines. Click on the link to know more about Search Engine Optimization (SEO) in Lagos Nigeria.
viii) Website Design Services in Lagos Nigeria.
A website is a collection of publicly accessible, interlinked Web pages that share a single domain name. Websites can be owned by an individual, group, business or organization to serve a variety of purposes.
Although Websites come in a nearly endless variety, including educational websites, news websites, religious websites, forums, social media websites, e-commerce websites, and so on. The pages within almost all websites are usually a mix of text and other media. Click on the link to know more about Website Design in Lagos Nigeria.
ix) Speech Writing Services in Nigeria.
Many Individuals and corporate bodies need speech writers or copy writers to help them pass/convey messages that are capable of delivering the needed results. This is where some business development firms come to play. Click on the link to know more about Speech Writing in Nigeria.
5) Challenges of Top Management Business Development Services in Nigeria.
a. Limited demand and supply for Business Development Services:
As SMEs (and some top management) typically have modest income and savings, they have low demand for and use of outside services, including Business Development Services Providers in Nigeria. Most Small and Medium-sized Enterprises (SMEs) say that they cannot afford the business services that are offered by the providers (usually on a for-profit basis). In addition, many Small and Medium-sized Enterprises (SMEs) are either unaware of the benefits of such services or do not see the potential value that Business Development Services in Nigeria could bring to their Nigerian firm, organization or project. This is especially the case with services such as; Strategic Management Advisory Services that do not promise immediate and tangible benefits. The supply-side of the Business Development Services (BDS) market is also limited by several constraints. This is a key point for Business Development in Nigeria for Top Management.
b. Relatively Low Awareness of Business Development Firms:
Nigeria has a growing business services sector, yet many entrepreneurs are largely unaware of the potential benefits of purchasing the services of business development firms. Some entrepreneurs tend to be wary about disclosing confidential business information to outside business consultants in Nigeria. In general, many potential customers in the Nigerian business space lack adequate and accurate information about the services currently being offered and the underlining benefits of Business Development firms in Lagos Nigeria. This is another challenge for Business Development in Nigeria for Top Management.
c. Insufficient availability of information.
A reliable and systematic statistical database on specific industries, markets, and on all aspects of the Nigerian economy, does not exist. This is a major constraint, as all of these are crucial for providing strategic advice to companies in a timely and thorough manner. A major concern for Business Development in Nigeria for Top Management.
6) Contact Development Services Providers in Lagos Nigeria.
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References:
documents1.worldbank.org/curated/en/375441468130805111/pdf/368310VN0Busin1nt0BIB171VN11PUBLIC1.pdf
investopedia.com/articles/personal-finance/090815/basics-business-development.asp
