The ultimate objective of Business Development Services (BDS) is to improve small to medium enterprise (SME) performance in Egypt, as a means to achieve higher economic growth and employment, reduce poverty, and meet social objectives.
Improving SME performance requires many ingredients, such as a policy environment conducive to enterprise competitiveness, access to financial and non-financial services, and expanding markets for SME products and services. The ultimate vision for BDS is to be a well-functioning market with a diverse array of high-quality services that meet the needs of a large proportion of SMEs affordably. This typically when a private sector-led, market economy framework which reflects:
The structure of BDS providers is arranged based on the level of intervention they choose to undertake. Thus, a business development service can be classified into one of the following three categories:
Business development services for SMEs target every level of an organization’s operation to drive holistic improvements across the board. Here is a detailed analysis of how a BDS provider can enhance different elements of your business:
Sales
SMEs target specific markets or clients to close deals on sales for company products or services. However, most organizations face obstacles caused by inadequate sales skills, strategies, and channels. A business development service can offer a team of sales and marketing experts that better target audiences, develop sales plans, execute strategies, conduct market research, and implement new sales channels for better revenue generation.
Marketing
Marketing strategies aim to increase brand awareness, create demand, and target advertising to sell products to potential customers. Limited marketing budgets can cause diminished market visibility. Product sales can also suffer due to poor marketing. BDS encapsulates various marketing strategies through content, social media, print media, etc., by allocating consultancy services to analyze the market for trends and expand your customer base.
Market Expansion
SMEs and MSMEs must eventually target the global market to expand their market reach and open more avenues for revenue generation. BDS providers can support organizations through financial services or consultancy and information.
Strategic Partnerships
Strategic partnerships enable businesses to form alliances where both parties gain mutual benefits to expand their market presence and create opportunities. Business development services offer legal consultancy and networking opportunities to SEs based on goals and projected success after adopting a self-sustaining model.
Business Planning
Business plans are vital for achieving long-term goals. BDS providers offer financial and non-financial services as consultancy or capital to maintain a standardized roadmap for optimal business growth. Despite its many advantages, acquiring formal and informal business development services can be tedious or expensive for several SMEs and MSMEs. You need a platform to gather financial and non-financial services based on immediate market requirements.
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The ultimate objective of Business Development Services (BDS) is to improve small to medium enterprise (SME) performance in Egypt, as a means to achieve higher economic growth and employment, reduce poverty, and meet social objectives.
Bashir Al-Khair, Ghait Al-Anab, Alexandria
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