Business Strategy

Business development is the process by which organizations pursue opportunities to create greater value. Just like people, organizations must grow and change over time to thrive, and successful ones engage in development planning guided by strategic thinking and the pursuit of long-term goals. However, while business development is important to the ongoing viability of any organization, the specifics of a given growth strategy may involve entirely different processes from case to case.

For example, a multinational corporation’s business development strategy may include an analysis of their competitive position in the market, a capabilities analysis to determine areas of strength and weakness, and then a consideration of opportunities to divest from businesses that are no longer likely to be profitable. Alternatively, a company may identify new market opportunities and seek to diversify by establishing a new business unit or through mergers and acquisitions (M&A).

In contrast, for non-profit organizations, business development typically has quite a different meaning. In this context, development is usually focused on fundraising through a variety of means, including social media campaigns, grant programs, special events, one-on-one donor cultivation, and other activities.

Regardless of the types of activities pursued, business development is a core element of the lifecycle of any long-running enterprise.‎

For those just starting out, UVA's Business Strategy specialization offers an introduction to concepts such as business planning and strategy, as well as market research. For those interested in sales, The Art of Sales: Mastering the Selling Process and Feedback Fundamentals can help. The Wharton Business Foundations Specialization can aid in deepening understanding for more experienced entrepreneurs as well. Additionally, a course in Powerpoint Presentations can help prepare for and deliver informative presentations.‎

One of the best free business management courses out there is the Company Future Management course. It offers a comprehensive overview of potential future scenarios, as well as in-depth analysis of the emerging trends and threats that organisations will have to be aware of in the years to come. Financial Markets and Global Economy is another great course from Coursera covering a wide range of topics such as global and regional market cycles, economic and financial stability, the rise of fintech, and more. Corporate Strategy is another favourite, providing a practical introduction to the world of corporate strategy and value creation. For those looking for more creative approaches to business management, the Creative Thinking Techniques and Tools for Success course is a must-try. And, not to forget, there is the Budgeting Essentials: Financial Development course that teaches step-by-step methods to create budgets and track progress on financial goals.‎