It’s common to hear “business growth” and “business development” used together in the same sentence, with the aim to grow your business but often they forget to say how that growth will impact your personal life as well. Seen as business growth and business development are often bundled together they must come at the same time, right? Let’s explore this further.
What Is Business Growth?
Think about business growth as a tree. A tree will start out as a simple seed, then it grows roots, then a trunk grows leaves, then pollinates spreading its seeds. and each year it will grow taller with more leaves than last year. An organisation can grow in various ways; increase its profits, open new locations, adding new staff and looking for new revenue streams.
But that doesn’t answer how a business can grow. Normally there is a form of catalyst that triggers growths. A significant trigger for Enterprise Made Simple has been our fully funded training in the past and present. Doing this has allowed us to take on more trainers and admin staff to process paperwork and put on more workshops for our learners. These are impacts of growth but growth can’t measure development.
What Is Business Development?
Business development happens at various stages and should always be happening. Do you remember that Catalyst I was talking about earlier? Development within the business can cause this triggering a reaction and growth but it isn’t dependent on it. If a business develops itself it may improve its interactions with its clients, quality of products or services, it’s business process model may become more streamlined. These developments can have significant impacts on a business.
Even though you want business growth and business development to happen, they are to actions that can affect one another but aren’t reliant on each other. Business growth can happen naturally with no need for development. Similarly, Business development can happen with no growth occurring or be needed. But without one another, your business could be left in the past.