Success in the oil, gas, and mining industry, any industry is traditionally linked to the ability of searching for, finding, and commercialization of assets. However, with the global expansion of trades and services and the emergence of newer players, business development is increasingly growing in importance.
The scope of business development in the natural resources industry transcends borders and barriers to create a truly global model of growth. Mining, oil, and gas companies are thus, developing and implementing more efficient strategies to meet their business needs.
The components of a good business development strategy
Business development strategy: three words that can create a world of difference in your organization. A standard definition, based on textual analysis, would be that a business development strategy is any plan or mechanism in place that leads to the development of new opportunities leading to the growth of the business – yes, it’s as simple as that. But the keyword here is strategy. This indicates that there must be a specific plan in place to achieve desirable outcomes. However, what exactly is the plan? And what is the difference between a good plan and a bad plan?
A good strategy involves, firstly, the identification of an opportunity or a need in the marketplace – a need of goods or services, of something unique that only you can provide. Once you clearly know what you can offer, and what the market demands from you, then you need to find a partner who can assist you in meeting that need through mutual cooperation. These partners may be local organizations or international partners that can help you reach existing markets, create new markets, and introduce and utilize products and services.
There are a couple of requirements for a good business development strategy. You need to understand the dynamics of your market and its major players. You also need to be adept in handling any problems that arise in the way of achieving your objectives. And, above all, you need to have a vision and a direction to lead your organization in order to maximize value.
How we can help
Rowe SMG has consultants in locally and in Global locations including Houston, Iran and Dubai with extensive experience in both the global and local dimensions of business development. Our professionals operate in various countries around the globe and are fully capable of assisting your organization in achieving its business objectives. We have a comprehensive understanding of local laws, culture, and politics, recognize common business practices and patterns of trade in the host states and provide solutions for troublesome issues such as international travel, contracts, and business risks. Through our assistance, you can take your organization to the highest levels of growth and accomplishment globally.