What is Business Development?

Undoubtedly, the ultimate goal of any business is to move toward growth and development. The development process can range from the development of manpower and financial resources to the development of products and services portfolio, and even the development of a number of branch offices. “Business development” has different interpretations for different individuals and organizations, but in all of these various understandings, the acquisition of benefits from the business development process is definitely worth considering.

Despite all the variety of interpretations on business development concept, this process can be categorized into multiple groups of applications for development and growth. In this classification, business development in startups, business development in SMEs with less than 100 employees, and business development in large companies with more than 100 employees can be applied. Fara Company is enthusiastically ready to execute business development processes in line with the organizational goals and expectations in each of these companies to support business owners in this essential and underlying period.

Business Development in Startups

Startups can be regarded as businesses that concentrate most of their efforts and planning on development; even in some concepts, one of the essential principles of startups is the ability to cultivate and grow. Business development in startups often initiates with the development of their business model which requires defining complete business strategies and plans.

 Business Development in Small and Medium Enterprises (SMEs)

Small and medium-sized companies generally have two general characteristics: first, they have passed through the startup phases and its challenges and therefore stabilized in their business; on the other hand, because of their smaller size and less complex bureaucracy, they do not engaged with the slow challenges of large organizations. Business development in these companies can occur by focusing on new product development or organizational unit development, and so on.

Business Development in Large Organizations

Although resources for business development are usually available in large organizations, the challenges of business development in these organizations are seen as constraints on development due to the prevailing bureaucracy. Fara Company enlighten the path of business development for enterprises by providing solutions such as organizational transformation, commercialization of products developed in the organization, technological collaborations with other organizations, and so on.

According to this classification, some examples of the services offered by Fara Company are:

Developing a Feasibility Study

Feasibility study which includes a report examining the various aspects of a project (production, service, investment, infrastructure, etc.).

In this process, various features such as market, technical and financial aspects of the plan will be evaluated and the economic indicators of the plan analyzed in several headings using Camfar software (UNIDO). A plan can be categorized in a variety of areas such as agriculture, infrastructure, industry, health, tourism, mining, services, and so on, from factory construction to product line improvement and from software production to creating a welfare company. Each justification plan can be designed and revised based on the requirements of the plan, the beneficiary organization and the main purpose of its writing.

Successful example of the Service accomplished by Fara Company:

Considering the importance of evaluating different products from all the required technical and economic aspects prior to the production of the products and developing the essential infrastructure, an Iranian governmental organization in collaboration with a well-known university in the field of vaccine production and laboratory kits nominated Fara Company to be involved in the project to formulate feasibility plans for 60 products both under commercialization and new products in the field of animal vaccines and diagnostic kits. In this project, Fara Company carried out the economic analysis in various technical and market dimensions using Camfar software and generated more than 120 detailed analytics pages per each product.

Business Plan Formulation

A Business Plan is a comprehensive and detailed report of a business that has passed the idea phase and carried out the primary feasibility studies. This business can be included the development phase of an organization with the goal of launching a new product, or dependent business to an institution, group or even an individual. In writing a business plan, detailed investigations are made on the central products or services of the plan, market and competitors, customers, business model, funding sources, human resources, technological indicators, and so on. In business plan formulation, determining factors on business are fully observed and in Business Plan Canvas seeks to thoroughly evaluate the significant and effective parts of the interactive channel to our value proposition toward our customers

Successful example of the Service accomplished by Fara Company:

Fara Company has conducted several business plans in numerous projects of different industries. For example, in collaboration with Razi Vaccine and Serum Research Institute with more than 1500 employees known as the largest vaccine manufacturer in Middle East introduced more than 65 different products in a wide range of human, livestock, poultry and aquatic vaccines, Fara Company has conducted 40 business plans of Razi different vaccines products. Accordingly, a wide variety of vaccines ranging from human poliomyelitis to Gamboro, poultry and animal influenza fever have been investigated technically, marketwise, financially and economically.

Market Research

In the market research process, through a meticulous understanding of the under consideration industry, product, and organization, first a general definition of the principal subject is presented. Understanding the topic can be the initial step in the transparency of the implementation process.By defining the problem the processes of identifying and describing the goals begin and the main and subordinate goals are identified and separated in coordination with the organization. By recognizing the objectives of the market research team using specialized tools tailored to the project elements, it collects data from multiple sources. The data collection phase is recognized as one of the most important steps in the market research process that starts after specifying the format used in market research and the data must be integrated as the valuable information using the experience and expertise of the research team along with the quantitative and qualitative tools at the end of this activity in order to be referred as the basis for the final report. The final statement will be generated based on the analytical information, project’s initial definitions, intended goals, using multiple charts and graphs.

The results of this process can contribute the management of the organization a very favorable and clear view of the industry and surrounding conditions of the industry and will be very effective in making critical decisions that have a direct impact on the revenue and future of the organization.

Successful example of the Service accomplished by Fara Company:

Considering the importance of the market recognition for business development, Razi Vaccine and Serum Research Institute decided to involve Fara Company to develop its activities in potential markets and to gain a detailed understanding of market performance and dimensions, in order to accurately evaluate the human and animals’ vaccine market. In this project, Fara Company has carefully analyzed and studied all types of human, livestock, poultry, aquaculture, pets, horses, etc. vaccines. Furthermore, a wide range of products in the field of vaccine producing technologies, worldwide and targeted markets have been investigated by Fara Company. The results of these studies presented to the client organization in more than five pages with comprehensive details.

Technology documentation

The most important asset of any organization is definitely its human capital and technical knowledge. Small and large organizations, especially those that involved in the production of unique products and cutting-edge technologies need to document this knowledge because of the importance of technical knowledge and sometimes its spreading among the key people of the organization, in order to maintain the assets of the organization in order to keep, maintain and update them. In this regard, Fara Company conducts a series of documenting activities in various organizations in conformity with their organization requirements and technological areas.

Successful example of the Service accomplished by Fara Company:

In order to document the production knowledge of organizational products in Iran with more than 80 innovative products and technologies and produce a wide range of required products in high-tech industries, Fara has conducted to devise product/technology identifier in commercial, technological, technical and market dimensions. By completing the identifiers, a valuable applicable book for each product containing the technological capital of the organization has been developed.

Compilation of Technology / Product Identifier similar to the above project has also been completed in other large and small projects and currently Fara Company has documented more than 100 products / technologies based on specific designed identifiers as one of its most important services in business development.

Brokering Services on Technology, Innovation, Entrepreneurship and Innovation Events (Startup Weekend, Reverse Pitch, Match Making)

Fara Company brokering services include identifying technological needs in industries for operating divisions and from other side introducing technological solutions in conformity to corporate issues. In this category, the expected results will be need-based and match making events, startup weekends and commercialization management of new technologies.

Successful example of the Service accomplished by Fara Company:

The importance of identifying the technological need in a proper way and then finding the right source to meet that requirements is one of the most critical steps to take in business development and in achieving innovative solutions. With the significance of attending numerous professional conferences in the automotive industry by Presidential Deputy for Science and Technology, Fara Company has provided specialized solutions for match making and reverse pitch events in some organizations and companies active in various industries and during the technology & product transferring process has also involved besides the Licensor  and Licensee  teams.