Business Development

Feb 2, 2015

What is Business Development?

Business development comprises a number of tasks and processes generally aimed at developing and implementing growth opportunities within a community. It is a subset of the fields of business, commerce, and organizational theory.

Why get Involved in Business Development?

There are many benefits to a formal business development process rather than jumping right in.

Some benefits to the process include:

• Business planning allows advance consideration and preparation for potential challenges

• Provides for process to determine expected costs with increased accuracy

• Allows for due diligence in advance of business acquisitions

• Provides careful consideration of potential impacts, negative and positive, of expansion opportunity

• Consider of marketing initiatives; local, domestic, or export oriented

• New product or process development

• Determining financial implication of new technology to improve operations and competitiveness prior to implementation

• Consideration of operating costs in addition to capital costs and related cash flow implications

• Financial services, business support, business-related training, and mentoring services

• Referrals to expert advice

Who should be involved?

Aboriginal entrepreneurs and communities that are proposing to establish a business, acquire a business or to expand existing business.

What kinds of skill development workshops are offered?

• So you want to start a business – entrepreneurial assessment

• Shooniah and You – how to manage your finances

• What is a marketing plan and how to I build one?

• What do lenders look for?

• Your credit report. What is it? Why is it important? How do I improve my score?

• Cash flow is different from income? How and why is it important to know the difference?

• Why is financial record keeping important? Tips and tricks to stay organized

• My day slips away from me! How do I manage my time?

What can NADF do to help?

The Business Development Officer promotes entrepreneurship and guides entrepreneurs to investment readiness for business start-up, maintenance and/or expansion. We are also able to deliver business development workshops by topic that are part of the business planning processes.

These include, but are not limited to:

• Business Planning

• Personal business coaching

• Proposal Writing

• Generating Ideas

• Do you have what it takes to be an Entrepreneur

• Do you need help in your business?

• How to Market your product or service

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