Elements and Performance Criteria
- Investigate opportunities and ideas for business development
- Conduct an internal assessment of the performance of the business and its operations to identify potential efficiencies
- Review the external business environment and identify emerging trends, disruptions and potential threats
- Consult with relevant stakeholders and specialist services or sources of advice to gain feedback on development possibilities
- Consider development options specific to the type of business, market or industry life cycle stage utilising benchmarking, research and innovation
- Formulate strategies
- Based on the outcomes of the analysis, confirm or modify the business objectives
- Develop a set of strategies and specific actions for both the short and long term incorporating regulatory, social, economic, ethical and environmental responsibility factors into the decision- making process
- Align the strategies to the business resource and capability limitations
- Implement the strategies
- Access and allocate resources
- Establish a framework for implementation that covers equipment, infrastructure and personnel
- Design controls to monitor progress and take action to correct any issues
- Demonstrate leadership by providing direction and motivation to others to encourage contribution to business success
- Monitor the implementation of the strategies
- Assess the outcomes of the strategies and actions against business objectives and performance targets
- Consider further innovations or efficiencies that would contribute to business sustainability
- Determine any adjustments to the strategies and actions to accommodate changes in the internal or external situation
- Document and communicate the changes to relevant stakeholders