cost reduction

Business development involves more than just expanding sales, product offerings, and market
penetration. To increase the bottom line, strategic choices are also required, including cost-cutting
strategies. For instance, adjustments to travel policies, such as holding video conferences instead of in-
person meetings or choosing less expensive transportation options, may result from an internal audit
that reveals high travel expense.

Similar cost-cutting strategies can be implemented by management by contracting out non-core tasks
like billing, accounting, financial management, technology operations, and customer support. Business
growth includes forming the strategic alliances necessary for these activities. saving money

Sales, product, and market expansion are only a small part of business development. In addition to
making strategic decisions, cost-cutting initiatives are also necessary to increase the bottom line. For
instance, if an internal evaluation reveals excessive travel expense, new travel policies may be
implemented, such as using video conference calls rather than in-person meetings or choosing more
affordable transportation options.

By contracting out non-core tasks like billing, accounting, financial management, IT operations, and
customer support, management can employ similar cost-saving measures. The business development
required for these activities includes the strategic alliances.