Corporate development teams are the choreographers in the complex dance that is business growth and strategy. They choreograph each move with precision, vision, and imagination. Their expertise, adaptability and collaborative spirit are the main factors behind an organization’s constant growth and success.
Corporate development teams are often neglected in comparison to other departments such as business development or product development. However, they play a vital role for companies looking to expand their operations beyond the current scope and expand their operations strategically. It could be through mergers or divestitures, acquisitions, or strategic partnerships, the corporate development department evaluates and explores opportunities that can help achieve the company’s overarching objectives.
Some organizations opt for a central model in which the corporate development team is based at headquarters and makes all major decisions. This makes them more efficient, and ensures that all locations around the world are aligned to the corporate strategy. Many larger companies use a hybrid strategy, whereby the corporate development team makes the main decisions, while local teams take care of smaller decisions that are in line with their expertise. This is more flexible, but it requires a lot of communication and coordination among the teams to avoid conflicting strategies.
A well-run corporate development team will be focused on improving their skills, regardless of method. They are aware of the latest technological developments, trends in the field, and best practices to successfully execute their growth plans. They have a deep understanding of corporate culture, and are able to spot and resolve any issues swiftly. Furthermore, they are adept at communicating clearly and effectively with all stakeholders and external partners, particularly when it comes to international mergers and acquisitions, where cultural nuances must be considered.