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Business Development

In: Business and Management

Submitted By nikhilrai
Words 419
Pages 2
“EVOLVING A BUSINESS DEVELOPMENT STRATEGY FOR PURPLE HR CONSULTING PVT.LTD”

Understanding how HR is approached in the context of the organization in which it operates is crucial to understanding how HR contributes to business strategies and the value that it is poised to bring to the organization.
STEP BY STEP TO BUSINESS GROWTH:
STEP 1: Diagnosing the heath of the business.
STEP 2: Focussing on key divisions and setting goals.
STEP3: Developing business strategies.
STEP 4:Implementing growth plan.

DEVELOPING A BUSINESS DEVELOPMENT STRATEGY:

Growth strategies resemble a kind of ladder, where lower step presents less risk but maybe less quick-growth impact.So for intensive growth one should start from the lower step of the ladder which we call as intensive growth strategies.Growth strategies are never pursued in a vacuum, and being willing to change course in response to feedback from the market is as important as implementing a strategy in a single-minded way. Too often, companies take a year to develop a strategy and, by the time they're ready to implement it, the market has changed on them. So when putting together a growth strategy companies should think rapidly. Best approach could be take one step at a time.

➢ One of the ways for developing a business growth strategy for Purple HR could be buying a competing business or businesses.Employing such a strategy will add to the company’s growth and it will also eliminate another barrier standing in front of company’s future growth namely- a real or potential competitor. Paychex, Inc. is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses.Paychex, acquired key competitors over the years which proved beneficial for them as their share in the market increased.. In January 2012, the Company acquired Icon Time Systems, Inc. In December 2012, the Company acquired ExpenseWire from Rearden Commerce Inc.
The main objective of this strategy is to gain more market share in the market as was gained by companies like Paychex and Intuit.This objective could be really helpful for company’s growth.
Paychex acquired Icon Time Systems in Jan 2012.Following table will show their growth after acquisition:
| | |As of May 31,2012 | |
| |2012 |2011 |Increase |
|Client Base |567000 |564000 |0.53% |
|Paychex HR solutions client employees served |615000 |569000 |8% |
|Paychex HR solutions clients |23000 |21000 |9.50% |

The main outcome after opting for this strategy could be gain in client base for Purple HR and in turn increase in turnover.

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