Business development

You should regularly compare your financial figures with your competitors and find out what the possible differences are. 

Competitor analysis helps you identify who your competitors are and how you can do better. A competitor analysis may also highlight opportunities for partnerships or networking.

The business plan should be updated regularly, as it describes the customers of your company, the competitive situation and the risks of your business operations. It also includes calculations of your company’s profitability and financing as well as the product strategy.

You can draw up your business plan at Job Market Finland.

Marketing helps you develop your company's brand and maintain good relationships with existing customers as well as find new ones. However, it requires financial investment. In some situations, you may receive public or private support for marketing. 

A good organisation of sales improves the efficiency of sales and helps you allocate resources. Remember to also monitor the achievement of the goals and customer satisfaction so that you can make changes in a timely manner if necessary.

Your company needs a constant influx of money as working capital and sometimes also for investments. Money is especially necessary when you are starting up or expanding your business. Financial planning is usually divided into short-term and long-term planning. 

Budgeting is planning for the future in numbers. A budget describes where money is coming from and how much you intend to spend during the budget period. The budget should be prepared regularly, and its implementation should be monitored so that you know where the money is actually spent and is it easily sufficient for costs. Read more about the budgeting process

In connection with business budgeting, plan also how much salary you want to pay yourself. It is helpful to make a budget for personal income and expenses according to the instructions in Finnish of the Guarantee FoundationOpens in a new window.. 

Investments refer to procurements required to run a company's operations, such as machinery and production facilities. Investments are often expensive, so it is worth planning procurements thoroughly. Do not get scared if the investment process momentarily lowers the company’s profitability.

For investments and other development of operations, your company can receive:

• regional or state-paid business subsidies and financial aid
• loans and guarantees
• capital investment.

Read the planning instructions for investments.

For advice on funding projects, contact the Enterprise Finland advisory service and the SME financial advice of the Economic Development Centre.

Business development is a continuous activity, as your company's customers and business environment are often also changing. You should strengthen your competence and ask for help from external experts.

Business development services help with e.g.:

• sparring the business plan
• reforming or growing business
• product development and innovation
• digitalisation of business
• development of marketing
• improving management
• risk analyses.

Among others, the Economic Development Centre, development companies and the Enterprise Agencies provide free services as well as services subject to a fee. You can find out which services are suitable for your company or call the Enterprise Finland advisory service or the advisory service in your region.

You can send a contact request to the operators in the Team Finland networkOpens in a new window. so that an expert best suited to your situation can contact you.

You can also hire a private consultant to help you develop your business.