Putting emphasis on corporate development is vital for companies of all scales, types and sizes. It essentially is the process through which a company manages to improve its working culture and environment, distinctive operations and functions, and so on. Steven Rindner mentions that corporate development is not only needed for better company operations and to provide improved solutions to the clients and customers, but it also aids in managing the market competition. Mr. Rindner is an experienced industry professional, and has been associated with the corporate world for quite some time. This makes him a good candidate to talk about corporate development.
Corporate development teams are becoming increasingly vital with every passing day, owing to the contemporary business climate. Steven Rindner mentions that with the rapidly changing markets and technologies, the strategies developed by the corporate development team have a major role to play in making sure that companies are able to adapt to these changes and remain competitive in their markets or expand into new markets if it is found to be necessary.
Corporate development majorly involves strategic planning that is needed to restructure businesses, and bring about progressive organizational changes for the purpose of improving the overall productivity and profits of the company. However, each and every company has their own way to appoint a corporate development team for its operations. While some firms have a full-time team working for them, many others opt to hire a team for a specific period of time whenever they feel it is required.
According to Steven Rindner, the major types of corporate development teams found in companies today include:
- Centralized team: A centralized corporate development team ideally works both internally and externally, while trying to improve the already established business connections, as well as to create new ones. Such teams usually features qualified corporate development candidates who have proper qualifications and training.
- Hybrid team: Hybrid development team features only few individuals who majorly depend on networks inside and outside the company for the purpose of making important decisions in regards to the growth and development of the company. These professionals however are not given the authority to make firm decisions for the company, and have to seek permission from senior directors for every major step.
- Decentralized team: Companies that do not have a particularly appointed team of employees for corporate development tend to work with a decentralized team that can manage the related functions. The professionals coming under a team consist of employees from different departments of the company who have discussions together and take decisions for the development of the company.
A centralized team is the most preferred type a corporate development team among modern businesses. However, the team perfect for a company would largely depend on their own scope of operations, budgetary constraints and so on. Regardless of the type, corporate development teams spend the majority of their time working on deal sourcing, analysis, and execution.