Business executives focused on company development often take a look at corporate synergy. This term refers to increasing productivity and output from existing branches, divisions, or units within the company by streamlining practices. For business development managers such as Misiona Patane of Pure Pasifika, increasing synergy is important to corporate growth. Pure Pasifika relies on Patane to create synergy to aid progress.
There are three types of business synergy for companies to focus on:
1. Operational synergy deals with streamlining the production aspects of the business. This branch makes sure that two divisions within a company do not work on the same product in tandem. Instead, they pool their resources to create one superior result.
2. Financial synergy ensures that monetary resources are being properly distributed and cash is not being diverted to fund the same initiative twice. It can also guarantee that a unit in a period of growth is properly financed while other divisions with excess resources have their budget adjusted to reflect their true needs.
3. Managerial synergy will put the proper leadership in place. Sometimes this means moving an executive from one area that is thriving to an area that is struggling.