Business development is about creating long-term value for an organization. It can be boiled down to the general ideas, activities and initiatives carried out to make the business better and how the interactions between customers and markets can generate growth opportunities for the business.
Making the business ‘better’ can come about through implementing various objectives, for example increasing sales, profits, expansions, partnerships and more. Overall, a successful development will impact every department within a business, from the sales and marketing departments to the accounting and finance departments and everything in between.
Business development can include many objectives, such as sales growth, business expansion, the formation of strategic partnerships, and increased profitability.
It’s essential for business developers to be aware of opportunities in new markets, developments in competitors, expansion possibilities and the financial resources that are available to them. The development of a business is always specific to each organizations’ business plan.
Business development enables organisations to continue to change and progress to achieve their objectives and get results.
Business Development is essential to achieve sustainable business growth within organizations. It focuses on generating value in the long-term, rather than creating quick cash solutions which only support in the short-term, which is a much more sustainable approach. This sustained value can be in the form of new products, processes or markets.
Business Development: The Basics
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