Specifically what is business development? This is a frequently asked question with as many answers as there are people calling themselves business development professionals. What unifies the discipline of business development is not so much the activities that comprise it, as these are immensely diverse ranging across a multitude of subfields. It is rather the goal or the objective: In a single way or another, business development is about implementing business growth opportunities. learn about Scott
Business development involves all tasks and processes regarding both the analytical prep, monitoring and support of growth opportunities. Of course, growth can be achieved in many ways. There is a plethora of activities, conceptualizations, methodologies, tools, frameworks, models, subfields, and buzzwords applied across industries and geographies when implementing growth opportunities for firms. Thus, it is difficult to make away what is with value to business development.
This kind of paper will discuss and distinguish key concepts of modern-day business development for a more comprehensive and translucent picture of this important yet ambiguous field. A certain interest will be taken into how business development activities differ across company sizes and expansion stages, from early-stage start up companies to fully-grown companies, and the various institutions that can support companies issues paths to growth. Last but not least, the value of business development services is talked about from the angle of small and medium size enterprises (SMEs).
1. The people of business development
“I do biz dev”, you hear people say frequently. But yes, business development is indeed something that one may do, and the actors of business development these are known as Organization Developers. Business developers can be internal employees appointed to identify and increase a company? s business, and the strength is situated in their deep understanding into the organization they improve. On the other hand, there are exterior professional service providers, such as management consultants, who leverage their experience from helping other companies develop, identify, and execute progress opportunities. Whether internal or external, individuals of this professional breed are usually generalists by nature with the skills and ingenuity to collaborate and combine knowledge and feedback from a business? s functional models such as sales, marketing, R&D, operations, and funding, also synthetize that information into actionable roadmaps, also called business plans. The business plan can be thought of as a formal statement of a set of organizational goals, including the motivations and conditions for why they are attainable, and a plan for achieving the goals. The tools and methods utilized by business developers are countless, yet the objective remains to answer one fundamental question: “How do we make money? inch
While business developers work to address how businesses sell more of their products or services and make more money both today and tomorrow, business development activities are typically skewed towards forthcoming business opportunities and strategy. Many sales reps claims to be business development professionals, but this does not fully get what business development is. One of the primary activities a company developer will is identify new opportunities. To do so, the organization developer must have perception into a variety of business related fields, and have access to key information that can allow new parallels to be sketched. To start with, he/she must maintain an elementary understanding of the company in question, stay on top of industry trends, and monitor the competition. Secondly, but perhaps more importantly, the business developer must be able to take a healthy perspective, use his/her gut instinct when analyzing results, and have absolutely proof creative imagination and resourcefulness when synthetizing information as a way to conclude which next steps the business should take.