Business development is among the most misunderstood terms in business. You’ll likely get a dozen different responses if you ask ten “VPs for Business Development” or professionals with similar titles what the term means. Some will describe it as sales, some will focus on partnerships, while others will point to the need to nurture long-term value for the company as its primary goal.
Despite the confusion, it’s crucial to recognize that business development is all of these things and more. It helps companies explore new markets and discover opportunities that they would otherwise overlook. It also aids companies stay in the game and increase their profit.
There are a variety of business development strategies that could be used to achieve growth goals, including expansion of markets or product development as well as acquisitions. However, no matter which approach is taken it is essential to establish and keep relationships throughout the process. This could include any stakeholder who can aid in achieving the goals you want to achieve, such as partners, customers, media, and institutions.
It’s important, when developing the business development strategy, to set objectives that are SMART (specific achievable, measurable and quantifiable appropriate and time-based) and clearly defined objectives. It’s also beneficial to have a system in place to monitor progress and ensure that all parties are on the same on the same page. It is also crucial to have the right people and equipment in place to implement on your plans. It’s a great idea to assist your business development efforts by investing in training and giving your team the resources they require to be successful.