Everything You Need to Know About Business Development
In the simplest terms, business development can be defined as the process or flow of activities undertaken by the organization to prosper in the future. The entire process of business development consists of measuring steps like increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions. This will in turn bring out the effectiveness of the business function. To define the term is quite a challenging one as there are overlapping concepts. The term is often interchangeably used with sales.
Business Development vs Sales
Sales is a component of business development, centered on promoting products, understanding customer behavior, and increasing brand awareness. In contrast, involves qualifying leads using frameworks like BANT (Budget, Authority, Need, Time), researching competitors, and proactively entering new markets.
Defining Business Development
Forbes defines business as creating long-term value from customers, markets, and relationships. It requires professionals to market and position products effectively, ensuring that the value offered is sustainable and well-communicated to consumers.
Here is an overview of skills that all business executives must possess
Communication skills
They are the face of the company and are often are asked to present the capabilities of the organization to all stakeholders
Negotiation Skills
This involves being tactful and diplomatic at times. Negotiation is quite an art and requires good persuasion skills. It is not always meant to be on the winning side
Project Management Skills
Executives in this role manage cash flows, set and adhere to goals, assess risks, and devise strategies to mitigate those risks. Strong project management skills ensure that all initiatives are aligned with the company’s growth objectives.
Research Skills
In order to be proactive, they are required to possess strong research skills that can be used to identify potential competition. This skill when applied can be used to determine the level of competition in the existing marketspace
Ability to work under pressure
This is one common characteristic that is expected by all business development folks to have.
The Role of Business Development
Business development integrates business, commerce, and organizational theory to create long-term value. It applies to all types of organizations, aiming to drive sustained growth and success by developing strategic relationships and exploring new markets.
