Business development is the creation of long-term growth and prosperity within an organization through setting up business in new markets, building valuable relationships and partnerships, and increasing the value of the customer base. When it comes down to it, business development is all about sussing out how each of these factors interlink to pose opportunities for growth. Our previous post on business growth is relevant here, and may add to your ideas. To be successful in this field, you have to understand that this highly relevant concept, which may seem somewhat blurry at first glance, is in fact a balance between sales, networking, marketing and project management, among other things. Working on business development can be a richly rewarding experience if you’re a fit with it, as you will be exploring different business units within your company, whilst having a profound impact on its overall direction and growth; making informed decisions based on current business and market tendencies.

Long-term value is a key aspect of business development

You need to fight the temptation of chasing the fast money and that eagerness to dive in and take everything you can in as little time as possible. You must think of business development as a long, fruitful process; it will only work if you envision it as a means of creating long-term value, this is the true way to successfully grow an organization. Patience and cunning are useful attributes here.

How to set about business development

In a nutshell, business development should be a central component of your company’s strategy for growth. First of all, it’s essential to do your homework on the subject and know every intricate detail about the industry you are operating in; only then can you begin to make those all-important decisions that will determine the growth of your company and, by extension, its revenue. Some basic questions to consider and examine may include:

  • What situation does your industry currently find itself in?
  • Where does the strength of your sales lie?
  • Where are the opportunities for business, and what kind of partnerships might you be able to form?
  • Who is the competition and what kind of threat do they pose?
  • Are there any new products or technologies that might have an impact on your industry?

Once you’ve explored these issues, you’ll have set yourself up for the next step: Identifying new customer markets. But before attempting to penetrate these markets, be cautious and set yourself a new round of questioning:

  • Why might your competition have set themselves up in this market?
  • What customer profiles are they attracting?
  • What are the benefits of you entering this market?
  • Is your product adaptable to this market, or will you need to develop a new product?
  • How big will your customer base be?
  • How can you establish yourself in this market?

After answering these fundamental questions, you will have a clear idea on whether it will be fortuitous for you to pursue a place in these new markets. Bear in mind that what will interest you most is capturing as many new customers as possible without having to alter your product or methods much.

Another key point is determining which companies to partner with as a part of business development. Obviously, you should target established companies that have already enjoyed success in this field. Working with companies with a large customer base that are interested in your product will be an effective, sure-fire means of increasing the reach of your company. Our previous post on networking is revelant here, and will prove for an interesting read. Also, be sure to remember that a partnership works both ways, so be clear on what you can offer a prospective partner that makes you their best option as well. Finally, keep in mind that patience is a virtue; long-term business development takes time and should not be rushed.