Aviva Directory » Business & Industry » Business Development

Business development is the process of creating and implementing strategies to promote growth and profit in an organization. Essentially, business development consists of ideas and activities designed to improve a business over time.

A business development professional's task is to expand a company's viability and profitability through performance evaluations to determine areas where the business could be improved. This may involve building and preserving relationships with business allies and partners or other avenues for growth.

Business development involves determining a blueprint for the long-term development of a client organization's relationships, markets, and customers. The job of a business developer is to help grow the client's business, and the strategies for achieving this goal may vary from industry to industry, but the mission remains the same.

Business development and sales are often viewed as synonymous, but that's not the case. Although both are designed to get the company's product or services into the hands of customers, they are complementary but separate elements, in that one of the goals of a business development strategy might be to increase sales. Business development is about enhancing a company's relationships with prospective customers, while sales development is about closing the sale.

Business development involves determining how a company can grow effectively and, while the sales team works to expand the company as well, business developers work with other potential partners and business allies, rather than direct customers.

The differentiation is in spotting and implementing new growth opportunities. Business development involves more than reaching new clients. It also includes identifying and reaching new partners, entering new markets, and developing new products.

Business development and marketing are sometimes confused, as well, but marketing is about attracting new leads and new customers, while business development is about building relationships with organizations for the purpose of generating new opportunities. Business development requires marketing skills, sales skills, and communication skills, but it also involves a comprehensive examination of current practices for the purpose of developing new, more effective strategies.

Business development involves a wide range of ideas, actions, and initiatives that can be implemented by a client business in order to improve the overall viability of the business. It often involves several objectives, including increased sales, business expansion, the development of strategic partnerships, and improved profitability. When successful, a good business development strategy can be seen in every department of a company, including product development, manufacturing, marketing, branding, sales, customer services, vendor management, accounting, finance, and human resources. A business developer is informed and conscious of new market opportunities, potentials for expansion, competitor activities, and existing revenue sources.

The focus of this portion of our web guide is on business development firms and strategies designed to develop and implement growth opportunities within an organization, as well as online resources offering business plans and resources for starting or growing a business.



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