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.
Recommended Resources
Association for Corporate Growth
Often known as ACG Global, the organization serves as a global community for mergers and acquisitions for corporate growth professionals. Founded in 1954, its membership includes individuals from corporations, private equity, finance, and professional service firms, with chapters in North America and Europe. The organization hosts ACG InterGrowth, a networking event, as well as the China International Private Equity Forum, and ACG CapitalLink, a database of thousands of capital resources.
https://www.acg.org/
Bain is a US-based management consultant company that provides advice to public, private, and non-profit organizations. Its consulting services include assisting client organizations to become faster and more flexible, accelerating performance, enhancing customer experiences, improving operations, ensuring that the right people are in place, procurement, developing successful business strategies, sales and marketing, and mergers and acquisitions. Career opportunities and contacts are included.
https://www.bain.com/
Featuring an online collection of free sample business plans, along with helpful tools and guides designed to help someone manage their business better, the site includes advice on planning, interactive tools, and calculators, along with daily advice. The site is owned and operated by Palo Alto Software, which develops and markets software for entrepreneurs, helping them to write business plans, raise capital, and track the progress of their business, including LivePlan, a premium resource.
https://www.bplans.com/
Registered in the United Kingdom, Business Startup hosts an annual conference in the UK designed to educate people on how to set up a business, including business advice. Confirmed speakers, exhibitors, business show ambassadors, and master classes are highlighted, along with information about exhibits and other features. A show guide, a photo gallery, expert business tips, exclusive offers, free resources, businesses for sale, and an informational blog is included.
https://www.bstartup.com/
Dialog provides access to more than a hundred and forty databases of peer-reviewed content, a full list of which is available on its site. Affiliated with Clarivate, Dialog simplifies the research process for any organization that uses peer-reviewed content for making business decisions. Its products and services are highlighted, along with information about what Dialog can do, including a customer support center, and LibGuides, which offers tips and hints for using the service.
https://dialog.com/
The American magazine and website publishes news stories about entrepreneurship, small business management, and business. Originally published in 1977, the magazine publishes ten issues per year, which are available through subscription and from newsstands. The website was launched in 1996 and includes features such as its Franchise 500 list, contests, courses, and other publications and spin-offs, as well as online subscription availability, payable by month or annually.
https://www.entrepreneur.com/
Experian is a multinational data analytics and consumer credit reporting company. Its business leads section features leads and consumer details that can be used to target marketing opportunities. Case studies and several articles on various business and marketing topics, social media, and other resources are also included. Corporate credit tips, business leads, and residential lists are also available. Direct mailing lists and direct mail pieces may be accomplished.
https://www.experian.com/small-business/business-leads
Founded in 1977, the Forum is a UK-based membership organization that offers practical business advice and help, along with a range of products and services. Representing more than 25,000 businesses in the United Kingdom, the benefits of forum membership are defined, along with its partner network, and membership levels. Its campaigns are featured on the site, which offers several business guides to members. Contacts, news, and press releases are also posted.
https://www.fpb.org/
In business since 1999, GrowThink provides strategic advisory and investment banking services to emerging and middle market companies, including the development of strategic, innovation, exit, and business plans that help companies to grow, raise capital, and exit. Its wholly-owned subsidiary, GrowThink Capital, a FINRA/SIPC-registered broker-dealer investment bank, the company directly raises equity and debt capital, and advises on business sale and merger transactions.
https://www.growthink.com/
ShareASale is an affiliate marketing network serving two customer sets in affiliate marketing: the affiliate and the merchant. Affiliates use the program to find products to promote and earn referral commissions, while merchants use it to implement, track, and manage their affiliate programs. Founded in 2000, ShareASale primarily targets small and mid-level merchants. Currently, as part of Awin, affiliates or merchants can sign up for an account or log into an existing one.
https://account.shareasale.com/newsignup.cfm
Created by the Ewing Marion Kauffman Foundation, Kauffman Entrepreneurs is designed to help budding entrepreneurs explore and read about several business topics, such as entrepreneurial life, legal, financial, marketing and sales, planning and strategy, talent and human resources, as well as advising on upcoming events related to entrepreneurship and other business topics. Also included are video courses on various topics, such as getting from a business idea to a business model.
https://www.entrepreneurship.org/
The site features and promotes entrepreneurs and startups, its early discoveries including Tinder, Uber, Plum, and Wego. New businesses can fill out a form and pay online, after which its feature will be published within a week, and easy prompts make the task simple. Newly featured startups can get in front of five thousand potential customers in a single day. Featured startups, tech spotlights, reviews, tools and guides, inspiration, and starting a business are topics covered.
https://www.killerstartups.com/
The company assists client businesses to develop business plans, immigration business plans, investor materials, and business consulting services, including helping with dealing with potential investors, banks, the Small Business Administration, creating comprehensive leadership plans, and mergers and acquisitions. The company's process and pricing are defined, including a free quote, client testimonials, an introduction to its leadership team, and a variety of free resources.
https://masterplans.com/
Based in Tolland, Connecticut, Nerac offers business consulting services, technology scouting, market research, and commercialization services, as well as other services, including medical device regulatory services, with systematic literature searches, analysis, and reviews, market analysis, competitive intelligence reports, patent searches, and patent landscapes. Nerac keeps clients up-to-date on important technology trends, regulatory monitoring, and key market indicators.
http://www.nerac.com/
In business since 2006, the company supports startups and medium-sized enterprises to progress through accounting, marketing, legal, IT, design, and other business services, the OGS Capital team is skilled and experienced in writing professional business plans, including business plans for investors, bank/SBA business plans, strategic and operational business plans, immigration business plans, franchise business plans, non-profit start-up business plans, and landlord business plans.
https://www.ogscapital.com/
The business consulting firm will review a client's organization to ensure the best structure for achieving its goals, making sure the best players with the highest capability and efficiency are in place, and providing assessment services for critical hires, internal employees for development, and new role assimilation, as well as advisory services to CEOs, C-Suite, and Boards on talent, teamwork, and strategy, including strategy development. Its industries and contacts are provided.
https://www.prossimoglobal.com/
Qvidian is a business software package for proposal management and requests for proposals (RFP), which can assist teams in collaborating to create effective proposals and RFP responses quickly, shorten sales cycles, and track results. Top-ranking RFP responses and approved proposal content can be stored in an easy-access library. Qvidian supports Microsoft Office, Salesforce, Open API, and Chrome, Microsoft Edge, and Firefox on Windows or Mac. A demo may be requested from the site.
https://uplandsoftware.com/qvidian/
RWCO is a business strategy, development, and proposal consulting firm based in the Washington, DC metropolitan region. Assisting small and medium-sized businesses to navigate the process of winning business with public and private markets, RWCO equips clients with the tools, resources, and expertise needed to succeed and grow. Its consulting services, research, planning, and coordination, and proposal support services are described. Its capabilities and contacts are provided.
https://richardwagnerco.com/
Now part of the Copyright Clearance Center, Ringgold Solutions includes more than 600,000 records encompassing publishers, funders, research organizations, universities, and intermediaries, and the Ringgold Identify Database can be expanded with Ringgold Audit Services, Ringgold Validate Services, and the Ringgold Consortium Directory. Case studies, interactive reports, and other available tools are featured here, and an informational blog is included.
https://www.ringgold.com/
Ryan Lee offers various Internet marketing products and programs designed to help build companies through an unconventional approach that uses no large teams, no stress, no bloat, and no problems. Among the resources discussed is an intensive four-week boot camp showing how to cash in on the market-shifting trend for less, offering step-by-step instructions. Client testimonials are published on the site, along with an informational blog, an online contact form, and a newsletter.
https://ryanlee.com/
Affiliated with TechnologyAdvice, a source of information for tech buyers, the site's focus is on business software, although it also has sections on web management and online marketing. Its software section includes IT management, networking, communications, remote, marketing, mobile, security, and storage, while several articles discuss hardware issues, research topics, and guides to various business issues, such as creating a strategic marketing plan.
https://www.smallbusinesscomputing.com/
Small businesses comprise 99.8% of all companies. Headed by an accredited associate of the Institute of Independent Business, along with other accredited professionals acting as facilitators, mentors, and cultivators of long-term relationships, who are driven by results, the site offers ideas and advice for businesses in the United Kingdom, including business planning and fundraising, accounting and management control, tax information, business development, and other topics.
http://www.2-small-business.com/
Founded in Melbourne, Australia, Technibble focuses on the business side of computer repair, offering a Computer Business Kit software package, with more than thirty easy-to-edit legal forms, marketing templates, checklists, and other resources for computer repair businesses. The business also provides training and resources for developing a managed service client list, which is also defined here. An online forum discusses various aspects of the computer repair business.
https://www.technibble.com/
Designed to simplify the process of starting an online business or bringing your brick-and-mortar store online, through this site, one can select and purchase a web domain, create a website, and set up a business email address. Optionally, its team will design, build, and manage the website, which may include a business platform, with integrated products under one roof. Also available are a business plan creator, finance tracker, point-of-sale hardware and software, and a legal package.
https://www.turbify.com/
