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What Does Business Development Mean?

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Over the years, the term “Business Development” has been vaguely described by people all across the industry. It appears like every individual has their own version of business development and they function accordingly. Although the definition is identical to each other but has some minor alteration as per their business.

If you ask seven different vice-presidents of seven business’s about business development you probably may come across seven versions. Some would simply describe business development as sales while others would favour it as partnership.

There are some start-ups who think that business development is akin to hustling. If one actually tries to find the meaning of it than they are likely to find the question similar to ‘what is the universe?’ Well, everybody will have their own definition for universe.

To cut a long explanation short and what most of the definitions cite, “Business Development is a source to build long term value for an organisation from markets, customers and relationships.”

This is explained in very straightforward terms but it appears to be a half definition and you crave for more information. In simple words, business development is about determining how interactions can be combined together and create numerous growth opportunities.

You can also say that business development is an impeccable collection of ideas and activities which steer towards the growth of  a business. You probably set targets and strive to attain them and mould your business in better way.

 

Concept and Scope of Business Development

Some believe that business development is just one aspect of business but in reality it is one function that is intertwined with various other departments of your business. The departments comprises of sales, marketing, project management, product management and vendor management.

In order to excel at this particular designation one needs to posses good negotiation skills, partnerships and cost saving efforts. Increasing revenues, business expansion, amplifying profits along with strategic partnerships and taking strategic calculative decisions are impacts of business development.

For instance, a law firm strategy will be highly successful as it has to beat the increasing competition. They require effective solution with respect to Legal Aid so that they can provide productive services to their clients.

 Besides, you should have good networking. A perfect combination of all these departments and skills in the right proportion will drive you to achieve business development goals.

For example, a particular business is well-known for its services in a particular region of United Kingdom. It is the role of business development personnel to look for further avenues.  They can recommend expanding business in different parts of the country. The team needs to allocate sufficient information about the place and current competitors at that place. They also need to carry out effective research and studies so that you do not repeat mistakes from the past.

This research will help you to determine an ideal spot at that place which can work wonders for your business.

This task may sound easy but in reality it is complex in nature. You need to put continuous efforts in order to reach new challenging avenues. Apart from this, it is a never-ending job because you constantly have to search for fresh and appealing ways to excel.

Of all the tasks the most difficult task is to withhold your stance in the hearts of your clients and build some space for potential clients.