So what is Business Development?

Many people are confused as to what the definition of Business Development actually is. And therein lies the rub, there is no singular definition that encompasses the wide range of activities and techniques that can be considered to be in the Business Development repertoire.

Akin to trying to measure distance without a fixed reference point, so too Business Development cannot be defined unless given a reference point to start from. Generally, this varies depending on the size of the company, its level of maturity and its market strategy.

Typically, Business Development is an operational function that greatly supports the selling function of a company. It goes hand-in-glove as a complimentary and amplifiying function of Sales.

From a Sales perspective, Business Development takes on the role of evaluating and nurturing leads that lead to possible sales, building a collection of ecosystem partnerships (including strategic ones) that lead to win-win opportunities and, managing channels to identify & exploit new business opportunities.

Whether the focus of your business is to grow market share, increase customer base, penetrate markets or expand business footprint, Business Development is a business-critical tool that has a direct impact on the revenue growth of your business.

Business Development functionality and skills are heavily captilised within Account Management roles also. With prime access to key decision makers, real-time market dynamics information and the opportunity to guide and advise the direction and choices of these decision makers, Business Development becomes a precision tool working in favor of your business.

Every business regardless of size needs to have and deploy a Business Development strategy for its survival. Whether this functionality falls under the umbrella of Sales, Account Management or even Marketing is not important. What is important is the significance and importance of ignoring Business Development has serious repercussions on your company's bottom lines.

How healthy is your company's Business Development strategy?