In a nutshell, business development is the process of boosting the number of sales and revenue using several techniques and elements to gain new customers and target new markets that might benefit from the products and services that are being offered. For many that description is a little uncomfortable, but a professional consultant is an independent business person (or company) who works at the pleasure of YOU. From this definition it is clear that business development is more than closing the sale and each technique requires detailed planning and follow up.
A business development specialist is typically a cross between a marketing and a sales person. The business development group is responsible then for selling new business in an uncharted environment. Successful business development takes a multi-disciplinary approach in that it involves financial, advertising and legal skills.
You will need to formulate a development strategy to work these weakness’ out of your company and make your strengths even stronger. Assessment of business development grants also includes a careful examination of the potential effects of the general fund business growth, especially if it is mentioned in another state or country economic booster.
Business development relates to the process of identifying and executing agreements with potential new customers. Next we look at integrating this knowledge into existing marketing and sales processes. Many small companies categorize their sales efforts as business development rather than sales.
Processes, products and services are constantly changing and you have to be tuned in to those changes. In business development, it is essential that hunters spend their time on prospects that might close or else they are wasting their time. During this phase of its existence, businesses experience expansion of its activities and enhancement of its customer base.