Definition

Business development describes the process of identifying and pursuing opportunities for strategic advancement in business by:

• Developing new products, services, or solutions

• Establishing business partnerships with other organizations

• Entering into new or alternate markets

• Identifying and connecting with additional target audiences

• Applying new innovations, technologies, or methodologies as drivers of business growth.

In effect, business development professionals serve as an organization’s eyes, ears, and point of contact in the field, and a go-to source for expert knowledge on a target industry’s ecosystems and dynamics.

As strategic analysts, networkers, and influencers with a working knowledge of various’ fields landscapes, and key players, they are the individuals tasked with making introductions, cultivating relationships, and building partnerships that drive business growth.

The results of their efforts may be measured through many lenses, in addition to the dollar value of business generated, including the impact of the referrals; alliances; initiatives; changes; prospects; relationships; transformations; etc. that they have helped bring about.

Skills BIZDEV Pros Utilize

• Strategic Planning

• Sales + Marketing

• Communications

• Business Analysis

• Leadership

• Adaptability

• Empathy

• Time Management

• Innovation

• Creativity