As recently noted, we’re honored to announce the debut of BIZDEV: The International Association for Business Development and Strategic Partnerships™, a first of its kind trade group devoted to one of today’s most in-demand fields. But what is business development exactly? And why do so many still struggle to offer a concrete definition?
Put simply, 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, building 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 Successful Business Development Pros Utilize Include
- Strategic Planning
- Sales + Marketing
- Business Analysis
- Time Management