Business Development is pursuing opportunities for long-term growth from customers, markets, market trends, and networking relationships. The day-to-day activities of business development remains the same: at a startup or a large company alike, whomever plays the role of “business development” they must constantly be evaluating the best path to create long-term value, whether it an option built in-house or pursued in partnership with others. What a Business Development person actually does?
While Business Development may still mean many different things, it is focused on 3 activities:
- Customers: Find new ones and extract more value from current ones.
- Markets: Figure out where new customers “live” (both geographically and in terms of “buying mindset“) and find a way to reach them.
- Relationships: Build and leverage relationships founded on trust and integrity to facilitate opportunities.
- Analyze the companies over all structure, profit margins, expenses, possible ways to streamline processes affecting production and output.