Concept of Business Development.

Business development is a concept that can be approached from different perspectives. At its basic level business development is defined as growing a business by making it more competitive, expanding products or services, and/or focusing on specific markets. In other words, business development is the practice of growing a business beyond its current state.

Business development in other words is the creation of long-term value for an organization from customers, market and relationships business, development can be taken to mean any activity by either a small or large organization, non-profit or for profit enterprise which serves  the purpose of developing the business in some way. However, business development activities can be done internally or externally by business development consultant. external business development can be facilitated through planning system, which are put in place by governments to help small businesses. in addition, reputation building has also proven to help facilitate business development.

Focusing on business development can help an organization identify which markets and products have the most profit potential, and which deals to chase first. Business development also entails making decisions that help keep costs down as well as identify areas of growth and the funding needed to facilitate such expansion.

Here are some reasons why business development is important to an organization.

·        It Can Help Improve the Company's Overall Image. 

Marketing is vital to a business' growth, and a business developer can help an organization build a better brand. A business developer can work closely with the marketing team to develop campaigns that solidify the company's target audience and reach new customers and markets. A significant aspect of business development understands the inner workings of a company's products and services, as well as its customers. Business development leaders can use these insights to help inform new marketing campaigns that guide potential customers to products and services that could benefit them.

·        It's A Key Strategy For Boosting Revenue And Lowering Costs. 

Growth is the end game of business development, and one of the most common metrics for measuring that growth is the bottom line. Key to the business development process is devising strategies to help increase the amount of money that's coming into an organization, while making sure less money is going out.

·        It Builds Important Relationships.  

Whether cultivating new talent, networking with prospective partners or courting potential customers, relationship-building is an integral piece of the business development process. Connecting with clients, colleagues and other members of one's network can be fundamental to identifying new business opportunities, generating leads and making critical hires.

·        It May Open Up Expansion Into New Markets. 

Tapping into new areas of opportunity could be a lucrative growth strategy, and business development involves staying on top of market trends and opportunities. By analyzing demographics and customer data, a business developer can find ways to enter these markets and access new segments of customers.