what is business development?

This blog has never been about us… but any good rule should have an exception.

Over time many people have asked me: ‘what do you do?’  I tell them: ‘…business development…’ And nine out of ten the reply comes: ‘so, you are a sales person, right…?’

Well, yes in a way, but actually no, not really…

Many people erroneously adhere to the idea that ‘business development’ is just another fancy name for selling. They see sales people as ego-hungry creatures, who are continuously looking to put something ‘new and improved’ on their business card. First they were simply sales guys, who then evolved into account managers and now have to be addressed as business development managers…

Or could ‘business development’ actually mean more than sales?

Sure, because others will tell you that business development is essentially the activity to forge new partnerships, alliances, joint ventures or even acquisitions, allowing the organization to grow non-organically.

Others again, will favor the concept that business development is in fact the opening up of new product – market combinations, and preach that actually its lifeblood lies within the R&D and new product development teams.

So, who is right? And, what do I actually do…?

In fact all of the definitions are accurate in a way – because business development is an effort that combines all of these elements and a couple more.

For us business development means ‘…leading the concerted efforts of a company’s profitable growth into new markets, new relationships and new business activities that typically take place outside the realm of its current day-to-day business…’

And that is what I enjoy doing – take businesses into unknown territory!

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