Well, as you are thinking about growing your small business, it is an excellent way to test what your product does for all other businesses in the market. Basically, you are going to partner with any other company for some reason, or you are going to do a deal. Business development focuses primarily on
- Reviewing emerging markets
- Building fresh market ideas and thrusts
- Identifying new hubs of prospective business
- Evaluating business opportunities for new ventures
- The Fundamental Business Driver
A business development personnel’s job is to boost business for his/her company. It is an important responsibility of a business development professional to foster relationships with potential clients and key decision makers in the market. To spur the company’s market prospects, the business development personnel has to create and implement promotional drives.
Types of Business Development
Acquiring firms to grow revenue or acquire capabilities for growth.
Developing strategic partnerships to expand sales or develop new products. For example, co-branding a product.
Investing in growth engines such as start-ups.
Developing a new brand or extending an existing brand.
Innovation to develop products that represent a leap forward.
Transformation programs designed to develop new business models. For example, a manufacturer with a business development program to move to a product-as-a-service model.
Developing new target markets for product and services.
Developing new channels. For example, a German product brand that finds a Chinese distribution partner to sell products in China.
Developing new target markets for sales. For example, a software firm that sells to small business owners that develops mid-sized firms as a new target market.