A Business Development Essay

1531 Words Jul 27th, 2016 null Page
The term “business development” often evokes a pretty vague response from business development professionals. Some claim it is relationships, others that it is about sales, and still others will say when prompted that it is all about the hustle of growing a business. The best definition, however, is the simplest: “Business development is the creation of long-term value from customers, markets, and relationships”. There are a few terms in that quote that require a little explanation. Let’s start with long-term value.

What is Long-Term Value?
Essentially, this is whatever commodity, be it cash, prestige, or otherwise, that allows a company to expand and grow. Short term gains are a dime-a-dozen, but they don’t effect lasting growth, instead reducing your business to the easy-come-easy-go phantom gains.Business development is about crafting opportunities for long-term value that will stay with an organization for as long as possible, and maintaining those opportunities and the relationships that sustain them. The perspective that business development is about creating and maintaining long-term value is essential to helping any organization stand the test of time.

Who are Your Customers?
These are the people whose money pays the bills and keep the lights on for your organization. Without them paying for your products and services, you’ve got no business to develop. Not every person is going to be a customer for your business right off the street either. Your product or…

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