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 …show more content…
Business development depends on strong relationships to keep everything in motion, earning, and continuous. In order to create a strong foundation for growth, you need to build, manage, and leverage relationships based on trust, mutual respect, and appreciation of individual value in order to foster lasting long-term value. Partner, customer, employee, and media relationships are all vital to the success of any business development endeavor, and those relationships need to be clearly defined, established, and …show more content…
That brings us to the second major point you need to understand: why is business development something you need?
Reasons You Need Business Development
-You can’t grow your business beyond certain point without working on business development. Establishing your business and expecting the money to roll in is not a productive strategy, and few businesses expand based on this concept. Without a business development plan, you will not be establishing new customer relationships in new markets.
-You need to grow your network. Even if you have already developed a wide-reaching group of business contacts, your network is still limited. Business development pros can help expand and grow that network for your organization.
-Not every person in your network is going to want or need the products and services you offer. This is an unhappy truth, but truth nonetheless. Hiring business development professionals who are skilled at finding and attracting the people who want or need your products and services is essential to your long-term
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 …show more content…
Business development depends on strong relationships to keep everything in motion, earning, and continuous. In order to create a strong foundation for growth, you need to build, manage, and leverage relationships based on trust, mutual respect, and appreciation of individual value in order to foster lasting long-term value. Partner, customer, employee, and media relationships are all vital to the success of any business development endeavor, and those relationships need to be clearly defined, established, and …show more content…
That brings us to the second major point you need to understand: why is business development something you need?
Reasons You Need Business Development
-You can’t grow your business beyond certain point without working on business development. Establishing your business and expecting the money to roll in is not a productive strategy, and few businesses expand based on this concept. Without a business development plan, you will not be establishing new customer relationships in new markets.
-You need to grow your network. Even if you have already developed a wide-reaching group of business contacts, your network is still limited. Business development pros can help expand and grow that network for your organization.
-Not every person in your network is going to want or need the products and services you offer. This is an unhappy truth, but truth nonetheless. Hiring business development professionals who are skilled at finding and attracting the people who want or need your products and services is essential to your long-term