Business Development is an umbrella under which various techniques and responsibilities lead to penetrating new or existing markets, obtaining customers or providing new products or services.

Whether you’re working for a company or you own a business, business development should always be on your mind because you never know where your next lead may come from.  That lead could result in you being able to provide an additional service for a current client or that your company being able to tap into a new industry.  Something as seemingly ordinary as standing at a bus stop or waiting in line to place an order can lead to a conversation that lands business development opportunities.

Here are some examples of what the business development process may entail:

  • Performing research on competitors and potential clients
  • Writing and presenting a proposal
  • Pitching
  • Creating sales policies and processes
  • Account planning and management
  • Creating list of pursuits

To sustain a business, clients and customers are necessary.  So there should always be a strategy in place to retain existing and obtain new customers. If you are an entrepreneur starting off by yourself, you will have to cover multiple bases as it relates to the business development process unless you have a team.  On the other hand, if you’re within an organization, you may be responsible to a few areas.  Even if this isn’t your primary function, taking part in business development initiatives help you position yourself as someone who adds value and helps the bottom line.

Have you participated in business development initiatives?  What are some of the take-aways that you have?

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