Business Development Definition

Business development BD is the process that is used to identify nurture and acquire new clients and business opportunities to drive growth and profitability.

Business development definition. In addition to helping owners with the creation of their business they might also assist them in the day-to-day operations. Business development encompasses a wide scope of ideas activities and initiatives that a business owner and management implement with the goal of making the business better. This includes cold calls cold email campaigns all kinds of networking and social marketing.

The main goal of a business developer is to promote business growth. Business development is the practice of identifying attracting and acquiring new business. Business development is the analysis and identification of long-term methods to improve the output of a business by creating good relationships with current and potential customers clients and markets.

Business development can be taken to mean any activity by either a small or large organization non-profit or for-profit enterprise which serves the purpose of developing the business in some way. Business development is the creation of long-term value for an organization from customers markets and relationships. Regardless of the company business development tends to hold the same structure which I sketched up quickly below.

In practice however most companies use the term differently depending on what they need that role to do for them. Simply stated the function of sales is to sell directly to the end customer. The function of business development is to work through partners to sell to the end customer in a scalable way.

At its basic level business development is defined as growing a business by making it more. The type of business development were talking about here however -- also known as sales development -- is a specialized sales role. Business development is the creation of long-term value for an organization from customers markets and relationships.

The BDM also responds to RFPs tenders and develops sales in new sales territories. The most accurate definition of business development is a set of tasks and processes meant to develop and implement growth opportunities within and between organizations in a sustainable and profitable way. The strategies to achieve this goal vary depending on the type of business.