What is Business Development?

In this series of blogs, I hope to provide some insight into the ethos and benefits of the Business Development function. Business Development is defined as “the activity of pursuing strategic opportunities for a particular business or organisation, for example by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services” Business Development must be an essential and integral ingredient within every business. Every employee needs to be aware that their individual actions have a direct impact on the development of the business.  This can take many forms: it can be nurturing a good relationship with a client which can then lead to future work or it can be delivering a project so effectively that you become the natural contractor of choice for the next project.  Business Development is the invisible thread that sews everything together, ensuring that the focus is on the end goal and how to achieve it.  It is the destination and the journey, both of which go hand in hand. Neither is achievable without the other.  Ask yourself – if you do not know where you are going how can you get there?  At the same time if you are on the road but don’t know where you are going, you are on a never-ending roundabout! Recently I have spent a lot of time in a love hate relationship with the term “Business Development”.  I find it is perceived as a fluffy term, almost discrediting the impact that having an effective business development team can have on a building a successful company. To build an effective business development strategy FrielConsulting can deliver the keys capabilities of successful business development consultants:

• Communication and interpersonal skills

• Collaboration skills

• Negotiation and persuasion skills

• Research and strategy Business Intelligence
  

In future blogs I will elaborate on these in more detail. Meantime, remember that everyone in your company is a potential business developer and should strive to display some, if not all these talents. 

If you would like help and support with your Business Development activity then please call Clare Friel on 07807 873 016.