A sound business development strategy is essential to a company’s growth. But if you ask a dozen people the question: «what is business development?», you will get a dozen different answers. It’s because the role of business development can vary depending on the organization’s size, how long it has been in the market and its priorities.
Why is business development so important?
There is a list of critical areas where a business development professional can make changes and drive growth across departments. Here are several reasons why business development is vital:
- It helps build relationships. Building relationships is essential to business development, establishing contacts with partners, attracting potential buyers, and connecting employees of different departments.
- It’s the primary tactic for increasing revenue and reducing costs. The key to growing a business is creating and implementing a strategy that helps increase the amount of money coming into the company and makes less money go out.
- Business development helps to create a positive image of the company. The business developer can constantly interact with the marketing department to develop a campaign that expands the organization’s target audience, reaches new markets, and attracts as many customers as possible.
When it comes to the growth of an organization, business development acts as a thread that connects different functions and departments of the company, helping the business to expand, increase sales, revenues, and product offerings, and make the brand more recognizable.