It’s relatively common today to have a small business and work on its optimization. Perhaps, this commonness is one of the reasons why the business development industry is flourishing today. But what exactly does business development mean? 

Business development is a complex process that requires analyzing the company, its target audience, potential markets, and other aspects of creating a multi-step project focused on optimizing the said business.

It sounds like a rather difficult task that requires experience and skills. Check out the article to learn what tasks business developers take care of and what skills they need. 

What Does A Business Developer Do?

The process of developing a business requires a lot of high-level decision-making. Here are some of the examples of a business developer’s tasks:

• Analyze the company’s current state in terms of SWOT. SWOT stands for strengths, weaknesses, opportunities, and threats.
• Analyze the overall industry and potential growth properties.
• Analyze competitors.
• Check the current and potential sources of sales/revenues.
• Develop a typical customer profile.
• Check new market opportunities.
• Analyze sectors or domains for possible business expansion.
• Analyze cost-cutting options.

These are just a few most common tasks of a business developer. In general, a business developer analyzes all areas eligible for improvement. Moreover, the specialist develops a project for long-term improvement.