The main components of business development

Business development has several aspects. Business development executives deal with various professionals, such as sales team, marketing executives, managers, and vendors. Additionally, in the multiple departments that business developers work with, they are expected to manage aspects of the business such as partnerships and alliances, cost-cutting mechanisms, negotiation, and networking.

Key areas of activity of business developers

Specialists combine the following departments and aspects using common development goals:

  • Sales: business development professionals set realistic sales goals for sales staff and give advice on how to achieve them. They may also examine the performance of a company’s sales in different markets or over different periods.
  • Marketing: the marketing department works to increase sales effectiveness through promotions and campaigns for the company’s products/services. Business development professionals can conduct market research to tailor marketing campaigns to a specific geography or target group.
  • Partnership: companies often rely on teamwork to expand their operations and establish their presence in the market. Business developers seek the help of financiers and lawyers to understand market dynamics.
  • Project management: business development leads evaluate the timing, logistics, schedules, cost, and other estimates associated with a project. They can provide initial guidance and coaching to project managers, who then track progress.

For some companies, business development is a means of sustainable improvement. This may take the form of building and maintaining relationships with allies and partners, or may include identifying opportunities for growth in other areas.

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