What is business development?


Creating company value for customers, the market, and partners is necessary for business development. It is important to work specifically for the long term. After all, only in this case will it be possible to create a brand that will hear for decades.


Business development consists of many activities and processes. It is impossible to work only with clients, neglecting relations with partners. At the same time, it is essential to pay attention to the quality of products or services, marketing, and management of departments.


Essential elements of business development


Business development can include relations with partners and suppliers, marketing activities, analysis of profit and costs, and features of product creation. The story of the company consists of three main parts:


  • market;
  • customers;
  • relationships.


The market is the sphere of influence of the company. A business that creates pet products only impacts pet owners or farmers. Business development will help to find ways to expand the sphere of influence and find customers from other markets.


Consumers are people who use goods or services. It is they who provide development opportunities. If customers didn’t buy the product, the business wouldn’t have the money to expand. That is why it is crucial to work on keeping regular customers and attracting new customers.


The last point is relations. Relationships with partners, suppliers, and competitors play an important role. To create a well-known network, creating a positive relationship with all elements is very significant.

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