Business Development

Business development is the strategic refinement of an economic organisation. The techniques practiced in business development include the assessment of marketing opportunities and market areas, as well as the analysis of clients and competitors' businesses, paving the way for future and follow-up businesses as well as the creation of business plans and workable business models.

Evaluating an innovative or underdeveloped area of business in an organisation generally sets the ball rolling for the business development process. In the course of the evaluation process, data from the areas of marketing, sales and customer care may be utilised. New business plans are developed based on the overall picture.

In every day business practice, business development is not a set of measures implemented as and when the need arises, but a continuous process that enables you to hold your own against the competition.

As a discipline, business development cannot be reduced down to any particular standard practice. Successful systems are based on an interdisciplinary approach.

Creative thinking, willingness to question existing mindsets and setting oneself new challenges are fundamental characteristics of this field. The customer’s point of view is the primary deciding factor in business development activities. Alongside the creative elements, factors such as financial planning, legal aspects and media concepts also play a significant role in forming business ideas.

Many small and medium-sized companies do not have sufficient business development structures and processes; instead they place more importance on maintaining links with existing clients. In bigger, especially technology oriented corporations, business development is recognised, but often confined to the upkeep of beneficial partnerships. More often than not in these situations, the parties involved use the expertise, technology or intellectual property of their partner in order to expand their products, services and market range, without actually building up internal resources of their own.