A business developer can be the business owner(s) or the designated employee(s) working in business development. Anyone who can make or suggest a strategic business change for a value-add to the business can contribute towards business development. Businesses often encourage employees to brainstorm innovative ideas, which can help in improving the potential of the overall business.
Businesses also seek help from external incubator firms, business development companies (BDC), and small business development centers (SBDC). However, these entities assist in business establishment and the necessary fine-tuning only during the early stages of business setup.
What Drives Business Development Activity?
Due to the wide-open scope of business development and activities, there are no standard practices and principles. From exploring new opportunities in external markets to introducing efficiencies in internal business operations, everything can fit under the business development umbrella.
Those involved in business development need to come up with creative ideas, but their proposals may prove to be unfeasible or unrealistic. It’s important to be flexible. Employees charged with business development should try to seek out and take constructive criticism, and remember that it’s a process.
Business Development Ethics
Business ethics involves implementing appropriate and fair practices regarding issues such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. Laws and regulations often set the standard for business ethics, which companies can then choose to follow and build on in order to earn trust and loyalty from consumers and market participants.
Business Development FAQs
Why Is New Business Development Important?
New business development is important for generating jobs, developing key industries, and keeping the economy moving forward.
What Are the Key Skills for Business Development Executives?
Development executives need to have leadership skills, vision, drive, and a willingness to work with a variety of people to get to a common goal.
How Can I Be Successful in Business Development?
Having a vision and putting together a good team are among the factors that help predict success in business development. But a successful developer also writes a good business plan, which becomes the blueprint from which they build their success.
What Should a Business Development Plan Include?
A business development plan, or business plan, describes what a business’s objectives are and how it intends to achieve them, including goals, start-up costs, and targeted milestones.