What is Business Development?

Business Development is a vital part of every business, but it is not always a permanent part of a company’s organizational chart. The term implies developing new markets for current products, but can also involve developing new products for existing markets. We think of the function as a general management function that cuts across and integrates with all the key areas of an organization. Business development is about finding ways to deliver more value, then creating and implementing the plans to deliver the value and generate revenue.

The quote from Wikipedia gives a pretty good idea of how to think about it.

Business development “is concerned with the analytical preparation of potential growth opportunities for the senior management or board of directors as well as the subsequent support and monitoring of its implementation. Both in the development phase and the implementation phase, the business developer collaborates and integrates the knowledge and feedback from the organization’s specialist functions, for example, R&D, Production, Marketing, and Sales to assure that the organization is capable of implementing the growth opportunity successfully.”

http://en.wikipedia.org/wiki/Business_development
Sørensen, Hans Eibe (2012). Business Development: a market-oriented perspective. John Wiley & Sons.

As such, Business Development is about finding ways to deliver more value, then creating and implementing the plans to deliver the value and generate revenue.

What We Do

  • We work as your dedicated resource and understand the hidden or under exploited opportunities your products and services.
  • We help you understand the dynamics and needs of your markets and how your products or services can be adapted or extended.
  • We can provide market analyses, strategic and tactical plans, and the financial analyses that can help you forecast your sales and profitability.

Let’s Talk

If you would like to learn more about our processes and tactics, we would be happy to meet and discuss your opportunity, conduct a needs assessment and formulate a strategy and plan. Please give us a call at (216) 226-2964 or drop us an email at doug@harveyassociatesinc.com.