Business development can sound like a vague and abstract concept, but there are concrete ways developers work to bring new opportunities and growth to their companies. Business development is essentially the process of creating long term value for an organization through customers, markets, and relationships. Business development professionals use their research and communication skills to help create these avenues for growth.
In addition to market research and analysis, business development teams may liaise with other departments, such as product management or sales, to identify areas of improvement or opportunity. This is because the most important part of business development involves understanding how a company’s products and services meet or exceed customer expectations.
A business development team may also work to expand a company’s reach by connecting with strategic partners or by forming mergers and acquisitions. These activities often require a great deal of negotiation and a clear understanding of legal processes and regulatory adherence.
Business development is a challenging and rewarding career for those with the right mix of skills and motivation. Those with an entrepreneurial drive can thrive in the role, as it provides plenty of opportunities to take risks and explore uncharted territories. It’s important to remember that strategy, technology and market conditions are constantly changing, so anyone involved in BD should have a strong desire to learn and evolve.