Business Development

In order to create and implement growth prospects within and between firms, business
development involves a number of duties and procedures.It is a subset of the business,
economics, and organizational theory disciplines. Business development is the process of
generating long-term value for a company through relationships with clients, markets, and
other businesses.[2] The term "business development" can be used to refer to any action made
by a small or large organization, a for-profit or non-profit company, that furthers the goal of
'developing' the firm. A business development consultant can also carry out internal or
external company development initiatives. Through Planning Systems, which are put in place
by governments to assist small enterprises, external business development can be facilitated.
Additionally, it has been demonstrated that developing your reputation can aid in business
growth.

Business development is viewed as or connected to discrete initiatives, certain modalities

of growth, organizational units, activities, and practices in the scant scientific literature on the
topic. In the Palgrave Encyclopedia of Strategic Management, Sorensen [3] incorporates
these many viewpoints with observations from chairmen and managing directors, senior
business developers, and venture capitalists from prosperous high-tech enterprises around the
world:

Business development is defined as "the tasks and processes relating to the analytical
preparation of potential growth opportunities, and the support and monitoring of the
implementation of growth opportunities," but "the decisions on strategy and implementation
of growth opportunities" are not included.

The business developer is responsible for both the initial support and oversight of the
implementation of possible growth possibilities that have been analytically prepared for the
senior management or board of directors. The business developer collaborates with and
incorporates the knowledge and feedback from the organization's specialized functions, such
as research and development, production, marketing, and sales, both during the development
phase and the implementation phase to ensure that the organization is capable of
implementing the growth opportunity successfully.[3] The business model, which answers
the question "how do we make money," and the business plan, which serves as its analytical
foundation and implementation roadmap, are the instruments used by business developers to
complete business development activities.

Thankyou

Writen by,

R.Niraimathi