Business development (BD) is an activity or idea that aims to make a business better over time. Business development main objective or purpose is Developing Of Business. Business development is the process of implementing strategies and opportunities across your organization to promote growth and boost revenue. It involves pursuing opportunities to help your business grow, identifying new prospects, and converting more leads into customers.
Whether a small business or a large corporation, there are 4 main stages of business development. The 4 stages include the (1)Startup– The First stage of Business is Startup Which focus on creating long-term value to the organization (2) Growth– The Second Stage of Business development is expand or growth of Business. (3) Maturity– Basically, maturity is being judged by how good your organization or system is at self-improvement , and (4)Renewal or decline stage- In this phase, business owners step back to reassess their businesses ,the renewal phase a time for creativity, exploration, experimentation, and innovation.
Business development activities
Research, Ecosystem mapping, Spot growth opportunities, Idea generation, Experimentation ideas, Lead generation, Prospecting, Project management.
Key skills for business development
Creative skills. Whether it is seeing new ways existing opportunities could be developed, or finding completely new routes to market, creative thinking is essential for the role, Analytical skills, Communication skills, Negotiation skills, Goal-focused, Organisational skills.