Business development is a strategic process aimed at growing and expanding a company’s business. It focuses on identifying opportunities and growth in existing or new markets.
Business development includes several activities:
- Searching for new opportunities: This is searching for new markets, new products or services.
- Developing growth strategies: This includes setting goals and developing plans to achieve them.
- Implementing strategies: which is developing new products or services, entering new markets, or launching new marketing campaigns
Advantages of business development for business development:
- Increase revenue: Business development can increase revenue through increased sales or access to new markets.
- Improving profitability: Business development can improve profitability by increasing efficiency or reducing costs.
- Increase value: Business development can increase the value of a company through increased sales, profitability, or expansion into new markets
