Business Development

Business Development



Business development is the creation of sustainable value a company delivers to customers, markets, and partnerships.

At its core, business development is about figuring out how the interactions of each part combine to create opportunities for business growth.

Here's a breakdown of each term:

Customers

The “customers” portion of Business Development may be slightly more apparent – customers pay the bills.

Next to your team members, customers are the most important people to your business. Customers pay for the products or services your business produces, and without them, you won’t have a business to develop.

But not every customer is the right customer for your business.

Maybe your product doesn’t have the features I need.

Maybe your product is a perfect match for what I need; however, I don’t even know your company sells it.

Alternatively, perhaps you’re not reaching me because you’re not knocking on my door.

Long-Term Value


In its purest form, “value” is cash, money, the lifeblood of any business (but it can also be access, information, or other resources a company needs to grow).  

There's an infinite amount of ways to make a quick buck for you or your company.  

However, business development is not a get-rich-quick thing or an I-win-you-lose mentality that wastes time and money.  

When you think Business Development, think about creating opportunities for value to persist over the long-term, to keep ideas generated so that value can flow indefinitely.  

Thinking about business development as "creating long-term value" is the only true way to succeed in consistently growing your company.

So, is business development about partnerships? Is it sales? Is it hustling? Honestly, YES! It’s each of those, and much more. It’s a complicated and fascinating skill that deserves a clear understanding so we can marvel at the beauty of a well-developed business enterprise.

 

Ideally, business development should be shaped and implemented for the primary purpose of facilitating the achievement of business goals in an efficient manner.

Having a suitable business development strategy that recognizes and addresses human and business realities is critical for long-term success.

Contrary to beliefs, Business Development plans don't automatically contribute positively to a company's performance.

This occurs when the plan was allowed to develop organically and not redesigned as the company grew.

Business owners must recognize the process can be simplified and take less time with proper help.

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Relationships

Then there's “relationships.”

Just as the moon & planets rely on the Sun to keep them in orbit, a successful business development strategy builds on an underlying foundation of healthy relationships.

Business development is about connecting, nurturing, managing, and leveraging relationships based on mutual trust, respect, and appreciation of each other's value are essential for enabling the flow of value for the long-term.

Relationships with partners, customers, team members, the media, etc are all critical to the success of any business development strategy, and as such, relationships demand a permanent spot in any business development strategy.

Markets

Your customers can be segmented into different markets.

If you only focus on selling in the U.S., but a large number of your customers reside in London, then you aren't reaching one of your customer segments.

However, some of your customers will "live" in markets defined by their buying mindset, demographics, or lifestyles.

Creating opportunities to reach new customers by entering new markets is critical for unlocking long-term value.

Experience Liftoff In Your Business Today!

Request a free 60-Minute Session to learn how you can generate consistent recurring revenue.