Business development involves processes and activities to develop and implement new growth opportunities in and among companies. It is a sub-set of the disciplines of marketing, management and business theory. In terms of business development, it can also be referred to as a “developmental process.”
There are two types of business development: internal and external. Internal business development refers to a process designed to increase company performance and profit through the selection and implementation of strategic plans and initiatives. On the other hand, external business development is more focused on creating an environment that encourages external investment, and thus, new companies.
One of the most important elements of business development is the recognition that the business environment has changed significantly over time. Business analysts have identified several “trends” in the business world over the past several years. These changes include the proliferation of outsourcing, globalization and technology. These factors have had a profound effect on the business environment and on the business structure. In other words, the way that business is conducted and operated has changed dramatically.
Because of these changes, business analysts and planners have become more interested in identifying and developing new business opportunities. As a result, the process of business development has changed to include many different areas of focus. For example, many businesses today specialize in providing a particular type of service. Other companies offer a wide range of services and products. Finally, some companies offer a combination of these services and products.
Business development also encompasses issues like improving corporate communication and maintaining open lines of communication between the business community and the outside world. It also includes various aspects of strategic planning, including research, development and analysis. Business development also involves the development and implementation of strategic business plans, which are designed to identify and achieve specific goals. These plans help to guide managers and employees in their efforts to build and grow their business.
Business development is an ongoing and necessary part of any company’s overall success. Successful companies are able to create and maintain an environment that encourages external investment and to attract new employees. Business development is important because it helps to ensure that business plans and strategies are successful and that the organization as a whole will remain competitive.
Many business plans are developed every year or even several times per year. This process may not seem particularly complex. However, business development professionals can often make the process much more complex. Therefore, if the business plan is not written or edited by experienced professionals, the business plan may be less successful and the company will be less likely to succeed over the long run.
Although business development activities are crucial to the health of any business, the process may be carried out in different ways. If the business plan is written by an independent business consultant, he or she can be able to provide a detailed overview of the business development process.