Business development entails tasks and processes to develop and implement growth opportunities within and between organizations. It is a subset of the fields of business, commerce and organizational theory. Business development is the creation of long-term value for an organization from customers, markets, and relationships. Business development can be taken to mean any activity by either a small or large organization, non-profit or for-profit enterprise which serves the purpose of ‘developing’ the business in some way. In addition, business development activities can be done internally or externally by a business development consultant. External business development can be facilitated through Planning Systems, which are put in place by governments to help small businesses. In addition, reputation building has also proven to help facilitate business development.
Duties and responsibilities:
- Develop business plans with the assigned accounts
- Design and develop strategic development strategies and plans
- Provide assistance with implementing suggested plans and strategies
- Oversee and examine new strategy progress and development
- Educate, lead and supervise members of the business development team to ensure the project's achievement
- Conduct complex analysis in order to find new market opportunities
- Investigate existing products and services and compare them with competitors
- suggest measures for improving customer satisfaction and loyalty
- Handle business deals operations and activities
- Oversee the implementation of different contracts
- Build, encourage and maintain long-term relationships with key stakeholders
- Create and present a detailed report for upper management