The simplest and most direct way of describing what business development is all about is that, it is the initiatives and idea taken, discussed and put forth in order to make a certain business bigger and better.
This includes a lot of factors such as the steps taken in the expansion of business, planning strategies and implementing them, seeing where the profit lies and focusing it to grow further and making effective business decisions.
There is a lot of scope and concept and understanding that goes behind Business Development. It doesn’t happen in a day and with just one step taken.
Here are a certain fields where business development can be connected and made to bring in a change
1. Sales need the expansion if they need the advancement
The key function of someone in Sales is to prod upon a targeted client or a particular market which seems to be booming with prospects. Now the sales department makes certain strategies and focus on certain goals to assess these particular markets and see how the sales of that market can be achieved in a specified amount of time that can bring advantage to their field of work. The sales department keeps their main focus on the customer based in the targeted markets with their discussed strategies.
2. Marketing is for the ones with quick brains
Marketing is basically a smart and innovative way of advertising a certain product or a brand that would promote the sale of the same. When we come into the picture of Business development in these scenes, the ones with this initiative need to finalize on a certain budget. Higher the budgets, more effective and extravagant are the marketing strategy like making personal visits or phone calls. Lower budgets call for minimal sort of strategies such a limited newspaper advertisements. So here the Business development helps in allocating the budget based on the kind and level of profit the marketing team is looking for.
3. Cost effective moves for beneficial grounds
A lot of people might conclude that this kind of development is only about promoting sales and advertising marketing reach. But no, it involves a lot of cost saving measures as well. The strategic decisions that are taken need to include cost cutting measures to have a balanced step taken and not overdoing on the expenditure. Through all the new ideas and steps taken for the business development it ultimately aims in developing the business prospective.
Thus here we get a clear idea about how business development is linked with other career linked paths and how it is enabling their growth and advancement.