Business development involves processes and activities to create and implement new growth opportunities among organizations and between organizations in a dynamic environment. It is part of the sciences of management, economics and business. Business development is important for organizations and businesses since this is an integral aspect of successful business management. A strong foundation is provided by it through the integration of strategies, processes and products to facilitate growth within the organization. Its impact is global and it is important for an organization to develop strategies and business strategies to cope with the changing business environment and compete on the international arena.
The objective of business development is to promote and develop a company or a business by developing its business strategies, processes, product lines, markets and supply networks. A company’s success depends on the way it handles its business activities and the strategies that it adopts for better development of the business. The objectives and strategies of the business should be developed in consultation with an expert in business planning and development. The process is usually divided into six phases and is carried out in stages. The first step in business development involves identifying the need, identifying the resources and identifying the problems that can be solved.
The next step involves drafting and implementing strategy for business development. Business planning is the third step. This involves planning and implementing strategies for the company’s future growth and development. This step also involves evaluating business operations, identifying problems and developing solutions. The final step of the process includes developing a business plan and establishing the company’s strategic direction. Business development is considered as the most crucial and necessary activity for organizations to stay competitive. It involves the involvement of a group of experts in business strategy, development and management and is considered as the backbone of business management.