What is business development?

Business development involves the combination of sales, marketing and strategic analysis to attain long-term value for the business from clients, customers and markets. Typically, it entails building stronger relationships that help to generate new opportunities.

Many people tend to perceive that business development is all about making profits, which is quite wrong. It involves generating opportunities that will ensure long-term value to the business. Understand customers' needs and meeting them efficiently is part of the development. A business also needs to know its markets and identify opportunities to reach potential customers. Building strong relationships with customers, clients, suppliers and partners is critical to long-term development.