Business development refers to tasks and processes to develop and implement growth opportunities within and between organizations. Business development can also refer to the creation of long-term value for an organization from customers, markets, and relationships. Business development can include any activity by small or large organizations, non-profit or for-profit enterprises, which helps to ‘develop’ the business in some way. Business development activities may be done internally, within the company, or externally, by a business development consultant. External business development may be facilitated through government programs put in place to help small businesses, such as Planning Systems.
Business development is related to discrete projects, specific modes of growth, and organizational units, activities, and practices. According to The Palgrave Encyclopedia of Strategic Management, “[b]business development is defined as the tasks and processes concerning the analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities” (Augier and Teece).
Applications of business development cover everything from specialized engineers, IT-programmers, key account management activities or advanced marketing, and sales and relations development for current and prospective customers. On this Business Developments page, you can find guides and pages related to Business Model Canvases, Employees, IT Certifications, Manuals for Computer Refurbishers, Microsoft Refurbisher Programs, and Registering a Business.