In this article we will be looking at understanding what business development is, and why entrepreneurs and business owners should know about it. We will explore what business development actually means, what tasks are considered ‘business development’ and how it fits into an overall business strategy.
Business Development is a term used in the corporate space to define activities which help the business make more money. In actual fact it can often take 6 months or longer in a ‘corporate BD’ job to start seeing real traction in business development. The reason for this is because many of the activities of a ‘BD Executive’ are built on cold outreach and require relationship building and nurturing over time.
Business Development has been around forever(ish) and it’s handy for online entrepreneurs, solopreneurs, agencies and coaches all to know what this is and why it’s important to them and their own business building strategies.
It’s useful to know what a typical corporate business development job description looks like, I know this all too well as I have BEEN a ‘BD’ and also recruited BD Exec's, so I can confidently share what this looks like with you in simple terms.
It can be confusing from company to company and with lot’s of corporate terms and phrases that overcomplicate it, so I’m going to strip back what the job description states, to what it actually means so you can see how it translates and becomes incredibly relevant to the online space for entrepreneurs:
Typical Business Development Activity:
As you can see, when a lot of the jargon is taken out - a lot of this is entirely relevant to online entrepreneurs, business owners and coaches. People get paid well in this role because if you can successfully find and develop a new partnership or grow a part of the business that ends up making the company lots more money - you are suddenly worth a lot to that company.
Why is this helpful to know?
Well, if your business is making money but you are looking for ways to grow, then there are business development activities you can start to do yourself. Or you can work with someone in sales who can help you bring these types of activities to life. You don’t need to be in the corporate arena to use these strategies in your own business.
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