Business development, by all meanings and definitions, is quite simply the development of a business. It goes without saying that when we speak of business development we are talking about the systematic growth of a business – its management, its sales and marketing, its workforce and so on. Business development and management therefore are often confused with business growth. It might be wise then to first try and understand what business growth and development really are before delving into attempting to understand business growth and development as if it were synonymous with it. As far as I am concerned, it’s a concept that can be explained in very simple terms as follows:
Business growth and development are nothing but the implementation of a set of business strategies (business plans, if you will). The plans are made, the strategies are implemented, business growth strategies are then evaluated periodically to check on their effectiveness and progress, and if necessary, modified or adjusted according to circumstances. This process continues until such time that business objectives and goals have been achieved.
Business development aims to continuously improve business performance by identifying, measuring and then pursuing specific measures that achieve and maintain pre-defined targets. Business development is directly related to the growth of an organization as a whole: it is the process by which growth is achieved within the structure of the business itself. Business development also refers to the process by which the goals of growth within the organization are being attained; this is the “why” behind growth. The “what” behind development is also related to the measurement of success: the success of a business development process is the quantifiable measure of success and often this can only be achieved through the process of measurement.