Business development is more than just a set of sales techniques and understanding how to be a good salesperson. On the contrary, it is a general definition for all the ideas and strategies of the company and the activities of departments aimed at improving the business and moving through the stages of the company’s life cycle.
Primary goals
You need to develop specific goals related to your focus on improving the company to define a list of tasks for each division of the company.
- Increasing profitability. Every company wants to earn higher returns because it means more funds are available to reinvest in processes to achieve other business development goals.
- Improving customer response time. The faster a company can respond to client needs or a complaint or question, the more satisfied that customer will be. In turn, this can mean reproducible sales that generate revenue for business development purposes.
- Improving operational efficiency. Such a business development goal aims to improve certain aspects of operations that can further grow the business. You can achieve more results in less time and at a lower cost.
Business development can mean a lot to many people: sales, partnerships, customers, new products or services, or additional markets. And all these things are correct interpretations.
Each value has a common goal: business development is about creating long-term value for the company through continuous improvement.
Business Development Ethics
Business ethics includes applying proper and fair practices in corporate governance, insider trading, bribery, discrimination, corporate social responsibility, etc. Laws and regulations often set standards of business ethics that companies can follow and rely on to get the trust and loyalty of consumers and market participants.
Viacheslav Brahinets: let’s define the main goals of business development. Primary goals of business development. Make your business better today.