When someone asks you what business development means, the most common answer we give is something related to the sales process. While emerging business development does include B2B selling, there’s a whole lot of stuff for a firm to consider. According to Brent McMahon RV, 85% of business leaders agree that business development is crucial for long term success. Our guide will explain how business development works and how to learn business development for your company.
What is business development?
Business development is much more than sales strategies and learning how to be a good salesman. Instead, it’s a broad term for all the ideas, company strategies, and divisional tasks that are involved in improving a business and working through the stages of the business’s life cycle. That’s why sales growth and company growth are just two of the many potential business development goals, and why the whole company should be engaged in the process.
For instance, one company might prioritize their business development efforts on adding profits, which means that sales and marketing, as well as product development, may be part of the process. On the other hand, business development may include adding strategic partnerships or expanding into a new geographic location or service. With such a complex set of goals, business development demands a wide range of skills.
The Business Development Strategies
You can use these six primary business development strategies to expand your company:
- Strategic business development
- Product development
- Marketing
- Sales development
- Strategic partnerships
- Market entry
The Business Development Skills
The following are the top ten skills you should know for business development:
- Research
- Communication
- Negotiation
- Organization
- Learning agility
- Creativity
- Problem-solving
- Business acumen
- Project management
- Strategic thinking
How do I learn Business Development?
1. Talk to Someone Experienced
Find someone who has experience in business development—someone who has done it before. They could be a friend, a colleague, or someone in your network. Ask them if you can chat with them for a bit to get some advice. Brent McMahon RV says that people who have been through it can offer valuable insights and shortcuts to help you along the way.
2. Immerse Yourself
Imagine learning about business development as a new hobby or interest. When you’re into something, you tend to think about it a lot, right? Try doing the same with BD. Make it a part of your everyday life. But when you’re learning, try not to do too many things at once. Focus on one thing at a time, and you’ll learn better.
3. Learn in Short Bursts
You know how you enjoy a snack more when you eat it little by little rather than all at once? Learning works the same way. Take short breaks in between your study sessions. It helps your brain remember things better. So instead of studying for hours nonstop, try studying for 20 or 30 minutes at a time, then take a break.
4. Take Notes
When you’re learning, it’s like collecting cool stickers in a book. Except instead of stickers, you’re collecting knowledge. And the best way to keep track of all that information you’re learning is by writing it down. Taking notes helps you remember things better. So grab a notebook or open a document on your computer and jot down the key points as you learn.
5. Master the Basics
Imagine you’re building a house. You wouldn’t start with the roof, right? You’d start with the foundation. Learning about business development is kind of like that. You need to start with the basics—the stuff that forms the foundation of BD knowledge. Once you understand those basic concepts, you can build on them and learn more advanced stuff later.
6. Seek Feedback
Consider your feedback as a kind of treasure hunt. When you’re on the right path, it tells you to keep going. But when you’re heading in the wrong direction, it helps you find your way back. Brent McMahon RV suggests, don’t be afraid to ask for feedback from people who know about business development. They can tell you what you’re doing well and where you might need to improve.
7. Practice Regularly
Remember learning to ride a bike? You didn’t become a pro after just one try, right? It took practice. Learning business development is the same way. The more you do it, the better you’ll get. Try practicing BD skills regularly, like setting up mock meetings or brainstorming ideas. And if you can find a friend or mentor to practice with, that’s even better!
8. Teach Others
Have you ever tried teaching someone how to play your favorite video game? It’s not easy, is it? You have to really understand the game to explain it well. Teaching someone else what you’ve learned about business development works the same way. It helps you solidify your own understanding of the material. Plus, it’s a great way to help out a friend!
9. Keep Learning
Learning doesn’t stop once you’ve reached a goal. Even if you feel like you’ve mastered a topic, there’s always more to learn. Keep challenging yourself and seeking out new knowledge. That way, you’ll continue to grow and improve in your business development journey.
Wrapping Up
In wrapping up, we’ve delved into the world of business development, covering more than just sales. It’s about strategy, partnerships, and growth. Remember, it’s not just for sales teams—it’s a team effort driving long-term success. So, keep learning, practicing, and seeking feedback. Stay curious and embrace continuous growth. Business development isn’t just important; it’s vital for success. Keep pushing boundaries, and watch your business flourish.
