Business development entails tasks and processes to develop and implement growth opportunities within and between organizations. It is a subset of the fields of business, commerce and organizational theory. Business development is the creation of long-term value for an organization from customers, markets, and relationships. Identify potential clients in the target market and complete appropriate research on the prospective client’s business and equipment needs
A Business Developer is responsible for the business development aspect of an organization. Primary duties include identifying business opportunities, building and maintaining successful relationships with prospects and existing clients, collaborating with executives on business strategy to determine objectives, evaluating current business performance and maximizing business reach and potential.
A Business Developer works as the tip of the spear producing and driving business for a company. Developers are in charge of generating new client business through networking and follow up on recommendations. Often they design and implement strategies for the client utilizing their companies assets to accommodate both parties best. Develop relationships with prospective clients, while maintaining existing client relationships
Analyse current and past financial data, such as sales reports, and provide strategies to cut costs and increase revenue. Perform market research to identify new opportunities and engage with executives to establish strategies for pursuing those new opportunities. Negotiate contract terms with clients and communicate terms to stakeholders. Provide training and mentoring to members of the business development team.