Business Development Requires a Multitude of Skills

Organization development is one of the functions that every company, from inception to exit, performs at one time or another. Is actually also one of the most “unbounded” roles in a company. For some companies, business development means acquiring clients. Others, it means raising capital. And, for yet another pair of people, it means to build alliances and relationships.¬†Watch this video of Scott

Whatever the term finally means to anyone, it is just a function that plainly takes a multitude of skills. Discussing take for instance, elevating money. A business development person in a tiny start-up company would be in charge of building relationships to increase capital raising and/or general auto financing for startup operations. Often, the main reason this function comes under business development is because the company developer is building strategic partner interactions. Some of these ideal partners deem the marriage critical to grow new business opportunities. In that respect, the strategic spouse will then invest money in return for an equity stake in the startup company. 

In the case of building and managing partnerships, the business enterprise development team is otherwise known as Complicité. In this example, business development or Alliance is in charge of recruiting, managing, and supporting partner companies. Furthermore, the Alliances organization would also have a responsibility for driving a certain amount of earnings through the partners, as well. This alliance function essentially builds a core environment surrounding the host company. The ecosystem effectively allows the host company to be in more markets, catch certain geographic territories, or even drive more earnings than it might on it is own.

Building joint undertakings is also a form of business development activity. Occasionally a company needs to work together on the specific business opportunity. The opportunity could be related to driving new business in a specific country or perhaps in a particular industry. The two companies would develop an operating agreement under which they will work collectively. Shared earnings and expenditures, team alignment and sales targets are examples of agreements created as part of this joint endeavor relationship.

Driving sales is another function where business development is often classified. This is especially true each time a company is first starting off in corporate. A large number of small companies categorize their sales efforts as business development rather than sales. One of the reasons for this is basically because the territory is new or perhaps the product series is untested with customers. The business development group is responsible then for selling new business within an uncharted environment.

Corporate and business development is another function often interrelated with business development. On the whole, though, a corporate development function grips aspects of mergers and acquisitions for a company. Their job is to identify companies which may have synergistic business models and would complement the host company. In many aspects, a company development officer for an organization has similar skill sets and experience as all the above organizational tasks.

Leave a Reply

Your email address will not be published. Required fields are marked *