“Business development is the creation of long-term value for an organization from customers, markets, and relationships.”- the Grand Unified Theory of business development
Business development is concerned with the analytical preparation of potential growth opportunities for the organization as well as the subsequent support and monitoring of its implementation. Both in the development and the implementation phases businesses functions develop, collaborate and integrate for the organization. For example, marketing, production, and finance assure that the organization is capable of implementing the growth opportunity successfully.
The business development process is designed to support the particular businesses or organization’s business model by increasing the flow of potential clients or additional business opportunities.
Business development often refers to setting up and managing strategic relationships and alliances with other, third-party entities to expand their capacities for identifying, researching, analyzing and bringing to market new businesses and new products. Business-development focuses on implementation of the strategic business plan through equity financing, acquisition/divestiture of technologies, products, and companies, plus the establishment of strategic partnerships where appropriate.