The term "business development" is thrown around in many organizations, but most people don't understand its role. Start this course with an overview of the term.
- People who see opportunity where others don't,…have the analytic skills to make a logical…well-supported argument for their vision,…love making deals and building buy-in and crave variety,…often thrive in business development roles.…Business development is about driving growth…mostly by working in an unstructured way…to identify new partnerships, categories of customers,…and lines of business.…It's like being an explorer,…looking for opportunities…before the map has even been drawn.…
A business development person often walks into a meeting…unsure of any outcome beyond looking for synergies…and that's the fun of the role.…There's a lot of freedom and a lot of room for creativity…and of course, there's the possibility of a big return…on your investment.…Here are the typical phases of a business development cycle…with a new relationship.…Sourcing a new strategic relationship,…exploring win-win opportunities,…drafting and signing initial agreement,…implementing relationship,…and determining broader potential of such relationships.…
Business development teams identify areas of opportunity: new products, new markets, new partnerships, and new distribution channels. It's critical to start with clear objectives. Are you using business development (BD) as a marketing tool, a sales channel, a source of innovation, or a corporate development hub? Management consultant Robbie Kellman Baxter shows you how the best BD professionals identify and build momentum for new initiatives. She also gives you the insight you need to launch a BD function in your organization, explains how to manage a BD team, and shares how to scale the BD function as your opportunities grow.
- Define business development.
- Explain the purpose of business development.
- Distinguish business development from other functions.
- Identify the skills and personality requirements for a business development role.
- Measure business development performance.
- List options for organizing a business development team.
- Describe how to make business development relevant at the C-level.