Not every organization needs business development. It depends on the goals of the organization and its appetite for change. In this video, explore the reasons an organization might establish a formal business development team.
- If you had unlimited resources, of course,…every organization would have a business development team.…After all, the purpose of business development…is to identify new areas for long-term growth…and to begin putting structure…around a nebulous idea with potential.…It might seem like every organization should have a team…dedicated to identifying and evaluating…long-term strategic bets,…but it's not always practical.…In a world of competing priorities,…when should having business development bubble to the top?…And if you're the manager of the business development team,…how do you make the case for resources going to your group?…Venture capitalists often recommend…investing in business development…when revenue hits a certain number.…
I've seen estimates from $2 million to $40 million and up.…Others suggest it's based on number of employees.…I think it has more to do…with traction, focus, and resources.…It's always good to understand the opposing view.…When wouldn't you need business development?…Well, if you're starting a new business,…
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.