Business Development is simply making the workflow inside an association better through a set of ideas and activities.
The goal of business development is increasing the profit margin and success of a new product or service in its market.
Business Development also depends on other departments in the firm, such as marketing, sales, project management, suppliers, etc.
A business developer has to have knowledge and be aware of the following:
- The strengths and weaknesses of current work, known as a SWOT Analysis.
- Competitor updates.
- A full brief from the client.
- New opportunities in the market.
- The scope of services or products available to expand in the current market.
- The opportunities available to keep the current profit margin and expand it.