Rarely in history have words been spoken with such ambiguity. Ask 10 people with “VP of Business Development'' or similar business cards what business development is, and you'll get just as many answers.
Some people might simply say, “Business development is sales.”
Some people may vaguely say, “Business development is a partnership.”
“Business development is a hectic schedule,'' startup people will say, evasively.
In the absence of a concise explanation of what business development is, I sought to integrate the various forces of business development into one comprehensive framework.and Eureka, Because I discovered it – The Grand Unified Theory of Business Development:
Business development is about creating long-term value for your organization from customers, markets, and relationships.
There is elegance in simplicity, but perhaps this definition leaves you wanting more. The essence of business development is understanding how the interactions of these forces combine to create opportunities for growth. But the theorem requires a proper proof, so let's break down that statement.
long term value
First, what does “long-term value” mean? In its simplest form, “value” is cash, money, the lifeblood of any business (but not access, prestige, or anything else that helps a company grow). ). And there are many ways for you or your company to make some quick money. But business development is not a get-rich-quick scheme or a win-or-lose strategy that creates value that will be gone tomorrow just as easily as it came today. It's about creating opportunities for that value to persist over time and leaving the floodgates open so that value can flow in indefinitely. Thinking of business development as a means to create long-term value is the only true way to succeed in continuously growing your organization.