What Is Business Development?

I am often asked to share my thoughts and explain what is meant by the term Business Development and what are considered requirements to achieve success within a Business Development role, especially when looking objectively.

If we ask the question “What is Business Development and what does it actually entail?” it would naturally invoke a number of different responses depending upon who you ask but as a starter here would be some of mine:

Business Development is the collective descriptor for the utilisation of a number of different but complimentary skills used in the creation of mid-longer term value for an organisation, coming from customers (clients), markets and the building of relationships, ultimately resulting in a growing of the business”– Scott Bradley

The terms Business Development and Sales are often used interchangeably but is this necessarily correct or accurate? I would suggest that Sales forms an integral component of the Business Development role but it is not to be considered in isolation.

If I look at Business Development as a collective of skills as per the above, then I could make the suggestion that these be loosely categorized as including (and in no particular order):

1. Sales
2. Relationship Management