Business development refers to high-level partnerships that generate revenue, create better products and increase efficiency. These partnerships can help you:

  • Access new markets
  • Increase sales to existing markets
  • Improve access to technology
  • Boost productivity
  • Gain capital (human and financial)

Since these partnerships involve multiple departments in each company, there are usually a number of people involved in the deal. It’s often an executive or high-level “biz dev” person leading the process for each company, although in small companies a sales or marketing executive will usually take the reins. However, creating a partnership is more complex than pure sales -- it requires a solid understanding of the business and operational objectives of multiple organizations.

Business Development Value

In a true partnership, companies collaborate to achieve a common goal. It’s more than a short-term promotion, such as a special offer or marketing to each other’s customers. Instead, it’s an agreement to do business together while sharing responsibilities, resources, risks and rewards. When should you pursue these kinds of partnerships? It’s common to include them in your annual marketing plan, but any time is good for identifying potential partners. It’s especially important when you’re trying to open new markets or aggressively grow your business.

With Growth Panel, you can determine if business development is a good strategic move and you can determine the proper approach to acquire and manage partnerships. One key partnership could add significant value to your top and bottom line.

Business Development Tools in Growth Specialist

  • Identify Potential Partnerships:  Evaluate different types and structures for true strategic partnerships.
  • Business Development Plan:  Identify the resources you will need to implement a partnership, how the partnership will work, and the sales process involved in completing the partnership.
  • Sell the Partnership:  Identify the materials you will need, the process to follow, and the criteria used to evaluate potential deals.
  • Implementation Plan:  Organize the key points for managing the partnership in a way th