In practice, the term business development and its actor, the business developer, have evolved into many usages and applications. Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants. For external plans, the company overview is a brief summary of the company’s legal structure, ownership, history and location.
For a small company, business development is not without its paradoxes – for instance, if you are successful then your business isn’t so small. I have worked with many business owners in the past that think all they have to do is hang out their shingle and they have it made.
Business development job is a combination of sales, marketing and strategic analysis with the goal to develop the business of organization by growing sales from existing accounts and establishing new partnerships. Therefore, person opting for this job must understand the implications before applying for it.
If you look at financial data only, and if your time line from inquiry to receiving money was 30 days, then you would always be 30 days behind any decisions you make to develop or manage your business. The slight slide towards sales is simply because of the tactics business development employs to achieve those goals.
According to business accountant of online selling books, online selling and purchasing has become a great source of medium. If you use the terms Business Development and Sales interchangeably, you’re doing it wrong. Sure, I understand what it’s like to have a tight overall budget, especially when you are a small company or a small department.