The goal of business development is to identify a combination of strategies and tactics that will capture new customers and build sales among existing customers. For start-ups, the goal may be to analyze the market and develop a solid go-to-market strategy along with a compelling story with which to pitch investors.
Successful business development efforts begin with evaluating a business and market and then identifying options to enable the business to achieve its full potential. Tools used in a successful business development program include business plans, marketing plans, branding strategy, influence strategy, well-thought through financial plans, exceptional creative execution and a talented management and advisory team. For successful companies business development never stops – it is an ongoing process.