Business development (BD) refers to all of the efforts (processes, strategies, tasks, personnel) whose purpose is to identify and expand new business opportunities with relation to other companies. Some organizations hire BD directors and managers to oversee this complex aspect of entrepreneurial growth, but you can also seek the help of an external consultant for help with a business development strategy. Because this can involve so many factors, it helps to break the concept down into a few main avenues that drive a company’s growth.
To create a strong business development plan and process, it’s useful to think about BD in the following four ways:
If the prospect of business development sounds risky or overwhelming, consider working with a coach who specializes in this area. Growth-minded businesses in the Northwest Chicagoland area should consider applying for admission to a business accelerator program focused on one-on-one coaching with Next Level Northwest.
Next Level Northwest is a business acceleration public-private partnership serving the Northwest Chicagoland region. We support regional and local businesses through collaborative and innovative initiatives to help grow the economy. Download our Program Overview (PDF).
Ready to take your business leadership to the next level? Download and prepare your application following this process today!