Business development is not a new thing. Every business develops on a continuous basis. What is new is that business development is being institutionalised as an organizational process, a new function and a new role in modern companies. Nowadays, successful business development is defined as:

“The tasks and processes concerning analytical preparation of potential growth opportunities, and the support and monitoring of the implementation of growth opportunities, but does not include decisions on strategy and implementation of growth opportunities”

As such, successful business development plays an integrative role – bridging the gap between strategic intent and organisational execution – and solve three different tasks:

  • Investigate. Act as a catalyst for qualifying new opportunities, evaluate strategic positions, identify new market segments, qualify new market entry and support M&A activities
  • Orchestrate. Co-ordinate the strategic planning process, align performance measures with budgets, facilitate sharing of strategic learning, ensure ongoing follow-up and reporting and integrate strategic thinking into the annual planning cycle
  • Execute. Lead or support business portfolio optimization, lead or support process improvement programmes, lead or support organisational change processes and evaluate strategic investments