What is the process of business development?


Quick Answer

The business development process involves finding people needing a service, building relationships through trust and credibility, discovering the appropriate solutions and offering services, reports the Canadian Bar Association. The combination of each step in the process is known as the business development cycle.

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Full Answer

The finding stage of the business development cycle involves conducting research to find a target market, notes the CBA. The market can be individuals or companies. Finding the right market can involve advertising methods to expose the public to a product or service. Presentations and seminars are other facets of the find stage. The build component focuses on relationships and generating new leads. Some of the associated tasks include making a list of current clients, following up with prospective clients and prioritizing specific leads. Hosting lunch, attending a networking event and sending presentations are some of the action items.

The discovery phase emphasizes goals, challenges and objectives. This phase is broken down into both the soft discovery and the formal meeting. A follow-up letter indicates interest in a later arrangement. In some instances, a lead asks for a proposal at this time. The offer step in the business development process is mentioning services to solve, prevent or fill a need. Proposals can be sent as a document or conveyed during a meeting.

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