A business developer could be one or more of the company’s owners or a specific employee or employees who specialize in this area. Business development can be aided by anyone who can implement or suggest a strategic business transformation that adds value to the company. Businesses frequently urge staff to develop creative ideas, increasing the overall business’s potential.
Additionally, businesses turn to outside incubator organizations, business development companies (BDC), and small business development centers for assistance (SBDC). However, these organizations only offer service with business formation and the required fine-tuning in the initial business creation phases.
What Motivates Activity in Business Development?
No standardized techniques or guiding concepts exist because business growth and operations have a broad scope. Everything can fall under the business development category, from looking for new prospects in external markets to implementing improvements in internal corporate processes.
Business development professionals must come up with original ideas. However, their suggestions may turn out to be unrealistic or impossible. Flexibility is essential. Business development employees should try to seek out and accept constructive criticism and keep in mind that it is a process.
Development of Business Ethics
Implementing ethical business practices requires thinking through matters including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary duties. Business ethical standards are frequently established by laws and regulations, which businesses can choose to abide by and improve upon to gain the confidence and loyalty of customers and other market participants.