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Strategic, Commercial, and Human Access to Grow Your Business
Business Development, the name itself is full of promise. Business development involves the development of relationships with third parties, whether companies, individuals, or other entities, with the objective of creating mutual benefit.
Why engage in business development? Companies generally engage in business development for one or more of the following reasons:
- To obtain new commercial clients, vendors, or sources of supply or distribution
- To increase sales to existing clients
- To gain access to new or competitively important technologies, e.g., licensing or partnering, in order to improve existing products or create new products
- To expand geographically
- To increase efficiency, e.g., partnering with firms marketing or selling non-competitive products to the same client base as the base to which you market or sell
- To obtain additional human capital, e.g., executive or strategic search
Business development can result in a number of different types of highly beneficial relationships:
Partnerships
in which your company and another company collaborate for mutual benefit, generally either to gain marketing or sales efficiencies, create new products, or provide competitive advantage or efficiency
Commercial Relationships
in which your company either develops relationships with new or existing clients or supplements your available vendors or sources of supply or distribution
Licensing Arrangements
in which you either license your technology to a third party or license technology from a third party
Human Capital Arrangements
whether in the form of employment, director, or advisor
The ability to engage in effective business development activities assumes access. Not just access to a particular entity, but access to the right person at the right level in the right role within a company or other entities or the individual with the right skill set or who has the right experience and who is receptive.
For example, assuming that your company is seeking access to Dell Computer, you can call customer support at Dell Computer and get that level of access, but it will be of no benefit if your objective is to become an OEM selling into their supply chain. In addition, structuring the relationships that result from business development activities requires substantial experience and thought.