Business development involves all the processes, techniques, procedures and methods that can be employed by a firm or an enterprise to improve on its activities to penetrate and explore on new markets as well as attracting new customers while retaining the existing ones. The procedures and techniques used may include exploration of new opportunities through reaching target markets, drafting on implementable sales policies as well as follow up procedures to enhance sales level and finally formulation of good business model with an appropriate design. Therefore business development comprises of evaluation and assessment of a business to realize its full and potential capacity to effectively operate efficiently in the market. This is a considerable procedure involving stages in business development which include; (i) development of the concept and its assessment, (ii) planning and the start up process, (iii) consolidation and the focus stage and (iv) growth accompanied by scaling up activities in an enterprise.
Stage one is concerned with identification of business long term development besides its feasibility in the market which are mostly funded by business’s own investments and funds. An organization may engage in this stage while conducting market research. Stage two has its core and basic foundation to the establishment of the foundational basis of the enterprise besides assessment of its validity. In a business, this involves sourcing for funds and acquisition of assets besides nominating the governing body and designing the governance structure. Stage three involves the steps to ensure going concern of the business and its longevity. This is concerned with market research to maintain its strategy, model and design as well as increase sales. The concern is the actual and regular business activities in the physical market. The last stage deals with business growth and development and maintenance of its sustainability. This in a business concerns management decisions to re-think of its strategies and formulation of new policies to increase the activity level in the market. It’s also the process of revaluation and assessment its achievements so far to determine whether to continue or think otherwise.