Chromatography and Scientific Business Development
In this context “value” is best defined as the substance of any business e.g. cash, money, prestige or image. There are many ways to make money quickly however business development is not about creating value today that is gone tomorrow. Business development is about creating opportunities for value created to persist over the long-term, allowing that value to flow indefinitely. Considering business development in this way as a means to creating long-term value is the only true way to succeed in consistently growing an organization.
The “customers” portion of the definition is much more obvious – customers buy your products and services and ultimately pay the bills - without them you don’t have a business to develop. But not everyone is a natural customer for your business. Maybe the product or service you are selling doesn’t have the features the customer needs. Maybe your product or service is perfect, but the customer is not aware your company provides it. Or maybe you’re not reaching the customer as you are not in “contact” with them.
That’s due to customers “living” in specific markets. One way to focus on markets is geographically – other ways to focus on markets are demographics, lifestyles, and buying mindset. Identifying opportunities to reach new customers by entering into new or different markets is one important key to unlocking long-term value.
And then there were “relationships.” Just as the planets and stars rely on gravity to keep them in orbit, any successful business development effort relies on an underlying foundation of strong relationships. Building, managing, and leveraging relationships that are based on trust, respect, and a mutual appreciation of each other’s value is fundamental to enabling the flow of value for the long-term. Relationships with partners, customers, employees, the press, etc. are all critical to the success of any business development effort and as such they demand a bold-faced spot in any comprehensive definition of the term.
So, is business development about partnerships? Is it actually about sales? Is it about hustling? Well yes – it is all of these.