Often misunderstood as a “dark art,” business development is actually the strategic engine that drives organizational growth.
At its core, business development is about seizing opportunities, building key relationships, and increasing revenue through partnerships, market expansion, and innovative offerings. From networking to strategic planning, it’s all about turning insights and connections into tangible outcomes for long-term success.
When done well, business development seems simple, as if new projects and clients appear out of nowhere, when in reality they are the product of months or even years of effort.
Like it or not, business development is key. It’s what keeps the lights on and your team engaged. The sooner it is embraced and understood, the better.
“It’s not my job!”
So, who is responsible for business development?
If you asked your entire organization, how many hands would go up? Typically, only those with “business development” or “customer relations” in the title, i.e. those who flatter customers with a business credit card.
In reality, EVERYONE is responsible for business development. Each team member represents your brand and flies their flag every day.
Not everyone is an expert networker, nor do they need to be. Sometimes it’s the technical expert who does such a great job that customers keep coming back. Smart companies capitalize on these strengths: sending networkers out to look for new opportunities while supporting specialists in maintaining strong customer relationships.
Success depends on your entire team knowing excellence, understanding your brand, the work you want to achieve, and its role in helping you thrive.
Out with the old, in with the new
Business development doesn’t always have to focus on the “new”. Nurturing existing customers and collaborators often offers a faster return on investment (ROI). They already know you and your business, but do they know the full extent of your capabilities? And do you understand the full range of opportunities they might offer?
It’s easy to assume that clients who hire you for a project understand everything you can do. In reality, this is rarely the case. It’s up to your team to keep the lines of communication open, understand your customers’ needs, and explore how your organization can support them further. Take every opportunity to share updates about your broader services, cross-sell with other divisions, or simply signal that you’re ready for the next project.
“But my best contacts are more like friends now!”
People buy from people they like and trust – that’s a fact. If I like working with you, I will probably find a way to continue. However, when a working relationship turns into a true friendship, it can feel awkward to ask about the next project.
Or maybe you keep getting the same type of work from this friend but are overlooked for bigger, higher-profile projects.
In this case, it’s time for a change. Be brave and address the elephant in the room. If you want a piece of the pie, you need to position your organization as a competitor. Too often we hear, “Oh, we didn’t know they could handle XYZ!” They didn’t know, so it’s your job to tell them!
Research and conversion of new customers
Start by identifying customers who are doing the work you want done. Then, understand what these organizations need and how your team can meet those needs. These organizations likely have existing relationships, so you need to understand why they should interact with you. This is the “so what” of business development.
Then, think about how you will connect with them. Researching these organizations gives you a leg up on finding out what interests them or keeps them up at night. Do they attend or sponsor events you could attend? Are key people active on social media? Do you share mutual connections? There are many ways to connect, and this is not a one-size-fits-all approach. Understanding the unique value you offer potential customers is critical.
“I connected with some interesting people – now what?”
Once you have made contact with your target customers, don’t sit back and wait. Quick and relevant follow-up is key. Schedule the coffee meeting you discussed or organize the project walkaround you promised. Building a long-term, trusting relationship means actively listening to what the other person needs and keeping your promises. Define these two aspects and you will be ahead in the business development game.
“It’s the summer holidays – does it make sense to worry about business development now?”
August is traditionally a time of “feet on your feet” for many, an opportunity to take a well-deserved break. But it’s also the last downtime before the holiday season begins, and it can provide an ideal opportunity to pause, reflect on the past year, plan for the fourth quarter, and start thinking about next year’s goals. And yes, you can sip a piña colada while doing so.
In summary
Business development is a team sport that requires time, practice and patience. There is no one-size-fits-all approach; success comes when everyone comes together to share intelligence, surround opportunity and hunt as a pack.
To do this effectively, everyone needs to understand the end game: who you’re targeting and for what type of work. It’s also critical that each team member feels comfortable with their own business development style, whether that’s pursuing new contacts or strengthening existing ties.
Organizations that integrate this mindset into their daily operations will see business development transform from a dark art into a shining success, where the entire team is empowered to play their part.