The often misunderstood concept and execution of Business Development is our topic this episode. Business Development (Biz Dev.) is NOT the simple idea of developing leads for sales. Instead, business development is improving your business by developing systems to maximize effectiveness and efficiency. Every aspect of a business (internal and external) can be improved, reviewed and improved again.

Why is that important? There are 2 ways to create profitability. 1: Creating efficiency (lower internal cost). 2: Driving sales (more cash flow from external customers). Internal efficiency is much more controllable and won't interfere with customer experience or expectations. Dedication to business development reduces waste, improves productivity and creates efficiency.

Success doesn't happen by accident. You must actively develop systems: rules, processes, guidelines, best practices and (most important) protocols for operations. That is business development. More on systems next week when we talk about Business Process Management (BPM) in part 5 of this series.

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