The business developers' tools to address the business development tasks are the business model answering "how do we make money" and its analytical backup and roadmap for implementation, the business plan.
Business development professionals frequently have had earlier experience in sales, financial services, investment banking or management consulting, and delivery; although some find their route to this area by climbing the corporate ladder in functions such as operations management.
In these instances, the companies may leverage each other's expertise, technologies or other intellectual property to expand their capacities for identifying, researching, analyzing and bringing to market new businesses and new products.
Business development focuses on the implementation of the strategic business plan through equity financing, acquisition/divestiture of technologies, products, and companies, plus the establishment of strategic partnerships where appropriate.
"Planning Systems" are systems set in place in order to regulate businesses.
Business Development Business Plan
In many cases, ruling agencies deem the necessary for business survival.
This especially applies to countries where the laws are not so strict and allow for abuse to take place.
These development policies now have to follow the criteria that Penz created, consisting of: security, empowerment, rights, equity, integrity, and cultural freedom.
However, the main function of business development is to utilize partners in selling to the right customers.
Creating opportunities for value to be ongoing in the long-term is very important.