Business development involves idea generation and planning, as well as the implementation of the project. The feasibility of the ideas will be verified through market and competitor research until practical plans are created. During implementation, the progress of the operation will be monitored and managed, and the plan will be redesigned as needed to match the changing conditions.
The actual engagement with the client will include a subset of activities for building a new operation that realizes the client’s purpose. The tasks may range from operation cost modeling, market demand estimation, or strategic roadmap generation to project management, supplier selection, and language translation and interpreting of communication with supplier groups.
Business development begins from the starting point designated by the client, and the operation is built towards the long-term goal envisioned. Short-term goals are defined as milestones to measure progress while generating assets to continue the program.