Business development

‘Business development’ typically refers to the strategy, initiatives, and activities aimed at increasing revenues, growth (in terms of business expansion), and profitability by establishing partnerships, entering new markets, and boosting sales. In the context of accounting and consulting businesses, business development might involve acquiring new clients, introducing new service offerings, geographical expansion, forming partnerships with complementary businesses, or positioning the organization for acquisition by a larger entity. It’s critical to understand that business development focuses on creating opportunities for value to sustain and grow the business, rather than necessarily realizing that value immediately. The scope of business development can be wide-ranging and vary significantly from organization to organization. For a consulting business, these opportunities might mean new markets, new partnerships with other businesses, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets. And for an accounting firm, business development might mean finding new ways to deliver services, such as online sales or consulting services, in addition to traditional in-person meetings. At Fixyr, we believe that business development is a vital strategy that can determine the future growth of your company. As such, it requires a clear-strategic focus, deep market understanding, and coordinated efforts from all sides of the business. It isn’t about quick profits but about building a sustainable model for growth.