What are the best practices of business development?

Identifying new sales leads.

Developed brand strategy and statistics systems for Brand development.

Pitching products and services to achieve targets.

Maintaining fruitful relationships with existing customers and Potential Clients.

Planning and overseeing new marketing initiatives to generate more business revenue.

Contacting potential clients via email or phone to establish rapport and set up meetings.

Strategic Consulting, including business plan & sales strategy development.

Advising new businesses on formation of corporations and business structures.

This is what I do refer to my linkedin profile

Traditionally business development required a large rolodex of personal contacts and enough charisma to network with those contacts 5-7 days a week.   However it is no longer just about who you know (although it still very important). What you know and how you connect what you know with the buyers in your market have become the keys to business development success.

The objectives of business development have not changed: building relationships, attracting new customers, opening new markets, and business growth.  But the strategies, execution, areas of knowledge, and skills required include new approaches to content, programs, and tools. Specifically a business development leader has the following responsibilities

• Defining the business you are in and how to position it in your market
• Identifying customer pains and needs
• Articulating your value proposition against those pains and needs
• Understanding what your customer wants to know at each decision stage during their buying process
• Prioritizing how to use customer intelligence to connect with your markets and generate more business
• Evaluating and reporting on performance

Along with management and pitching skills creating business development success requires  specific capabilities.

Make meaningful,forward progress and not just going through motions.

Build a relationships with key persons .

Find your target where your offer will matter most(right door to knock)

Bridge the gaps between the strategic and execution

Companies are always on the haraizon to expand their market that being said without having structured plan results will be very low within my experiance I have seen that every company need to analyze it's products or services at least every six months in order to get better understanding of it's results within the market however this will also give the managment a new ideas to open new market sector by creating other products and services that fit such sector another practice would be to focus of porter's five forces when trying to be invloved in new market. Five points to keep in mind within any company also would be 

1) Strategy 

2) structure 

3) Key info and decision making 

4) Rewards

5) People 

I'm sure the best way to create it  own business and creative new things and idea.

Agree on experts answers. Thanks for your invitation.

There are no written down practices, the very first thing you should know your product & its applications its scope, you should be aware of the competitor products, you should know the USP of your product, you should know the segments & verticals wherein you have to develop the product, last but not least a SWOT anaylsis has to be done carefully while business development.

An interesting question, but very wide in scope. Each sector, each industry, each business has its own triggers and these may or may not cross borders and boundaries. You need to be a bit tighter with your question if you need info on a specific industry.

to develop a business you must clearly define your target customers ; understand and support their needs whether in services or products, gain their turst , and be loyal to them. (don't reach oversized cutomers that you may fail to serve)

after that your customer base will gradually increase  (developing your bussiness) at the same time your previous customers will be developing pushing you to development as well .

Thanks for invitation ,,

Here're the six best practices in leadership development that yield business impact.

1.  Develop strong executive engagement: The most important practice of all is to obtain the engagement of top leaders and managers. Their commitment means that the program will be highly regarded, aligned with corporate strategy and focused on the right business issues.  Philips Medical Systems – Ultrasound believes a key to its success is the active role of senior management in shaping, marketing, supporting, and executing the leadership development program.2.  Define tailored leadership competencies:  Successful leadership development programs are based on identified leadership competencies. By isolating and agreeing upon leadership competencies most important to your business, you will have the foundation for leadership development, as well as succession planning, career development and other talent-related processes. All high-impact programs we’ve studied are built on well-established leadership competency models.  For example, Aetna’s leadership curriculum supports three distinct levels of leadership.  Each training level focuses on specific competencies and builds on the level before it.

3.  Align with business strategy:  Leadership development is far more than management training. As leaders move up in the organization, their skills must shift from people and project management to strategic business and operations management. Organizations such as Agilent, Aetna and Cisco focus heavily on company-specific business strategies in their leadership programs. Such programs cannot be totally comprised of off-the-shelf content. Furthermore, leadership development programs must be included in business conversations and planning. At New York Mellon, senior executives ensure a strong alignment to the culture, values, and strategies of the company.  

4.  Target all levels of leadership:   Effective leadership development isn’t about training individuals.  Its primary objective should be the development of a leadership team capable of moving a company forward and meeting key strategic objectives.  To do this, every layer of management has to be equally prepared.  At Shell, three primary audiences are targeted.   They are:

• Line managers participate in a program called Shell Life, which includes basic training in coaching, change management, delegation and development.
• Functional managers participate in a program that focuses on business leadership, business management, vision and other leadership qualities.
• Top business leaders are involved in a third program, which focuses on Shell’s business management and uses external education and consultants to train top global leaders.

5.  Apply a comprehensive learning approach:  No sound leadership development program consists solely of an instructor-led training event. Programs must include developmental assignments, 360-degree assessments, meetings with global counterparts, case studies, external education and a wide variety of e-learning and other media to give leaders a complete experience. People learn to lead by doing, so the best leadership development programs focus heavily on experiential learning. The National Basketball Association (NBA) designed a blended leadership program to train the company’s middle managers.

6.  Integrate with talent management:  To build a sustainable leadership pipeline, organizations must implement programs to assess leadership potential (part of the performance management process), identify successors to existing leaders and place these individuals into the right development programs as part of the company’s regular business practices.  In fact, one of the biggest indicators of a first-class leadership development program is a set of established practices and a corporate culture that encourages development throughout the enterprise.

Best Regards