Business development means to develop entrepreneurial and managerial thinking in order to fulfill business objectives and visions. In business practice, we often face various indicators of the economic activities of companies, such as ROE, ROA or EBIT. However, are we able to have a closer look at business development in the company?

The Slovak business people would hesitate with answers, definitely. Some of them would also argue that business development is a waste of money; often a very difficult process which requires resources and inevitable cost. Others would suggest that marketing plays this particular role.

Business development has been slowly emerging in Slovakia due to several reasons. To illustrate, people understand it as a part of marketing practice, sophisticated sale methods or some procedures to attract new customers. In fact, it is all true.

Essentially, business development should be integrated into enterprise structure to the extent that a business development manager or a team are able to use/create as many opportunities as possible to develop a particular business under one management with a clear vision and leadership. Moreover, business development should be able to deeply understand business partners, business environment and potential clients/customers. It is not about having a one-off service, but to create a long term collaboration because business development is a long-term hard work, often invisible in the present, but “tangible” in the future.

The Slovak business people have accepted standardized fees of lawyers, doctors or accountants. However, they are afraid to invest in business development because it is something new, unknown. There are two reasons. Firstly, they prefer to hire a salesman to a BD consultant because of instant results. Secondly, foreign companies brought many BD practices to Slovakia, so managers just performed what worked abroad. However, by this approach, Slovakia lacks good business development managers and leaders.

The ability of not giving up belongs to main pillars of business principles in a global world. It is certainly necessary to improve the position of business development and awareness in the minds of businessmen, as well as managers. The Slovak business people should take into consideration those business development methods that work well. However, take into consideration is not a copy-paste system, but a copy-add an innovation one. Never give up an innovation, please; go for business development!

Remember one important rule when hiring a business development consultant/manager: It works only when both of you are connected to the same business vision.

(Author: Martin Zubko)