A strong business development strategy allows your business to create strong relationships with promising prospects and generate revenue. If you ask 10 professionals what business development, or ‘biz dev,’ is, you’ll likely get 10 different answers. To some, business development is just another term for sales. Many view it as the process of forming strategic partnerships. Others define it as a marketing tactic.

Business development expert Scott Pollack describes it best: “Business development is the creation of long-term value for an organization from customers, markets and relationships.”