Business development can be defined several ways. To some people, it is a sales function. Others might see it as a marketing function, and yet others think it involves work with mergers and acquisitions. These are most definitely important components, since business development is about increasing business—but what it’s really about is successfully applied knowledge. A clear definition and clear communication of any business initiative is a key first step.
I recommend that you define business development in the same fashion as your organization is going to use the term. Be clear and succinct. For example, business development determines what products and technologies marry well with current offerings to better serve current customers. Or, business development determines new markets in which existing products can be sold—and what will be needed to succeed in these new markets. You may want to pursue both paths initially; however, you should only follow both of them far enough to make a choice. Going back to the second choice later is always an option.