In the modern-day working environment, companies should thrive on a daily basis to innovate and outgrow their competition, or else risk losing their businesses. This is even more relevant for small/medium enterprises (SMEs) were the consequences could be more impactful. There are two main objectives for this dissertation. The first one is to develop a comprehensive view of the concept of business development, especially in the case of SMEs. This part of the thesis was mainly based on researching the available academic publications, extracting the important and relevant information and combining all the data to form a well-structured idea of the following question “What is business development?”.