As part of Pocket Gamer Connects London 2017, Kay Gruenwoldt, VP of Business Development for Paladin Studios, gave a talk on how to do business development as an indie developer.
He started by saying you should "know who you are" – find out what you are good at, what you can do better than others, and what you need to improve on in the future.
On the latter point, Gruenwoldt says that you can then choose to learn how to do the things you cannot do, and that consciously identifying these aspects will help you focus on learning these things.
His second tip was to know "where you want to go", and identify what your overall goals are, as well as short term goals, and identifying if these goals actually fit with what is happening in the current market.
He added that "if your guys aren’t behind you, you're never gonna get there", saying that you should be open with the other people on your team about your goals, or else they won't share your vision and rally behind you.
Gruenwoldt's third tip was to look at how you will reach your goal, and recommended breaking down the overall plan into achievable steps that can be completed in a reasonable fashion.
He then said that you need to find out what you need, whether that's working with a partner, or even what your business itself requires to grow.