The business development executive's task begins with an evaluation of an existing business or the goals of a start-up business. He/she then begins formulating strategies to help the business realize its full potential. In new business, or even continuing to grow an existing business, the company needs to have a very specific business strategy plan laid out. This is the job of the business development executive and requires that the individual in this role has a strong base and knowledge in many areas, including finance, law, and advertising.
A role of a business development executive may be varied, but all functions are designed to create new customers for the company and expand on current customer purchases. This is done by implementing many different marketing tools and developing various business strategies. In any company, large or small, business development never stops. It is a continual ongoing process that is necessary if a company wants to be one step ahead of its competitors.
A Business Development Executive must utilize a multi-disciplinary approach if he/she is to be successful. He/she must be involved in many different departments and get into all different aspects of the business. This executive is totally involved in the marketing aspect, including marketing assessment and target markets, information management/knowledge, and customer service. This individual should be able to form relationships easily and have good communication skills.
This individual is also involved in all aspects of sales, including creating sales policies and procedures, generating leads, advising sales teams, following-up on sales, preparing formal proposals and/or presentations, and intelligence gathering on competitors and customers. Additionally, the individual in this job function is responsible for setting up or developing the business model design for the company. He/she must be creative and have the foresight to see future challenges that may present themselves. Becoming an executive in business development requires a person who is a creative thinker and customer focused. He/she must be self motivated, flexible and adaptive.
The business development executive may operate in one of two ways. He/she can take on a sales oriented role or an operational role to support sales. In sales, the part that business development would play is concerned with general sales and developing strategic relationships. When an operational function is what is required, job postings may use the term "capture management.” This may be its own job title, but what it does is actually describe business development in a company as an operational function, meaning one that is supporting the selling function.
Smaller sized companies and perhaps even mid-sized companies may not have business development procedures. They may simply rely on their contacts, people they have got to know in the field, or longstanding customers. The hope is that with these people they will attract business through references or word-of-mouth. This may work fine for a while, but may prove useless in the future when these contacts fade away, retire, relocate, or no longer exist. This is why a business development plan of some sort is so crucial to any business, regardless of the age or size of the operation.
The business development person manages and analyzes the data to produce sales MI for the business. He/she finds reasons for profits and/or losses. He/she finds opportunities in relation to the company's sales processes and does conversions of profit rates. He/she also acknowledges top performing sales people and identifies top performing sales channels. Finally, he/she is the one who finds and designates the top selling services and products for the company.
In larger companies or better-established companies, a business development executive is often expected to grow multi-account revenue, as well as the overall profit margin, and improve client satisfaction. He/she is responsible for creating strategy, managing relationships, and forming alliances with third party companies. This is especially true in technology related industries. Additionally, you are responsible for developing and implementing a vision and strategy that will deliver results.
Many people find a career in business development by going up the ladder in the corporate world, while many other business development professionals have worked in other fields before becoming an business development executive, such as management, finances, or banking. Whatever the background, the ideal candidate in this field usually has approximately ten years of business experience. This is an exciting career for the right individual. It incorporates finances and creativity and involves independent work, yet puts you in the center of all the action. For more information on business development as a career, you can read more on the subject in any business periodical or scan the web for job postings. There you can read many job descriptions. You might find it very interesting and worth pursuing.
