Business development can be summarized as the ideas, initiatives, and activities that help make a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions
Successful business development impacts every department within a company, including sales, marketing, manufacturing, human resources, accounting, finance, product development, and vendor management.
Business developers should be aware of new market opportunities, possibilities for expansion, competitor developments, and the current sources of the company’s revenue
What does a business development manager do?
- Liaising with colleagues to develop sales & marketing strategies
- Preparing financial projections and sales target
- Attending events such as exhibitions and conferences
- Preparing sales presentations & participating in sales meetings
- Producing reports for management
- Training business developers and sales colleagues
- Working in a client’s business or in an office.
Skills & Qualification for business development manager
- Proven working experience as a business development manager, sales executive, Marketing or a relevant role
- Strong knowledge of business growth techniques
- Excellent planning skills
- Market dynamics knowledge
- Sharp negotiation and Communication skills
- Ability to lead change
- Good networking skills
- Ability to build rapport
- Good financial skills
