Business Development Manager


Always seek clear objectives. Business development includes a number of techniques designed to grow an economic enterprise. Such techniques include assessments of marketing opportunities and target markets, intelligence gathering on customers and competitors, generating leads for possible sales, follow-up sales activity, formal proposal writing and business model design. Business development involves evaluating a business and then realizing its full potential, using such tools as marketing, sales, information management and customer service. These tasks are carried out by business development managers.

Business Development Manager is also known as economist or a business planner. A manager should devote his attention to business development and exploiting the business opportunities that are presented to him and his organization. Business development and making your organization successful is reliant on good knowledge of best practice and management theories. Adopt a team approach – work with others in pursuing common goals. For some time, business development managers have been stressing the urgent need for radical new approaches to the corporation. In this paradigm, the bottom line cedes its pre-eminence to the top: the corporation concentrates on developing new revenue streams from new products and services, while optimizing income from existing lines through innovative marketing and rapid exploitation of changing customer needs and tastes. The new kind of corporation is, above all, ‘agile’. Top business development managers fret about the lack of creativity and innovation beneath them, below the supertanker’s decks, but their own decision-making processes and command structures stultify efforts – even ones which they themselves have promoted – to develop the new and rejuvenate the old.

The business development manager must have considerable sales experience, be an organized and strong negotiator, and be aware of and responsive to economic trends, government policies and currency fluctuations. A university degree in one of the commerce, accounting, economics or business administration streams may prove useful (although not necessary) for entry into the position.

The business development manager works to expand a company’s product reach and profit revenues. They do this by identifying new markets and attracting new clients. The business development manager therefore researches new business opportunities, identifies likely sales points, develops strategic plans and sales strategies, and undertakes presentations to and negotiations with prospective customers.

In larger organizations the business development manager works with marketing and sales departments, government and industry peak bodies. Domestic and overseas travel is often a requirement of this position, and report writing is necessary. In smaller businesses, business development managers answer to owners/executives. However, in larger companies they are answerable to senior marketing and sales executives.

Responsibility of a Business Development Manager :

  • Investigate the economic conditions surrounding your small business activity such as industry trends and competition.
  • Conduct extensive market research prior to starting up your business and continue gathering information throughout the life of the business.
  • Prepare a detailed business plan so you will not lose sight of your goals and objectives.
  • Secure sufficient financial resources for future development or expansion.
  • Contact professional advisors such as an accountant, banker and/or lawyer to provide expert information about your business.
  • Network with other small businesspeople; establish a support group. Remember, you are not alone.
  • Attend workshops, trade shows, and seminars to keep up-to-date on changes in the industry.
  • Adopt a team approach; work with others in pursuing common goals.
  • Understand the skills and qualities you bring to your business.
  • Develop a situation analysis of your company including its strengths, weaknesses, opportunities and threats to assist in the development of a strategic plan for the future of the business.

In general, a business manager is responsible for running the business day-to-day. Whether, a managing director in a medium-sized company or a business unit director in a large corporate organization, this general management role is crucial to hold the business together, and to lead the changes which will ensure future success. Many people have experienced a manager who may not be “up to the job.’

In most cases they were very effective in their previous role, but then struggle when they enter the management arena. In sales management, for example, there is an all too familiar pattern of the best sales operative being promoted to manage the team without adequate thought to the development needs of that person. Coaching could provide the new sales manager with the business management skills required for success in his role.

Prepare a detailed business plan so you will not lose sight of your goals and objectives. A successful business development manager should always be seeking clear objectives particularly for those areas of the job where there are outputs you will be required to measure and be answerable for. Keeping the main objectives constantly in mind is essential even if they evolve or change a bit over time. They should be able to identify the key actions that the department is going to pursue. This shows clarity. A business development manager should be able to present the strategy clearly to its customers. The strategy should contain a clear vision followed by a set of clear time-bound actions in order to achieve consistent success.

This entry was posted on Wednesday, May 19th, 2010 at 5:58 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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