An Introduction to Business Development

What is Business Development?

Every business, whether big or small, requires business development. As the name suggests, business development means putting to use any idea or activity that can help the business grow and build a better and more substantial reputation of the brand by implementing its strategic initiatives and simultaneously completing its desired goals.

Associated Roles and Duties

Some different roles and duties are associated with a person handling the part of business development. The role and responsibilities, however, vary from one company to another company. A small scale organization might not need that much work from a business development executive as a large scale organization would. His work would increase in terms of its growth, product launch, market expansion, survey, and many more.

Like the role and the duties vary, so does the name of the position across different companies. It can be a business development executive, business development strategist, business development analyst, officer, representative, associate, and even consultant. At times, the role can be found to be overlapping with the positions and jobs of marketing and sales as well.

Business Development Skills

A job requires everyone to have specific skills, but there are some particular skills separately needed for the job. Among these critical roles, some of the skills required are as follows:

• Research

A business development executive should be good at research. He should be updated with all the latest inventions and changes happening around and any changes happening around the market. He should also be quick to find out if anything new that the competitors are doing and how the company could change itself accordingly.  

• Active Communication

He should be good at communication. Communication is, at times, the key to solving the simplest and the worst problems. Interpersonal skills help connect with the other departments of the company and get their feedback and input in a new project and simultaneously provide yours.

• Goal Centered

If a person is not goal-centered, all of the hard work he is putting in might be useless. Setting goals and working towards the set goals help in achieving success in a more civilized way. He will be specific about the market they will be entering and how much they will accomplish through the particular project. 

Any individual possessing these roles will be better able to take the company on the route to success and prosperity.