Executive Search Firm | Careers & Industry - Business Development Profile

Career Profile: Business Development

For businesses to remain competitive and relevant in the market they need to focus on the growth and expansion of their product, service, or market share. Primarily, companies will hire business development professionals to assist them in identifying opportunities that will contribute to the progression of their company and brand. Depending on the industry and respective company, business development responsibilities can vary, but the goal remains universal; identify and close on business opportunities that contribute to the bottom line of a company.

Necessary Skills & Credentials:

For any business development executive it is of high importance that they are familiar with the industry in which they serve, are familiar with their competitors, changing market conditions, and most importantly, how their company’s product or service is viewed by their targeted consumers. Once a business development professional has a thorough understanding of their company’s position in the marketplace, it is necessary to begin identifying where growth opportunities lie for the organization. Perhaps the company is looking to boost sales, identify new markets, acquire similar companies, or work on co-branding initiatives. Whatever the objective, it is the responsibility of the business development person or team to work towards planning and strategizing how the actions will be executed.

Career Tracks:

Career growth typically begins with entry level sales positions where core business skills can be developed. From there, many business development professionals move forward to companies where they can develop strategy and alliances to grow revenues and profits.
A business developer’s participation in sales and business strategy will vary according to the company. In some cases they may be responsible for developing leads and closing on contracts. In other cases they may be expected to work with leadership in identifying specific acquisitions that will keep the company competitive. In any respect, it is a profession that is highly cross-functional with responsibilities in sales, marketing, and strategy. Ultimately, however, it is important that any business development executive has strong sales and negotiating skills, is analytical enough to remain focused on fiscal growth, and is a good communicator.

Outlook:

Because companies of every size require business development, it is a career field that is anticipated to continue to grow, especially in industries that are expanding such as health care and clean technology.