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Career Opportunities in Business Development
Career opportunities in business development are growing and a variety of factors contribute to this growth. Modern businesses are extensively relying on web technology. This paved the way for alliances, partnerships and other business activities among companies using the internet to do their businesses. Another significant reason behind the rise in demand for business development employees is the necessity to close deals successfully in new markets.
Business development consists of three functions such as sales, strategic planning and partnership. A specific business development job may blend all three functions, although a particular function may receive more emphasis.
In some companies, business development is termed as business to business sales. In some companies, sales team and business development team are similar. Entry-level business development employees have to search for companies and convince them for a partnership. In order to acquire clients, business development employees have to present a perfect sales pitch and illustrate that a partnership will add value to their businesses.
There are many business development jobs that are called “corporate development” or “strategic planning”. These types of jobs are mostly found at large and established companies, which are willing to diversify and expand their businesses. Similar to the management consultants, a strategic planner has to invest his or her time thinking about the new activities that a company should implement, the best way to market those activities and the technology in which the company should invest.
There are companies, where the strategic planning process is carried out by the corporate finance department. In such circumstances, there is hardly any difference between business development and investment banking functions. For example, if a company is willing to acquire a new business, it is essential to analyse the market to identify suitable businesses that can be acquired. Strategic planning will help in this process of analysis. The strategic planners can also determine the price of a company and close the deal after a successful negotiation.
If acquisition works out, strategic planners will help to integrate the two companies. This is a tough job as they have to deal with the complex paperwork and even reorganise employees and activities.
It is the responsibility of business developers to start the process of partnership and manage this relationship. The biggest hurdle that the business developers face is to negotiate the terms of partnership deals. Convincing another company for partnership is beginning of their job. The process to draft a contract and term negotiation may take several months.
Once the contract is finalised, business development works with marketing, product management and operations to ensure that the terms of partnership are properly maintained.
Selecting a business development career
Whatever be the title of the post, from the various roles that these business development employees play, it is evident that they are valuable assets for a company. Those planning for a business development career will require a bachelor’s degree in business administration, finance, marketing, economics and accountancy. Certain major recruiters prefer a master’s degree in related field. However, the degree will not help to achieve this crucial position. You will require 3 to 5 years experience in sales and marketing to manage various responsibilities attach to this position.
The newly appointed business development employees can expect a salary of around £18,000 per year. However, salary is not a bar for the right candidate in business development manager jobs.
The job is challenging and requires different types of skills. A good sense of business, excellent strategic planning and implementation ability, negotiation skills, financial understanding and marketing knowledge are some of the skills that you will require to perform well in this job. These professionals have to be familiar with computer systems as they have to use computer for preparing presentations and carry on their daily activities.