Business development involves evaluating a business and then realizing its full latent, using such tools as knowledge management, marketing and client service. These tasks are carried out by business development managers.
Business development and building your organization victorious is dependent on good knowledge of best practice and management theories. It is also called a planner or economist. The business development manager must have significant sales skill, and be conscious of and responsive to economic trends, be an organized and tough speaker, government policies and currency fluctuations. Business development is associated to enlargement although sometimes the most advantageous marketing strategy and objectives could be about downsizing the activity in an accessible market or falling the sales volume of a selected line of products or services.
The business development manager therefore researches new business opportunities, develops strategic plans and sales strategies, identifies sales points, and negotiations with prospective customers.
Responsibility of a Business Development Manager
Business development manager has a lot of responsibilities and duties when he/she is appointed. The whole weight of increasing productivity, improving credibility, and promoting the business is laid on the shoulders of the manager. Some of the imperative responsibilities of a business development manager are as follows.
Arrange a perfect business plan in accordance to the set goals and objectives.
Get in touch with professional advisors such as an accountant, banker to provide expert information about your business.
Learn about the most current trends and the increasing competition in the market.
Learn about the expansion of other companies in the same field of business.
Get better networking with other renowned businesses in the market.
Attend trade shows, workshops, and seminars to keep up-to-date on changes in the market.
Develop inventive techniques and adopt new strategies to keep speed with the advancing business world.
Motivate employees and push to work more professionally and logically.
Discuss with clients and customers to enjoy higher profit margins.
Learn about the strengths and weaknesses that some way or the other impact growth potential.
Secure sufficient financial resources for future development or expansion.
Investigate the economic conditions of the market.