Business development is a multi-dimensional process that involves almost every department of an organization. No one department can carry out this task on its own. It requires intra-departmental contributions and an over-arching mechanism for coordination among the departments.
That’s why the Business Development roles are crucial. The process starts with the planning phase of any business and keeps running continuously after that. With time, the market share of an organization keeps growing. With a company soaring in profits, its size swells as well. And that too is considered business development as it increases the capacity of the firm.
With time, many departments come into being and begin to take part in the development and growth of the business. So, in this article, we’ll talk about the Business Development Role of Departments. No organization can grow without a regular and continuous growth strategy combined with an adequate execution. When a business is not growing in any dimension, it stalls and starts to lose value. This fact is illustrated by many examples in the market when a business lost its value as it did not move abreast with changing trends. Digital world companies fall prey to this phenomenon every other day.
Tech companies remain on their toes to stay in the game, and even a single misstep costs them their entire investment.
That’s why business development is considered a shared responsibility of each department, with the leading role played by the Business Development Department or BD.
Role of Business Development Department (BD)
Most companies keep a specified business development department with a manager to ensure the smooth running of affairs. The manager is responsible for taking input from each department and planning for a coordinated response after joint deliberations.
We’ll briefly discuss some of the main themes BD is responsible for developing and sharing with other departments. That’ll help us understand the Business Development Role of Departments.
BD sets goals for a business. Setting powerful and meaningful goals help a company stay on track and keeps everyone onboard through clear visions. It also sets objectives and strategies to achieve those goals in the shortest time possible. BD works closely with other departments to set deadlines and devise tactics to meet the set targets.
Also, they may collect data, analyze the existing conditions of each department, and suggest changes to remedy the problems. They also conduct surveys and get customer feedback to see if the consumer receives the product sold by the company or the service offered.
As per the two sections mentioned below, B2B (business to business) and B2C (business to consumer), we have categorized some of the responsibilities and the standard minimum qualifications below.
Responsibilities of the business developer or manager
As a business developer or manager, one needs to:
- Research and identify new business opportunities and projects – including new markets strategies, growth areas, recent trends, customers, partnerships and ownerships, products, and services – or new ways of reaching existing market strategies.
- Should seek out the appropriate contact in an organization
- Should be able to generate leads and cold call prospective customers
- Should be comfortable to meet with customers and clients face to face or over the phone
- Should be able to foster and develop relationships with customers/clients
- Should be able to understand the customers’ requirements and be able to respond to them effectively with a plan for how to meet them.
- Developers should think strategically – seeing the bigger picture and setting aims and goals and objectives to develop and improve the business as per the demands.
- Managers should work strategically – should be effective in carrying out necessary planning to implement operational changes.
- The manager should be successful in drawing up client contracts – depending on the company’s size, and this task may be completed by someone else, or agreements may not be as formal.
- The developer should also know the business’s products or services and advise others about them.
- Developers should ensure staff are on board throughout the organization and understand the need for change and what is required.
- They should also train members of your team, arranging external training where appropriate.
- They should effectively discuss promotional strategy and activities with the marketing department.
- A manager should also liaise with the finance team, warehousing, and logistics departments as appropriate.
- Developers should seek ways of improving the way the business operates.
- They need to attend seminars, conferences, and events where appropriate.
- Should keep abreast of recent trends and changes in the business world.
If your business development role is more focused and sales orientated and objected, you may also require a manager who can understand various other responsibilities like:
- should help to plan sales campaigns
- should create a sales pipeline
- Should be able to negotiate pricing with customers, and suppliers in some cases
- Should increase sales of the business
- Should carry out sales forecasts and analysis and present your findings to senior management/the board of directors
- Should develop the business sales and marketing strategy.
Qualifications of the business developer or manager-
A degree is not sufficient and essential for this business development Role. Some business development managers also need to work their way up through an organization, gaining more experience in a sales or marketing department undertaking professional pieces of training and internships.
Another increasingly common route deep into the business development role for management is through an apprenticeship, combining work with part-time study. Internships are also available at various levels, including degree-level and post-degree groups.
As it’s a very competitive role with good prospects, many entrants do have a proper degree, and a degree is essential if you want to apply for the internship scheme to gain some experience.
Degrees and experience in business development or business management role are the most relevant. Other relevant subjects include:
- business studies
- international relations
Skills one should have as a business developer-
If you wish to apply for the business development role, you need to have:
- tenacity and drive to seek advanced business growth strategies and meet or exceed targets
- Excellent telephonic communication skills for making initial contact and ongoing communication with customers and business associates.
- Interpersonal skills for developing relationships with clients and supreme customers.
- Written and verbal communication skills, which are needed for communicating with a wide range of people.
- IT skills, including the use of, excel sheets and spreadsheets, and other programs to work efficiently on the computer screen.
- team working goal and understanding skills and a collaborative approach to work
- decision-making skills for innovation
- the ability to multitask at a time and prioritize your workload when required
- project management skills and organizational skills
- should adhere the ability to motivate yourself and team members well and set your own goals
- Negotiating skills to deal with the contract in profit.
- the ability to think strategically under work pressure
- the ability to analyze sales figures properly and write reports properly
- a flexible approach to work under pressure and workload with the ability to adapt to a fast-paced, ever-changing environment
- Initiative with confidence to start things from scratch.
Work experience is essential and can, in some cases, lead to permanent employment. There may be opportunities in your life to take a year out in the industry or do a shorter work placement. If your course doesn’t include an order, contact local businesses to ask for work experience opportunities.
Part-time or vacation work in a business development role that focuses on business development and management is instrumental. Still, any experience gained within some sections like sales, marketing, or business administration will be good for your CV and skill set.
What Role do other Departments have in Business Development?
Each department has a role to play when it comes to business growth and expansion. As we mentioned earlier, it is a multi-dimensional mechanism, and one department cannot do it independently. The Role each department plays is explained in the below paragraphs.
What Role Marketing Plays in Business Development
When most people think of BD, they think of it as a marketing activity. Some companies have merged BD and marketing departments under the same head. That’s because marketing plays an essential role in business growth. Also, it works as a face, eyes, and ears of a company in the market.
For this reason, marketing has a vital role in business growth and expansion.
Another reason is that marketing helps networking and creates valuable links that constitute a significant part of business growth and development. Most marketing managers are helpful because they have an extensive network in the market that creates numerous opportunities for the business to grow. This helps in creating new spaces for product promotion as well as opportunities for partnerships.
Also, marketing devises strategies to promote a product or service in the market and helps increase the sales targets. This creates a brand image of the company in the market. Besides, it makes people aware of the presence of a company in the market which later benefits all the products a company introduces.
Therefore, marketing in Business Development is crucial, and a company must develop a marketing strategy with a strong marketing team.
Along with marketing, let’s now discuss the Business Development Role of Departments other than marketing.
Role of Project Management in Business Development
Project management is another crucial department when it comes to business development. A business does not run on old products indefinitely. Over time, new products, services, or improvements in existing ones must increase their value.
For business growth, project management works closely with BD. Many companies have project management staff, but many hire experts for specific tasks. If you need someone, you can always hire an expert from Fiverr. Conversely, you can take a course to learn about project management from Fiverr Learn. This will help you in your career and business.
In terms of business development, project management plays a key role. As mentioned above, there must be new and improved products and services. This is where project management comes in. Its job is to take an idea, develop it, and complete it from start to end. It ensures the timely delivery of the products to the doorstep of the customers.
Project management is responsible for planning, executing, and timely completion of a project, either for a new design or innovation within the former model. This makes its Role crucial as any delays can cause drastic consequences for a company.
Also, the company cannot move forward or expand if the project management department is doing a lousy job. It can mess up the revenues, increase budgetary expenses, waste precious resources, and ruin the reputation by supplying a problematic product.
Thus, the Role of project management cannot be ignored in the business development process, and this department should be entirely on board for a successful campaign.
Role of Product Management in Business Development
Next in our discussion is product management. We know that every country is different from others in culture, market needs, regulatory standards, and demand for a product. If, for example, a company wants to enter a new market in a different country, these factors must be considered. Otherwise, the plan could fall flat on its head.
For this purpose, product management is an essential arm of the business development process. It suggests ways to enhance customer experience through proper product placement. It also ensures that a product is not introduced without following local protocols and customer expectations.
Similarly, this department keeps a close eye on the market. It suggests to the company if any competitors for a specific product are entering the market and needing a newer version of the product. They also offer marketing tactics and strategies to enhance sales.
Product management is the link between customers, market, product, and the company. They know the people’s demands, take care of the necessary supply, keep the product up-to-date, and let the company know if any innovations are required.
Thus, we can say that product management plays a vital role in the Business Development Role of Departments.
Role of Vendor Management in Business Development
Last but not least is vendor management. A company makes profits by maximizing the gap between the cost of the product and sales revenue. A vendor is essential here as they are responsible for a significant chunk of expenses a company bears. It could be raw material, an accessory of a product, shipment, or a service that a company sublets to a vendor.
Cost is not the only thing that is relevant when it comes to vendor management. A company often relies on different vendors for the timely execution of a task. If the vendor is not delivering its service or product in time, it could be a threat to the company to meet deadlines.
Also, a vendor could provide a low-quality product or service that eventually harms the company. And most importantly, if a company wants to expand its business, it must know if it has the desired supply from vendors or if the vendors they have are reliable to be a part of the expansion.
Here, the Role of vendor management becomes critical. They must be a part of the business development process to tackle all the issues mentioned above. They must keep the company and higher management informed about the ground realities and help make informed decisions.
Without good insights, the business development process could stall.
Role of Digital Expansion in Business Development
The Internet has revolutionized business development as well. Today, it is impossible to run a business without a website. Suppose you have a website, great. But if you don’t, then we recommend you get it as soon as possible.
If you need a recommendation for website building, we used SiteGround. It is super easy to set up and offers affordable rates. On the other hand, if you are running an e-commerce store, you can use ExpandCart. It will solve all your problems regarding website building.
In any case, do not forget the importance of digital footprint and make sure to maintain and expand your online presence.
Q.1 What questions are asked in a business development interview?
6 Essential Sales and Business Development Interview Questions and Answers
- Why do you want to work here?
- Tell us about a sale you closed/lost.
- Where do you wish to see yourself in this company in the next three years?
- Tell us about a time when you failed and how you resolved it.
- How do you structure a typical day?
- Please walk me through your resume.
Q.2 What are the responsibilities of business development?
They are setting goals and developing plans for business and revenue growth. Researching, planning, and implementing new target market initiatives, researching prospective accounts in target markets, pursuing leads, and moving them through the sales cycle.
Q.3 What makes you suitable for a business development role?
Providing leadership to a large team is a Proficiency in IT and numbers. Strong communication skills and good knowledge about the industry and current events make a person suitable for business development.
Q.4 What questions should I ask a business development manager?
- What motivates you in your work?
- What is your educational background?
- Why do you enjoy business development?
- What do you want the most and least about teamwork?
- What qualities do you think to make someone a good salesperson?
- What is your greatest strength?
Q.5 What are the primary responsibilities of a business development executive?
Business Development Executive Duties and responsibilities are as stated below-
- Attracting new clients by innovating and overseeing the sales process for the business.
- Working with senior team members to identify and manage company risks that might prevent growth.
To wrap it all up, business development is a multi-disciplinary process, and one department cannot do this alone. In the absence of input and contribution from each department and stakeholder, the process could become counterproductive. It may inflict more harm than helping the company expand. Often, companies try to enter a new market or introduce a new product, but that fails miserably. It proves fatal for the existing structure of the company. There are examples where companies went bankrupt and never recovered due to bad planning and execution of business development models.
Therefore, whenever a business development strategy should be devised, it must ensure input from all stakeholders. Also, extensive consultations should take place within and without each department. Absent this rule, and the strategy could fail even before it starts.
Teamwork and coordinated effort are indispensable in this area, and without that, it’ll be a waste of time, money, and resources. That’s it for now.
In the next chapter, we’ll discuss what impacts business development creates or is intended to create for any business. Till then, keep working for your goals and do not let anything come between your dreams and success. In no time, you’ll have what you have been striving for. Good luck!