Business development can be defined as activities and initiatives that boost revenue generation and help in business growth. Ideally, business development relies on the personnel who execute the ideas by planning and coordinating different departments within an organization. According to business development experts like Kevin Cohee, developing businesses is a process but not a one-time event. Business development managers -also known as BDMs- are responsible for streamlining business goals with their capabilities. Below are some of the duties performed by business development managers:
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Setting Goals and Developing Strategies to Meet Them
Business development managers are the cornerstone of an organization’s decision-making. They set targets to be met by each department and lay down strategies to attain them. They visualize how processes should be carried out to guarantee organizational growth.
Training Development Staff
Employee training is vital for the success of any business. The training addresses internal weaknesses, improves employee technical skills, and increases performance. BDMs are responsible for planning and organizing both internal and external training programs. Regular training reduces employee turnover since the business retains its workers for a long time.
Identifying New Opportunities
Over the years, distinctive abilities such as research and innovation skills have seen many business giants thrive as business developers. To improve profitability, BDMs research individuals and other organizations to pinpoint possible opportunities in the market. They are well-informed of the changes in trends and incorporate initiatives to fill the gaps by diversifying their business.
Creating and Retaining Strategic Partnerships
Different businesses have diverse partners. Partnerships allow companies to share intelligence and build a solid competitive base. Business development managers form the basis of long-lasting relationships and alliances with their partners. The development team evaluates the available options and selects the one with shared goals and common values.
Safeguarding Company’s Reputation
Reputation is built for years but can be ruined in minutes. BDMs work all day to bridge the gap between their products or services and the customers’ conformance requirements. With their expertise, they can pitch the respective organization to prospective customers. All departments should work hand in hand to maintain their hard-earned reputation by providing quality goods and services.
Drafting Reports
Financial reports are a regulatory requirement for any business. Business reporting is essential for any enterprise, done half-yearly or yearly. Reports provide a track of departmental performance, attained targets, and point out areas of possible improvements. BDMs prepare financial and non-financial reports that help in comparison in growth and development against other firms in the respective industry.
Attending Conferences and Exhibitions
Business development managers attend regional and international conferences to keep them abreast of the new trends. They also participate in face-to-face sales meetings to negotiate and expand their database. According to experts, panels open doors for new alliances and act as a platform for launching new business brands.
The primary responsibilities of business development managers deviate from one organization to the other. However, they are equally responsible for developing goals that walk towards business growth and increased revenue generation. Through planning, controlling, leading, and organizing, BDMs coordinate all the departments for the smooth running of the business.
