Business Development Manager

Business Development :-

A subset of the field of commerce, Business Development comprises a number of techniques and responsibilities


Business development involves evaluating a business and then realizing its full potential, using such tools as:

• marketing
• information management (sometimes conflated with knowledge management)
• customer service

Business development is often related to growth although sometimes the optimal marketing strategy and objectives could be about downsizing the activity in an existing market or decreasing the sales volume of a selected line of products or services. Business-development roles may have one of two modes:

1. sales-oriented (client-facing); or
2. an operational function to support sales.

In a sales role, business development could concentrate on developing strategic-channel relationships or on general sales. This emerges from analysis of the varied job descriptions found in job-search engines, especially in the UK. In the US, the term "capture management" appears as an alternative job or role title, typically used when describing business development as an operational function to support the selling function of a company. The Association of Proposal Management Professionals have produced the "Capture Management Lifecycle" that describes the process in three broad stages:

1. Pre-bid phase
2. Bid phase
3. Post-bid phase

Small to medium-sized companies often do not establish procedures for business development, instead relying on their existing contacts. Or people in such companies may assume that because they know people in high places that this will solve any business-development problems and that somehow new financial transactions will come to them. Such thinking can have significant ramifications if one cannot exploit those relationships, which very often^{[citation needed]} remain personal or weak. Such a situation may result in no new sales in the pipeline.

Impact on Global Economy

Business Development professionals frequently have had earlier experience in financial services, investment banking or management consulting; although many find their route to this area by climbing the corporate ladder in functions such as operations management or sales. Skill sets and experience for business-development specialists usually consist of a mixture of the following (depending on the business requirements):

• marketing
• legal
• strategy
• finance
• proposal management or capture management
• sales experience

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.

Responsibilities Of Business Devlopment  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.