Brimming with ideas to start a new business is one thing but developing it and ensuring leads and conversion to expand the business is another. After all, every entrepreneur wants to expand and conquer new markets to solidify their position and build a loyal customer base while constantly acquiring new ones. But what is the process of going about it? Where does one even start? When entrepreneurs find themselves too busy with the big picture and the product, they need people who will be responsible for growing their business. Thus, comes into the picture a business development executive. In this article, let’s find out who is a business development executive, skills and qualities required to become one.
Who is a business development executive?
A Business development executive takes care of the development of the business. He is responsible for:
- Attracting new customers by supervising sales
- Luring investors by pitching to them to invest in the business
- Expanding and diversifying business strategically
- Identifying and tackling risks and opportunities in collaboration with top management
- Maintain relationships with clients
Success is not guaranteed; however, the least a company could do is deploy competitive personnel in the right positions. They should start by hiring a business development executive, who is one of the most important human resources when it comes to evaluating and improving the performance of a company. A business development executive has to be skilled, efficient and effective. Here are a few skills that a business development must possess:
- Project management skills: Effective project management skills, leadership, time management and working under pressure are skills that mould a business development executive to achieve greater heights in his career. These skills ensure the timely negotiation and closure of deals and help him avoid business risks for the organization. A business development executive can never work in isolation; therefore, he needs to delegate his work and be judicious in the distribution of work.
- People Skills: A business development executive needs to deal with people practically 24*7. Whether the people are from the organization or the client, he has to take care of their needs, listen to them, and maintain harmonious relationships with them. A business development executive with striking people skills can quickly influence and coherently help build a sense of trust, benefiting businesses and organizations.
- Problem Solving skills: A business development executive needs to be sound in problem-solving. This skill can make them an asset to the organization—innovative solutions to help customers save time and money. Even when the company finds itself at a crossroads, the executive will be able to swoop in to save the day with their insightful recommendations. Great problem solvers are best at prioritizing and executing strategies. They address risks even while being under pressure.
- Analytical Skills: Businesses are built when people have a larger picture clear in their head and can manage to work in ground reality. A business development executive needs to have an analytical mind to understand the market research and numerical data quickly to present the commercial opportunities and convince management and client to take them up.
- Focused: Businesses don’t grow overnight or generate profits. A business development executive has to learn to be patient and maintain his business relationships over a long period to see profitable results. A long-term strategic vision and flexibility to chalk out plans according to the demands and expectations of clients will help them grow as well as the business.
Business development is at the crossroads of sales and marketing but also includes creating new products or services. It necessitates a keen business knowledge, flawless presentation, and interpersonal skills, along with drive, determination, and that elusive attribute known as belief.
A business development executive is expected to encompass many responsibilities within the organization. To thrive in the organization, he must operate well across departments and express excitement and belief to new and experienced stakeholders.