Business development executives help clients grow their business
Business development executives, also known as business development managers, help an organization or company grow or diversify. A business development executive works to enhance the products, services and client base of the organization that employs him. Some may serve as consultants to companies. The roles and responsibilities vary between organizations, but most positions share several common duties.
Develop Business Plan
The best business development executives think strategically. They devise ways to ensure their company's products and services stand out from the crowd. That marketplace edge comes from being different in some genuine way, advises KLM Inc., a Boulder, Colorado, management consulting firm. Deliver a unique mix of value that cannot be easily duplicated, KLM says.
The successful business development executive stitches strategic thinking into the fabric of business plans that outline short- and long-term goals and ways to achieve them. The executive must ensure that the organization's management and staff know the plan and shares its goals.
Supervise Plan Implementation
After the executive develops a business plan, he needs to see that it's implemented and assigned tasks are completed. He can develop metrics or benchmarks for measuring success.
Improve Customer Acquisition and Retention
Business development executives often work from the sales department, where they seek to increase the client base and to improve relationships with current clients. The role can involve generating sales leads, expanding operations to handle a heavier client load and staying in touch with customers to assess their satisfaction and get their ideas on improve services.
A successful business development executive should have a knack for building relationships with colleagues and customers. The best development managers are skilled communicators able to make attention-getting pitches and presentations.
Identify Inefficiencies
Business development executives must also play the part of consultants and identify economic and logistical inefficiencies. By correcting inefficiencies, executives free up more time and resources to enhance or grow other parts of the business.
Introduce Technology
A business development executive scouts ways to use technology to make his company more efficient. It's his job to ensure the company spends wisely to modernize operations and improve productivity.
Diversify Products and Services
A company can't afford to miss opportunities to generate increased revenue through offering more products and services. This is where the business development executive's guidance is key. He must help the company make the right calls not only on implementing new technology, but on initiating new training and hiring of additional staff.
Supervise Staff
A business development executive usually has a small staff to help him do his job. His managerial duties include hiring, training and directing the staff.
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