The head of business development largely determines where his company will go next.
In order to increase profit and keep shareholders happy, businesses need to continually expand their operations. Businesses develop when companies seek out new markets. These new markets can come about through the invention of new products, a diversification of the types of products that the company offers or expansions into new areas where potential customers are located. To drive business development and increase company profit, business development teams are created.
Function
Heading up these business development teams are business development heads. These department heads are responsible for motivating employees both psychologically and through performance bonuses. This is a managerial position in which the head is responsible for assigning duties and evaluating the performance of her workers. Business development plans are created by the business development head in collaboration with other executives and members of the development team. The team must work closely with the marketing team to market new products and find new markets to sell existing products. The head of business development is responsible for conducting both market and competitor analysis to determine whether the company will be able to compete in a given market sector, according to DocStoc.com. The head must keep up-to-date on the latest market trends and product developments. The head of business development is also responsible for reporting all activities to the other executives.
Conditions
These department heads are executives who usually work longer than the standard 40-hour work week, according to the Bureau of Labor Statistics. However, the hours that the head of business development works are usually negotiable. The stress placed on business development heads can be high, since the long-term success of the company is often dependent on effective business development.
Skills
Business development heads must have good communication skills since they must be able to effectively articulate development plans to staff members. The head of business development also needs good interpersonal skills in order to effectively motivate the staff and build relationships with both clients and other executives. Planning, problem solving and analytical skills are also essential.
Outlook
Top executives such as the head of business development should not expect any growth between 2008 and 2018, according to the Bureau of Labor Statistics. Old heads of business development will need to be replaced by new heads. This position is often one that employees are promoted to after working in the business development department.
Earnings
The earnings for the head of business development are sometimes a commission that is earned whenever new profits are generated as a result of the business development team's activities. However, some business development heads have a set salary. Payscale reported that business development directors can earn between $29,000 and $152,000, with earnings dependent on the success of business development and the size of the company.
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