Defining the Role of a Business Development Manager!

Business development managers play a critical role in expansion and growth of organizations and hence there is a high demand for experienced and skilled professionals who can help the businesses in achieving greater heights.

The Growing Demand

In the present economic scenario, almost all major brands are scanning strategic locations with respect to their major expansion plans. It is indeed an action oriented role, for eager beavers who have the ability to track business leads, comprehend the products and services and develop an efficient process for ramping up the sales.

Business development skills have been a prominent requirement in job advertisements across several occupations. The typical industries where business development managers find work are insurance agencies and brokerages, commercial banking, accounting firms and many more.

The Job Functions of a Business Development Manager

Out of the array of job responsibilities, their primary job duty is to generate and follow up business leads, bring in more clients and other business proposals.

Besides, business development manager, is required to build partnerships and business relationships with other companies, vendors, and so on to add weight to the products and services. Another important duty of business development managers is to seek out new clients and keep tabs on the existing clients and their requirements.

They also work in collaboration with the product managers and marketing team in the development and implementation of the strategies, plans and business models. The job roles of these professionals may vary from company to company. Like for example, they may be required to formulate financial predictions for expansion and growth of the company.

What Do Employers Seek In Job Applicants?

Like any other job profiles, this profile too needs an array of skills-set and some specific personality traits to land in a job. In-depth industry knowledge, networking skills, marketing, sales, enthusiasm, ability to achieve sales targets, communication and presentation skills, researching and prospecting abilities, decent understanding of business models, customer orientation and multitasking skills.

Benefits and Bonuses

The complete package of benefits, generally provided in this position are listed below, take a look-

· Paid sick leave

· Relocation reimbursements

· Life insurance

· Paid vacation

· Private medical insurance

A Well Paying Job!

The salary depends on the factors like industry, company size, location, years of experience and academic credentials. As per the payscale site, the average salary package of business development manager is Rs. 5,82,211 per year. The top skills associated with such jobs are account management, sales, negotiation and business strategy.

Do You Get Lured by Business Development Jobs?

Business development is one of the vital segments in almost every business, these days. It can be considered an extended form of sales, but isn’t just getting leads to the business, but also emphasizes the expansion of a business in other ways. It is a balanced combination of strategy, marketing, and sales. Those employed as business development executives are involved in getting leads, negotiating & closing the deals besides maintaining cordial relationships with the clients. They serve as the link between the corporate partners and the organization.

Business development executives are involved in identifying the potential target market, new business opportunities and the new business partnership that they can benefit with, in the near future. They work towards expanding the company’s client base and corporate relationships to ultimately add to the revenue.

Where do they work?

The need to hire these professionals is now being realised by almost every business and industry. Those seeking jobs in business development can get into real estate, infrastructure, IT, digital marketing, telecom, and other sectors too. Some of the leading companies they can aim to work with are HCL Technologies, Cognizant Technology Solutions, and many others.

Who can qualify?

For those, who master the combination of communication and influential skills and do not wish to get into direct sales, business development is a viable career choice. To get started, you need to hold a bachelor’s degree in business administration. However, those who hail from other fields too can be considered for this job role.

Generally, the professionals having gained considerable experience in corporate sales are considered apt for this position. The prior sales experience even helps a professional aim for considerably higher salary than a fresher.

Skills to take you ahead

Business acumen:

It is one of the major skills that help a profession qualify for this job role. An understanding of how the market works and what are the essentials to keep the audiences interested in the product serve as the major skills for these jobs.

Communication:

The business development executives are involved in dealing with the customers, business partners, and other associates and for this, communication remains a desired skill.

Analytical Skills:

To analyse a situation and bring out the best of opportunities is what these professionals are desired for. They work to get business leads and even maintain the professional relationships with the associates so to ensure their satisfaction with the association.

Networking:

If networking is something you are best at, you can contribute well to the business.

Average Pay Scale

If you have prior experience in sales, you can make well in this profile. On the other hand, if you get started as a business development executive with no prior experience, the pay scale may not be too alluring. As per a global research firm, a business development professional in India earns Rs 242,480 per year. Experience remains a major factor for pay hike in this job.

Grants for Business Development Start

Understanding the need for grants for business development:

The need for capital is something that every entrepreneur faces at one time or another. Governments around the world have realized the importance of subsidies for industrialization and now in business development are available in all countries. The volume and scope of assistance offered can vary and is generally observed that if the federal government does not include direct subsidies to small companies, many state development agencies do.

The different types of financial aid are designed to help entrepreneurs start or expand a business and to encourage them with egg. There are a number of special resources that provide comprehensive assistance to identify and select the appropriate agency for economic development, online and offline.

The application procedure:

Resources to ensure that the contractor is able to access the funds requested in the best financial resources. Grants for business development is available as a fine array of very attractive loans to start or expand a business. Resources, the resources to take care of the growth of the company access to more capital for the proper functioning of existing machines and get ready to meet the objectives in the long and short term. There are individual grants also available. Grants for business development through a formal application and awarded on an ongoing basis. When the businessman is, he is advised of the receipt of all required documents and the decision is usually made within 30 days.

Grant evaluation:

Grants for business development, assessed on the basis of some predefined criteria. The applications are scanned business financing in depth is required to address the needs and support the use of the number of opportunities for the effective exercise of the Company the amount awarded and the award actually meet the business needs identified. Assessment of business development grants also includes a careful examination of the potential effects of the general fund business growth, especially if it is mentioned in another state or country economic booster.

How are grants for business development sourced?

Grants for business development are primarily federal and state grants broadened as the title suggests, the development of enterprises. Funds may be used by the contractor for any business. Government grants are funded by taxes and subsidies extended through various government programs and agencies. The money available to the government for redistribution through subsidies to companies is enough to cover all business and pursued expansion costs Freshers many in various industries. There are also a variety of federal grants and foundation grants for business development in affluent societies.

Business grants – government gifts to entrepreneurs:

Government business grants for business development to give farmers access to seed and viable way to finance growth, which will become an important requirement to increase the demand for the product or service. The money for scholarships for business development enables business growth, to thrive and flourish. Awarded to, machinery and equipment, restructuring, additional working capital, a large recruitment and training of high level and inventory. Who can? Well, someone already has, or wants to start a legitimate business venture operating grant! The government has offered money to entrepreneurs, regardless of the company. This eliminates the need to tap banks and other lenders.

Recipients of the grants for business development:

Millions of subsidies for business development is extended to women, people with low income and minority entrepreneurs. Funds are also available as a start-up grants to businesses or existing businesses to grow, to ensure the continued success of risk. There are also companies that have prospered by giving subsidies to companies investing in real estate. Grant applications are available from federal, state, local governments and territories and advice.