What is business development? The page contains a list of basic business development skills, roles, and responsibilities needed for a resume and required by many companies in their job descriptions.
What is Business Development?
Business development is a combination of functions and activities for developing the business side of a company, improving its market position and maximizing profits.
This combination includes a wide range of business responsibilities such as finding and developing business opportunities, building business relationships, negotiating, making deals, building and implementing plans and strategies, and etc.
The final goal is to increase the company’s profits and achieving financial growth.
The person who is responsible for all of this is called business development manager or business developer.
Business Development Skills List
A business developer has many roles and responsibilities in a company. To be successful, he needs a really huge range of business development skills and qualities, because achieving and maintaining a company growth is one of the most difficult tasks in the whole business area.
A list of basic business development skills:
- High Level of Communication Skills
If you want to be a successful business developer, you need not just communication skills, but a high level of communication skills. They are the basis for building and maintaining a good relationship with customers and business partners.
Examples of good communication skills are: listening skills, verbal and non-verbal communication skills, being positive and patient, being respectful and confident and more.
- Data and Analytical Skills
You have to be able to view and analyze business situations (and problems) from a very logical perspective. Analytical skills include the ability to gather information, analyze, solve complicated problems, and make decisions. Analytical skills are essential business development skills.
- Decision-Making Skills
Decision-making skills are the abilities to choose between possible solutions to a problem. You have to make decisions every single day.
Some are simple, others can be really difficult and complex. In the business,the best alternative (for a complex problem) is not clear. But as a business developer, an essential part of your job is to find the best alternative. So, you need to build, develop and maintain good decision-making skills.
- Negotiation and Diplomatic Skills
Negotiations are one of the essential parts of the business (small or big, new or established). To negotiate means to use a combination of personal, communication and listening skills.
Effective negotiation helps you to resolve problems, situations and to make successful business deals. Strong negotiation skills are some of the most important business development skills.
- Relationship Management Skills
Development of relationship management skills (especially customer and client relationship management skills) drives the business to new levels of success and growth.
Examples of relationship management skills are: customer service skills, marketing, and sales skills, being confident, building a trust, the ability to connect with strangers, sales funnel knowledge, and more.
- Attention to Detail Skills
Strong attention to detail skills are needed especially for business development managers. If you are not a detail oriented person, there are many ways to improve your attention to detail abilities. Why paying attention to details is so important?
The answer is simple. Because people who have this ability perform better at their jobs than those who do not. Detail-oriented strengths give you the ability to work better, to be more effective and to minimize the risk of errors.
- Creative Thinking Skills
Creative thinking skills are among the best business development skills too. You have to be able to generate and develop new ideas and to think creatively about everything you know about your company. Creativity thinking is the key to identify possible ways to improve your company’s sales and market position.
Role and Responsibilities of the Business Development Manager
Role and responsibilities of the business development manager vary with the size of the organization and business field. Here is a list of the key roles and responsibilities:
- Analysis of possible business models and ideas;
- Analysis of the potential of business ideas;
- Monitoring of the market situation;
- Competition monitoring;
- Identifying, qualifying and seeking out new opportunities on the market;
- Identification of strategic targets and market niches;
- Market research and identifying potential clients;
- Development of new business fields;
- Creating and developing sales and marketing strategies;
- Building relationships with new clients and maintain relationships with current clients;
- Building and maintaining relationships with new and current business partners;
- Working closely with other managers and departments;
- Monitoring of long-term projects;
- Contract negotiations and concluding contracts;
- Strategic advice and support of partners, in particular, proactive development of appropriate solutions;
- Strategic and operational development of existing activities;
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