The Reasons why Businesses require Certified Business Development Professional

One of the most crucial aspects of managing a successful business is identifying new business opportunities and allowing the company to grow and maximize revenue. Business development is a vast field and includes a wide range of activities, ideas, and initiatives. Some of the key elements of business development are business expansion, strategic partnerships, sales growth, and profit maximization.

Business development impacts nearly every business function, such as marketing, accounting, product development, customer services, human resources, sales, and finance. The business developers have relevant knowledge and familiarity with the company’s strategy, competitors’ position, the company's current performance, mergers, acquisitions, and possible future expansion.

Why the Need for Business Development

Business development may sound like a simple concept, but the reality is it's quite tough to form a development plan that not only aligns with the existing objectives of the company but also extend to different departments of the company. Some of the factors that ensure successful business development include strategic partnerships, accurate research, good networking, and cost-cutting plans. 

For example, the restaurant business is flourishing in one city, and sales exceed for several months, and the company plans to expand to other cities. The first and foremost task would be to perform research and collect adequate data on the prospects of expanding the business to a different city.

Marketing is a significant element of most business development strategies and involves the use of numerous tools, which include advertising and promotion through both traditional and modern methods. As we live in an information-driven age, digital media is massive in advertising and attracting potential customers. 

The business development strategy comprises many marketing activities such as print ads, social media, online ads, and television, but they are all planned and performed according to a certain budget if the business development involves an increase in product line than the production and manufacturing department gets involved and put forward crucial factors such as cost consideration, design approval, and regulatory compliance.

People think that business development is all about dispensing capital and introducing new products and improving sales. Still, there is a particular focus on cutting costs and outsourcing certain business functions if it improves operational efficiency. A startup company may not have the resources or expertise in business development but can assist an experienced business developer.

The Key responsibilities of a Business Developer

In an established business organization, the business owner can also become a business developer, or a designated member of the management team can lead the development process. Any employee in a functional role who adds value to the existing and future business is playing a part in the company's development. Some of the things that a business developer should be familiar with are

• The existing performance of the company and performing SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis.
• The market situation and growth in the said industry
• The competitor tactics and growth
• The primary source of revenue
• The customer preferences and changing market trends
• Unexplored market segments and opportunities
• New products, services that complement the existing business
• Possible solutions for cost savings

As every business organization has different objectives and policies, so there is no standard for business development. But there are few activities which are common in most business development strategies. The business developer must develop creative ideas and flexible solutions that align with the company’s goals. The main goal is to provide long term value to the organization.

Business developers are needed by every organization looking to drive sales, grow partnerships, and take the company’s business to the next level. Some of the key responsibilities of a certified business development professional are

• Identify growth opportunities that include establishing a business in new markets, researching new trends, and studying changing customer preferences
• Contacting potential clients and doing regular follow-ups, and scheduling meetings
• Have good knowledge of the existing business and clientele of the company and what changes are needed
• Doing a rough estimation if the changes required to fit into the company’s budget or not
• Maintaining quality and be able to respond to changing customers needs
• Use of modern digital technology to gather meaningful data and information and do market analysis
• Planning and developing purposeful marketing activities and initiatives
• Attending events, conferences, and business meetings
• Doing adequate research and making presentations
• Meeting with business unit heads and not only gathering vital information but putting forward a roadmap for future changes
• Taking management on board and explaining the challenges and solutions for future growth
• Preparing quotes, proposals and giving feedback to the management

Business development helps a company to maintain long term and sustainable revenue streams. The critical part is developing a strategy that complements the company's existing functions, such as marketing, sales, product development, vendor management, and customer services.

How a Business Developer can help an Organization

A business developer must have strong communication, along with excellent interpersonal and analytical skills. He must be able to plan, organize, and have attention to detail. There is no set practice of business development, but a capable and experienced individual must be hired. In most cases, a senior manager from the marketing or sales team is asked to lead business development as he is accustomed to the organization's objectives, goals, and working structure.

However, certain business companies hire a business developer to attain growth and business expansion. The business developer has adequate knowledge of all the key functions of an organization, such as sales, finance, production, human resource, marketing, supply chain, and customer service.

The first task for a business developer is to collect financial and non-financial data and analyze it to know about the client's business and opportunities, which can be taken advantage of. The business developer must develop new strategies and solve current business problems and devise steps to prevent future issues. The strategic plans and options must be evaluated, justified, and implemented. A business development professional can instill new energy among the employees and be able to improve the prospects of maximizing revenue and attaining sustainability.