A business development manager is in charge of creating and implementing a revenue growth strategy. In order to determine the most effective way to grow the company’s business, he or she may manage a sales team or collaborate with other sales-related departments. Another important function performed by someone in this position is evaluating financial data and developing analysis reports.
A business development manager’s primary responsibility is to identify and implement the best possible opportunities for a company’s growth. The development strategy almost certainly includes a review of the company’s competitors and their business activities. The manager’s business plan incorporates the company’s current resources as well as its overall strategic objectives. In order to gauge opportunities for improvement and future revenue generation, the outcome of the plan’s implementation is evaluated.
The primary goal of business development is to increase revenue and profit for a product line or the company as a whole. One of the most important responsibilities of a business development manager is to find new opportunities through market research and analysis. He or she is in charge of formulating strategies for new products and services that will best meet the market’s and the company’s needs.
Another crucial function is the development and maintenance of relationships, both internally and externally. In order to implement new growth strategies, the development manager may need to work with an internal sales team or a sales coordinator. Additional relationship-related tasks include presenting recommendations to company executives based on financial data and market analysis, as well as forming partnerships with outside vendors.
This type of manager’s responsibilities include analyzing a company’s internal financial data in order to reach a conclusion or spot opportunities. He or she may, for example, determine that the manufacturing costs for a shoe line are higher than the industry average. Based on this information, a new supplier or manufacturing process may be suggested in order to reduce costs and potentially increase the profit margin of the company.
A business development manager is also concerned about the public perception and image of a company or a specific product line. Any policies or regulations that must be followed are kept track of. Consumer perceptions and the company’s impact on communities are monitored on a regular basis. In these areas, there are opportunities for image enhancement and potential improvement, which are identified and addressed.
Another area of focus in business development is direct selling to customers through product demonstrations or presentations. Certain sales objectives may be set by the manager alone or in collaboration with company executives. Profitability and mutual need are used to identify potential customers.