What is Business Development?

Last updated 9 June 2020
What is Business Development?

The Job Description of a Business Development Official

It is one of the important jobs for large and emerging companies. The goal of the job are to coordinate and develop the investment company’s business and propose opportunities for investment and develop plans for outreach and supervise the management of the concession.

Business Development Concept

It is the art of identifying opportunities and transforming them into real businesses and implementing growth strategies, which leads to creating value for all stakeholders in the company, whether employees, clients, partners, or suppliers.

What are the tasks of the business development manager?

Market Study

Carry out extensive market studies before starting any project and continuing to collect information with the life of the project or trade.

Financial Sources

Ensure that sufficient financial resources are available for future expansion.

  Economic Feasibility Study for Small Projects

Renewal of Information

Regular attendance at workshops, exhibitions, and presentations to ensure .knowledge of all that is new regarding work

Economical Status

Knowing the prevailing economic situations related to the type of work the company does, such as competition.

Action Plan

Preparing a detailed business plan to ensure no deviation from the company’s goals.

The Use of Experts

To contact the experts to obtain professional information, including contacting accountants or lawyers specializing in the sector carried out by the Business Development Manager.

SWOT Analysis

Carrying out a continuous analysis of the company’s situation relying on a swot analysis to prepare a more accurate strategic plan.

Duties of the Business Development Manager

  • Coordinating and developing the company’s investment business and proposing opportunities for investment, and setting plans for deployment.
  • Overseeing the implementation of plans and programs for investment and working to use the company’s resources to achieve its goals, seeking new opportunities to develop business and investments.
  • Supervising periodic market studies and trends.
  • Prepare and follow up on the implementation of recommendations related to opening new markets and branches of the company.
  • Supervising and ensuring the continuous updating of the company’s various product development process.
  • Follow up the development of the training plan for the employees and ensure that they are implemented in coordination with human resources.
  • Participate in the processes of organizing agreements and contracts for new investments.
  • To suggest external means and methods, including the proposal to seek the assistance of those with expertise in the field of research.
  • Doing some studies and supervising them directly.
  Economic Feasibility Study for Small Projects

Skills for Business Development Jobs

To be an effective individual in developing business, you must have a set of skills to help you be distinguished in the field, socially skilled and good at dealing with all personalities:

  • Strong communication skills and the ability to communicate the idea.
  • Presentations skill.
  • Good skills in dealing with numbers and statistics.
  • Able to provide quality leadership to a large team of the sales staff.
  • A good follower of developments in information technology.
  • Creative talent and the ability to solve difficult problems.
  • In-depth knowledge of the industry and its current events.
  • Ability to deal with stress and meet deadlines.
  • Skill in setting priorities and commitments for setting appointments.

اقراء المقالة باللغة اخرى : العربية

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