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Within any organization, business development (abbreviated as BD) is one of the company’s important functions that help it grow and achieve success.
It is responsible for identifying, developing, and implementing new growth opportunities for the organization. Learn more by understanding its definition and role below. We’ll also cover some responsibilities of a business development manager at a company further down.
In short, business development can be defined as a process that involves analyzing, developing, and implementing opportunities that foster an organization’s growth. Business development can take many forms, including:
development of new products or services
market expansion
acquisitions and mergers
strategic partnerships
Increasing growth and revenues by identifying new growth opportunities implemented through market expansion, development of new products, acquisitions, etc.
Increasing market share by being involved in the organization’s effort to increase its market share by entering a new market or identifying market segments with unfulfilled needs.
Improving competitiveness by providing products or services that are more innovative, efficient, and affordable compared to those of the competition.
Ensuring business continuity.
As a strategic function, business development alongside business development managers plays a vital role in virtually all aspects of a company. Here’s what a business development manager does at a company.
A business development manager is responsible for performing market research to identify new growth opportunities. The research may involve an industry analysis, a customer survey, and interviews with top-level management.
On top of conducting market research, a BD manager should understand the company’s competitors in order to develop a more effective and precise strategy. It includes analyses of competitors’ products and services and their marketing and pricing strategies.
A BD manager is also responsible for developing a business plan and seizing new opportunities. The plan should be carefully thought out, have a clear goal, and take into account steps and the company’s human resources required to achieve the goal.
Now that the BD manager has conducted market research, analyzed the competition, and developed a business plan, it is time for them to execute the developed plan and strategy efficiently and effectively.
Given how significant a business development manager’s duties and responsibilities are, companies will obviously set the bar high for individuals to fill the post. The role has a set of specific requirements, including
analytical skills, which allow the right decision to be made with good analysis of information and data;
communication skills: clear, effective communication with various stakeholders, including customers, partners, and investors;
interpersonal skills to foster good relationships with stakeholders and build their trust;
leadership skills: the ability to lead and inspire teams to reach a goal.
If you want to pursue a career in business development, start working on your skills today So, when the opportunity presents itself, you are ready for the role and can significantly impact your company.
In addition to business development managers, companies are actively looking for top talent to fill various other roles. One company that regularly hires new recruits is PT Serasi Autoraya (SERA).
Founded on March 22, 1990, the company has since become the largest in Indonesia’s transportation and logistics industry. This Astra Group’s company constantly seeks new talent to join the team in various positions.
SERA continuously provides opportunities for individuals qualified for positions at the company and its subsidiaries.