What exactly does ‘Business Development’ mean?
“Business Development is the art of identifying opportunities, turning them into business and implementing growth strategies, leading to the creation of value for all the stakeholders of the company (employees, customers, partners, suppliers).”
In today’s tough economic climate companies are having to reconsider their commercial strategy in the light of their global strategy.
The talk is more about Business Development now, with the emphasis on the long term viability of the company and the development of its business activities.
The commercial element is still paramount, but the concept of Business Development goes way beyond this, encompassing all the levers of growth in a company, both internal (capital structure, corporate culture, organisation, management…) and external (development of products and services, customer service, internationalisation, partnerships, marketing…).
We are witnessing the birth of a new profession: Business Developer.
The Business Developer
The Business Developer is part of a new generation of managers who possess a dual competency in entrepreneurship and commerce.
The Business Developer is expected to anticipate the development and growth of the business and is a key adviser to management.
The high number of job offers for this type of position indicates just how attractive these skills are to employers. It is worth noting that although the job of Business Developer is a new phenomenon in France, it is already well-established abroad, where the concept has already been widely-documented.
Responsibilities of a Business Developer
The job involves a wide range of duties :
- Be on the alert, analyse, carry out surveys (of the business environment, the markets, competition)
- Identify opportunities for growth
- Define and implement development strategy
- Create and develop a business activity
- Draw up a business services plan
- Launch an activity in a new geographical area
- Define company strategy in a given geographical area
- Design a product offer
- Develop team-building activities
- Create and develop new projects, markets, customers, partnerships
- Define and implement sales strategy
- Manage a distributor network
- Devise customer loyalty strategy
- Devise a strategy to win over new customers
- Set up strategic partnerships
- Monitor performance indicators