How to Become a Business Development Executive?

A business development executive (BDE) plays an imperative role in the growth of a company. It is the job of a BDE to promote the product/service segment of the company. At some organisations, business development executives are also called sales executives. If you want to build a career as a business development executive, below career guide would ease your journey.

Some of the duties of a business development executive-
1) As a BDE, you would need to frequently interact with potential clients to establish new business relations.
2) It is the job of an executive to do market analysis. On the basis of these market reports, business strategies would be formulated.

Required education & qualifications
The stream in which you have completed your graduation doesn’t play a crucial role because students from all fields can apply for the job. Moreover, top-notch companies prefer to hire candidates who know two or more foreign languages. In fact, this is a kind of job where your soft skills would be more beneficial than your academic qualifications & degree.

It is advised to gain some good work experience in finance and management by pursuing a business-related course. If you want to work in a technical company then it is important to have some good technical background and sales experience in a particular field.

Some crucial skills
1) Excellent business knowledge
2) Good communication skills
3) Learner
4) Negotiable skills
5) Team player
6) Analytical ability

Scope of business development executive jobs
In the near future, there would be a great rise in the number of BDE job positions, especially in fast developing fields like online commerce and pharma. As more and more companies are vying for the online space, there would be a huge demand of business development executives who can help a company in expanding its online business.

The package
Typically, the salary structure of a business development executive includes basic pay and commission. The basic salary of a BDE can vary anywhere between Rs 2-3 lakh/annum. If you hit the target then you will also earn commission and incentives.

Where to look for BDE jobs in India?
The jobs are available throughout the country. However, there are few Indian cities, like Delhi, Gurgaon, Mumbai, Chandigarh, Bangalore, Chennai and Pune, where you can find booming job opportunities in diversified sectors. Various top-notch companies have opened their offices in these cities and therefore, there is a high demand of BDE in these areas.

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Defining the Role of a Business Development Manager!

Business development managers play a critical role in expansion and growth of organizations and hence there is a high demand for experienced and skilled professionals who can help the businesses in achieving greater heights.

The Growing Demand

In the present economic scenario, almost all major brands are scanning strategic locations with respect to their major expansion plans. It is indeed an action oriented role, for eager beavers who have the ability to track business leads, comprehend the products and services and develop an efficient process for ramping up the sales.

Business development skills have been a prominent requirement in job advertisements across several occupations. The typical industries where business development managers find work are insurance agencies and brokerages, commercial banking, accounting firms and many more.

The Job Functions of a Business Development Manager

Out of the array of job responsibilities, their primary job duty is to generate and follow up business leads, bring in more clients and other business proposals.

Besides, business development manager, is required to build partnerships and business relationships with other companies, vendors, and so on to add weight to the products and services. Another important duty of business development managers is to seek out new clients and keep tabs on the existing clients and their requirements.

They also work in collaboration with the product managers and marketing team in the development and implementation of the strategies, plans and business models. The job roles of these professionals may vary from company to company. Like for example, they may be required to formulate financial predictions for expansion and growth of the company.

What Do Employers Seek In Job Applicants?

Like any other job profiles, this profile too needs an array of skills-set and some specific personality traits to land in a job. In-depth industry knowledge, networking skills, marketing, sales, enthusiasm, ability to achieve sales targets, communication and presentation skills, researching and prospecting abilities, decent understanding of business models, customer orientation and multitasking skills.

Benefits and Bonuses

The complete package of benefits, generally provided in this position are listed below, take a look-

· Paid sick leave

· Relocation reimbursements

· Life insurance

· Paid vacation

· Private medical insurance

A Well Paying Job!

The salary depends on the factors like industry, company size, location, years of experience and academic credentials. As per the payscale site, the average salary package of business development manager is Rs. 5,82,211 per year. The top skills associated with such jobs are account management, sales, negotiation and business strategy.

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Opportunities Are Endless With Business Development Careers

Careers in the business development area require a good sense of business management. It also requires the ability to think outside of the box and create areas of opportunity for the business that you are managing. If you have the drive to make big changes that will result in much higher revenue then this field may be the right one for you.

The business development jobs require someone that can juggle. They need to be able to juggle a large variety of responsibilities and maintain above average results for a long period of time. Business development is just what it sounds, finding ways to advance the company into higher revenue. This can be done but it does take a strong attention to detail.

To advance a company to this level, the Manager will have to make sometimes aggressive moves in order to be successful. They must be able to manage and motivate the staff to get to the necessary levels of quality and output. This may require making drastic policy and procedure changes and getting the changes in place with no negative impact on quality or quantity of output.

Careers in this field require a person that has extremely strong personal skills and business foresight. Dealing with the employees is a primary function in this position. Jobs like this cannot be filled by someone who is not willing to interact and motivate the employees. Growing a company requires a complete by in by the employees as they will be the ones doing the work.

Tracking progress and steps in the wrong direction is another big part of jobs in this field. Because you are implementing new ideas there may be times that the approaches that you take are not successful. You must have the insight and communication levels with the employees so you can shift directions with the plan quickly if things begin to fail.

Careers in business development are only successful if the person in the position can make quick adjustments. Putting experimental changes in place may require that things are altered. You also must understand the field you are in so you can put realistic changes in place. If the change would devastate the results of the company due to market regulations then you should have enough knowledge to know that the change is not feasible.

Sometimes business development managers are hired by a company with the specific purpose of saving a company. The existing company may be reporting losses quarterly and must being to gain a profit or they will find themselves closing their doors and going under. When they hire someone with this goal in mind they will have high expectations for the position.

In order to meet these expectations, the person that they hire must be aggressive. They must be able to look at the financial information for the company or department and decide quickly which areas are not doing well and what changes need to be made. Sometimes restructuring the departments can lead to a gain in profits. Sometimes it takes more than this, like cutting staff and combining responsibilities.

Either way, to be successful in careers like this you must be comfortable with being the bad guy. People at the business that hires you may resent the fact that you are making changes. Change is a very hard thing to deal with for most people. If there are some very opinionated employees you may find that you have a fight on your hands.

Being familiar with fair disciplinary steps and the policies and procedures of the company that you are hired by is crucial. You do not want to break any policies or procedures in your quest to improve the company. You must work within the guidelines set by the company and find ways to manipulate the business into a very successful position.

If you are considering careers and jobs in business development and feel that you can make a difference in the performance of a company then give it a try. It can be a very challenging position to be in but someone with the right personality and drive to succeed can do a great job and be very successful. While this type of work is not for everyone, having the right abilities and qualities can lead to a very satisfying job and maybe even exciting careers. Many people that are employed in this field decide to do this until they hit retirement age. It feels good to look back at the accomplishments and the successes in a business that were driven by you.

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Do You Get Lured by Business Development Jobs?

Business development is one of the vital segments in almost every business, these days. It can be considered an extended form of sales, but isn’t just getting leads to the business, but also emphasizes the expansion of a business in other ways. It is a balanced combination of strategy, marketing, and sales. Those employed as business development executives are involved in getting leads, negotiating & closing the deals besides maintaining cordial relationships with the clients. They serve as the link between the corporate partners and the organization.

Business development executives are involved in identifying the potential target market, new business opportunities and the new business partnership that they can benefit with, in the near future. They work towards expanding the company’s client base and corporate relationships to ultimately add to the revenue.

Where do they work?

The need to hire these professionals is now being realised by almost every business and industry. Those seeking jobs in business development can get into real estate, infrastructure, IT, digital marketing, telecom, and other sectors too. Some of the leading companies they can aim to work with are HCL Technologies, Cognizant Technology Solutions, and many others.

Who can qualify?

For those, who master the combination of communication and influential skills and do not wish to get into direct sales, business development is a viable career choice. To get started, you need to hold a bachelor’s degree in business administration. However, those who hail from other fields too can be considered for this job role.

Generally, the professionals having gained considerable experience in corporate sales are considered apt for this position. The prior sales experience even helps a professional aim for considerably higher salary than a fresher.

Skills to take you ahead

Business acumen:

It is one of the major skills that help a profession qualify for this job role. An understanding of how the market works and what are the essentials to keep the audiences interested in the product serve as the major skills for these jobs.

Communication:

The business development executives are involved in dealing with the customers, business partners, and other associates and for this, communication remains a desired skill.

Analytical Skills:

To analyse a situation and bring out the best of opportunities is what these professionals are desired for. They work to get business leads and even maintain the professional relationships with the associates so to ensure their satisfaction with the association.

Networking:

If networking is something you are best at, you can contribute well to the business.

Average Pay Scale

If you have prior experience in sales, you can make well in this profile. On the other hand, if you get started as a business development executive with no prior experience, the pay scale may not be too alluring. As per a global research firm, a business development professional in India earns Rs 242,480 per year. Experience remains a major factor for pay hike in this job.

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