To be an effective business development executive, an individual must be:
Good with numbers
Able to provide quality leadership to a large team of sales people
The skills you need to excel in this position include:
Strong communication and IT fluency
Creative talents and the ability to solve tough problems
In-depth knowledge of the industry and its current events
The ability to handle pressure and meet deadlines
Skill in prioritizing and training obligations
Attention to detail
Excellent time management and organisation
Business Development Education and Career Development
Though there are rarely formal qualifications, many organisations require a degree from their applicants. For those hoping to eventually attain this position, business or math’s degrees are extremely beneficial, and may even help students acquire work through a graduate training program.
Many entrants, however, begin working as salespeople or marketers before being promoted, and there are also many apprenticeships available in the sector. For those in junior roles, additional Level 2 qualifications in Business Principles, Sales Management, and Marketing can help young professionals advance their careers much more rapidly than they otherwise would.
After gaining industry experience and familiarity with the sector, professionals can also boost their resumes by obtaining Level 3, 4, and 5 diplomas in sales and marketing courses. In the UK, the Chartered Institute of Marketing is an excellent resource for earning these advanced degrees.
Contracting Vs Permanent Positions
While both contracting and permanent in-house positions are available to business development executives, the latter is far more common in the workplace today. For those who can manage to make it work, freelance business development offers a host of advantages.
So if you are considering setting your sights on a contract-based career, here are some things to keep in mind:
Pros of Contracting
Flexible scheduling and hours
Option to work from home and/or remotely
Ability to work in diverse industries and experience a wide variety of company cultures
Freedom to choose and turn down projects
The possibility of higher pay for those who are successful
Complete independence and not having superiors to answer to
Cons of Contracting
Irregular and inconsistent pay
The necessity to do much more bookkeeping, invoicing, quoting, etc.
Limited job security
No team and a limited ability to delegate tasks to others
The need to regularly acquire new clients
Business Development Challenges
Business development executives face a number of challenges in their work. These include:
Managing underperforming team members
Suffering from downturns in the industry and/or economy
Losing clients to superior competitors
Responding to negative press about the company and/or products
Dealing with customers unsatisfied with the quality of the product or service