Business Development Director Job Description
The business development director oversees the creation and implementation of the business development strategy. This includes identifying new business opportunities, developing relationships with potential partners, and overseeing the development and execution of business plans.
The business development director also works closely with other members of the executive team to ensure that the company’s overall strategy is aligned with its business development goals.
As a senior sales executive, the director of business development helps companies stay ahead of their competition by seeking out new partnerships and opportunities. They work closely with upper management to ensure that the company is meeting its goals.
What Does a Business Development Director Do On a Daily Basis?
The director of business development identifies, creates, and implements profitable business opportunities within an organization.
They lead a cross-functional team that identifies new markets, develops marketing plans, and analyzes lead generation opportunities, among other business development goals.
As the director of business development, it is important to be aware of the company’s initiatives for growth in different markets and how these changes will affect target customers.
Additionally, you must be able to identify potential areas where the company can improve its offerings to better meet customer needs.
As a director of business development, an important part of your job is to develop proposals in response to requests for proposals (RFPs). This involves working with other department heads, sales development reps, production engineers, and sales managers to coordinate account startup and transition service or product delivery.
It is your job as the business development director to study and understand the business environment and review emerging trends so you can exploit new opportunities ahead of the competition.
Once a new business has been secured, the director of business development will work with other department heads and staff to ensure a smooth transition and delivery of services or products. This includes coordinating account startup as well as any necessary staff training.
The Director of Business Development may be asked to deliver presentations and conduct seminars and meetings for clients, vendors, and advisers.
Job Outlook for the Business Development Director Position
The Bureau of Labor Statistics projects that the career path of business operations will grow by 8% from 2014 to 2024, which is much faster than the average.
The job market for business and finance professionals is expected to grow rapidly as companies become more competitive. Those with experience and an advanced degree will have an edge over other candidates.
What qualifications do you need for business development?
Individuals who want to pursue a career in business development can improve their prospects by enrolling in an MBA program with a specialization in Management. This type of program will provide them with the skills and knowledge they need to be successful in this field.
Alternatively, they may choose to pursue a Master’s degree in Business Administration with a focus on Marketing.
Managerial economics and international management are two of the courses you’ll take as part of your coursework.
MBA grads with a concentration in management should know how to combine their knowledge of finance, marketing, and business to develop strategies for their organizations.
They should also know how to use technology and data to gain a competitive edge, and how to create an ethical and socially conscious organization.
On the experience side, the ideal candidate for the Business Development Director role has at least three years of experience successfully leading a sales initiative or project. A combination of private, public, and nonprofit sales experience is a plus.
Additionally, the candidate should have more than two years of experience in management supervision and demonstrate proficiency in Microsoft Office suites.
How Much Does A Business Development Director Make?
The Bureau of Labour Statistics does not publish a specific average salary for the position of Business Development Director.
However, numerous factors can influence potential salary ranges. These include the state of the economy, a candidate’s employment history and level of educational attainment, as well as the particular industry.
In general, business development directors can expect to earn a comfortable salary. However, earnings will vary depending on the aforementioned factors.
Business development directors in the financial services industry can expect to earn an average salary of $100,750 to $165,500 according to a 2017 report by global staffing service Robert Half.
Are You a Good Fit for the Business Development Director Job?
To succeed as a Director of Business Development, you’ll need to have excellent business, project management, and leadership skills, as well as creativity and inventiveness.
If you are self-motivated, organized, and detail-oriented, earning a Master of Business Administration degree with a management specialization will greatly increase your chances of landing the business development director job.
Finally, the ideal candidate will have exceptional verbal and written communication skills as well as excellent financial management skills.
The Business Development Director is Demanding, Yet Richly Rewarding
The business development director is responsible for overseeing the growth of a company. To succeed in the role, they need to have strong leadership and management skills, be able to think strategically and have a track record of successful sales experience.
While richly rewarding, business development is a demanding career. So, if you’re thinking about becoming a business development director, make sure you have the qualifications and experience before taking on the role.
Need Help Automating Your Sales Prospecting Process?
LeadFuze gives you all the data you need to find ideal leads, including full contact information.
Go through a variety of filters to zero in on the leads you want to reach. This is crazy specific, but you could find all the people that match the following:
- A company in the Financial Services or Banking industry
- Who have more than 10 employees
- That spend money on Adwords
- Who use Hubspot
- Who currently have job openings for marketing help
- With the role of HR Manager
- That has only been in this role for less than 1 year
Want to help contribute to future articles? Have data-backed and tactical advice to share? I’d love to hear from you!
We have over 60,000 monthly readers that would love to see it! Contact us and let's discuss your ideas!
