Business Development Manager Job Description, Career as a Business Development Manager, Salary, Employment
Definition and Nature of the Work, Education and Training Requirements, Getting the Job
Education and Training Master’s degree
Average Salary $83,000 per year
Job Outlook Very good
Basic Job Description
A business development manager helps companies to expand their business by reaching out to new customers and developing new plans and strategies to help each department run more effectively. They are also responsible for conducting research on the specific roles of each department, product development, and product distribution. They typically work with the marketing and sales departments to analyze which strategies are the most effective, which strategies need to be improved, and what new strategies can be implemented to help the business run smoother. The development manager will also use new and traditional media to keep the company up to date on the most effective means of communication and technology. When a business is presented with new opportunities, the development manager will assist the company in creating a plan and using their resources to effectively deliver what is expected of them.
Education and Training Requirements
In order to become a business development manager, it is helpful to have a Master’s degree in business, economics or another closely related field. A concentration in communications is also recommended due to the high volume of communication done between business departments.
Business development managers must be familiar with a wide variety of business plans and case studies in order to prove to businesses that they know what it takes to make a business successful. This will also show they have a proven track record of doing intensive research and are up to date on the latest technology and strategies used in businesses.
Getting the Job
In order to land a job as a business development manager, one must prove that they have excellent communication, analytical, leadership, and organizational skills. A business developer must understand how every department works and how they are all connected with one another, from the secretarial department to the IT department.
Many business developers start off by working alongside an experienced manager as a form of internship experience immediately after college. In order to fully understand how to grasp each department of a business, how it works and how they are connected, a developer must have experience with several different types of businesses to understand how some businesses differ and how they are the same as well. A graduate will often intern and work with another development manager throughout their master’s program in order to be prepared for the workforce once they are graduated.
Job Prospects, Employment Outlook and Career Development
Business development managers who become familiar with a company and work with them often can often be hired in to work solely for their company and in their office. Many business developers start out working contractually and for several different companies in order to gain experience and a good reputation, but after awhile can be hired in at one specific place to make sure their operations are running smoothly at all times. They will constantly be communicating with each department and looking to implement new strategies into a changing workforce.
Employment is rapidly growing for business development managers. This has a lot to do with technology being used more and more, as it is important for developers to keep up to date on emerging technologies to keep in mind for businesses to use. Developers often work along with the IT department to determine different technology that could benefit a company as well as teaching members of different departments how to use it.
Career development into information technology consultant or contractual business development managers for specific companies is also on the rise. There are many ways to develop a career in this field and turn new clients into permanent clients. It takes professionalism, good communication skills and someone who is constantly up to date on new and emerging technology to convince someone that they are worthy of working with their business contractually and each time they need a new plan developed. A business development manager builds his reputation and portfolio by staying up to date with the latest technology and tactics used in business.
Working Conditions and Environment
Business development managers are usually working in the office of any business they have a contract with. Many analysts are working with several businesses at once, so they will travel to several offices in a day in order to work with the companies. Developers are rarely working alone and almost always communicating with business owners or conducting meetings with different departments within a business.
Since most business development managers work with several different companies, they do not have one specific office to visit regularly. When a developer isn’t going from business to business, they will often complete their work out of their home. Many analysts prefer this because it allows for more flexibility with their work and allows them to spend more time at home instead of in an office. This doesn’t mean they always work from home, developers can spend long hours each day going to each business they’re working with. Once they are done at each business, they may still have plenty of work to finish up in their personal office.
Salary and Benefits
On average, a business development manager makes $83,000 per year. The more experience and credibility they gain over time, the more they can potentially make. A developer with several years of experience can usually handle more contracts at once than one who is just starting out, so their salary may continue to grow with each contract they gain.
Many business development managers are considered to be self-employed since they work as an independent contractor for various companies. This allows them plenty of flexibility with their benefits such as purchasing health insurance, vacation and sick time, and hours they work per week. A developer who works solely for one company will usually be treated as a salary employee and receive a base salary as well as health benefits and vacation or sick time.
Where to Go for More Information
International Institute of Business Analysis
3605 Sandy Plains Road, Suite 240-193
Marietta, GA 30066
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