Business development can be summarized as the ideas, strategies and initiatives that help build a better business. Increasing the revenue, allowing business expansion, and building strategic partnerships are activities that engulf different areas, including marketing, project management, sales, etc. All these departments and areas follow and are aligned with the goals of business development.

Business developers are the key players in analyzing a business’s performance and searching for ways to improve it. They identify the available opportunities and build and maintain relationships with the partners and their clients.

Business development success

To have success in the business development field there is an extensive list of characteristics a candidate must have. It’s important to pinpoint that having an eye for opportunities is at the top of the list because those will be the driving factor that will allow the business development manager to establish partnerships. It is essential to listen and ask great questions and show the clients and partners that they are very curious and interested in developing tailored relationships. Setting goals and developing action plans is what demonstrates that the candidate is commercially aware and target-driven – two prime qualities.

But personal characteristics are not all. Technical knowledge about a specific business area is essential for a successful career. This allows them to build a brand, understand buying patterns and trends and set realistic expectations with the clients.

Business development skills

So, what are the essential skills a candidate needs to succeed in business development? Here are some of the most important:

Communication skills
Business development is based on communication with clients and their customers. From cold-calling prospects in order to maintain meaningful relationships to sharing information and ideas with those involved in the business. The business developer must be able to speak and write confidently, as well as listen to the responses and concerns of potential clients.  

Negotiation skills
Along with communicating properly, a business developer should know how to negotiate. A big part of business development is convincing others to do certain things, e.g.: lowering prices, investing, or helping. They might not be the ones closing the deal, but they are responsible for generating leads and keeping them interested as they move through the sales funnel. The ethical way to influence people is by finding common causes and earning their trust.

Business intelligence
Business intelligence is about gaining the necessary insights and having a deep understanding of the market and the competition. Part of that understating is about skills such as researching the needs of the business, listening, collecting, and analysing data. The most common types of data that may benefit a business include knowing how large the market is, and the types of campaigns that can generate a positive response.

Project management
Developing a business is like a project – a large and complex project. So, some of the necessary skills to be a great project manager can also be seen in the business development sector. These include leadership, the ability to set goals, establish timelines, manage, and monitor risk, delegate tasks, and personal organisation. The skill to lead a team is essential when managing a project because the task will not be handled alone. It involves teamwork, evaluating the team’s elements performance and resolving conflicts.

Sales skills
Business development and sales roles serve different purposes but share similar responsibilities. Therefore, basic sales skills help the candidate become one step closer to success, such as building relationships with potential partners or prospects. These skills might include tasks such as cold-calling or setting up in-person meetings to discuss opportunities and sell the idea of a partnership.

If you’re looking for a new career opportunity in business development, take a look at our offers. Who knows? PrimeIT Consulting might just be your new home!