Business Development

Business Development (Biz Dev) is responsible for carrying out any activity that makes the business/company better. In other words, they look to find opportunities to grow the company and help it be successful. However, biz dev is quite broad, and the specific responsibilities vary depending on the company you work at. 

What are some examples of these responsibilities? Typically, Business Development focuses on working with and improving the following areas of a company:

• Sales/Marketing – How you sell your product or services to gain new customers.
• Client outreach – Expansion of client base.
• Strategic Initiatives/Partnerships – Work with other companies and/or plan out different strategies to help the business grow in a new market.
• Customer Relations – defining the brand name through trust, and positive user/customer experience.
• Project Management – Projects the company is undergoing (ex. a car company building another factory to help make more cars).
• Product Development – Products created, developed or improved (ex. a mobile phone company creating a new feature for their phones)

1. Use online databases to research potential clients (look for clients that are a good fit and might be interested in your company).
2. Once you identify some potential clients, you email them to see if they are interested in your company’s services.
3. For those that respond saying they’re interested, business development sends over documents providing more information about Company X (and why they are a good company).
4. There is constant back and forth via phone calls and emails between Company X’s business development team and the potential client (to answer any questions the client has).
5. Once they are officially a client and Company X is managing/investing their money, they will be in frequent contact with the business development team.
6. Some things they will be kept up to date on include: Company X’s investment performance, what the investments are, why the investment was made, etc.
7. Furthermore, if the client ever has any questions for Company X, the business development team is generally their point of contact.

Every company has somebody carrying out “business development duties”. Whether it be necessary paperwork, sales, marketing, a managerial role, etc. these business-related duties will always exist. However, not every company necessarily has a role titled “business development”. It is possible these duties fall under another similar role like “operations”, “corporate strategy” or “sales”. However, for the most part, you can find a biz dev role in any industry.

At a smaller company, business development tends to wear many hats and have many responsibilities. Whereas at a larger company, they often spend most of their time specializing in one or two main responsibilities. Since the role varies, it is important to understand what the specific responsibilities at a company are before you pick a business development job. 

Some tools a Business Developer uses:

• Powerpoint – for creating presentations.
• Excel/Spreadsheets – to keep track of data, and necessary company information.
• Email/messenger – to communicate with your coworkers (on your team and other departments) and to communicate with clients.
• Documents – to create business materials.

Necessary skills to be successful in Biz Dev:

• Organized – Often need to manage a lot of business-related files and documents.
• Communication skills – Often need to give presentations to other teams, clients, etc. Additionally, being able to communicate with other teams and clients is essential.
• Writing skills – Important when creating business material that it is well written and clear.
• Business acumen – as obvious as this may be, your job is to do what you can to help grow the business. Being creative and having an understanding of different ways to help the business grow is very valuable.

What are some challenges of being in Business Development?

• Need to think strategically, which can be difficult if the company you are at is not well run.
• Do not always have that much influence (especially if you are junior) so it can be hard to get what you want done. This can be frustrating when you want to make business decisions but can’t execute it for reasons beyond your control.
• Often times you are dealing with clients, so you need to keep the clients happy (even if they are difficult to work with).
• Work can be boring at times, especially if at a larger company and you do not enjoy the specific task you spend most of your time on.

What are some benefits of being in Business Development?

• Usually a good work/life balance.
• Compensation is good.
• Sometimes will have a lot of freedom to be creative and make influential business decisions.
• Entrepreneurial experience, and you get exposure to different areas of business (ranging from more boring paperwork to selling an exciting product).
• Build strong relationships with:
  • Your clients
  • Individuals on your team
  • Members of other teams in different departments at your company, and 
  • Individuals at your strategic partner companies.

Typical Salary?

There is a wide range but according to payscale, the average business development entry salary is around $60k. However, average salary overall (entry-level plus more senior) is between $80k-$200k.  

Should I go into Business Development?

If you want a broad exposure to business and want to work closely with a company you believe in, business development is something you should look further into. It tends to have a strong work/life balance and you get to learn about many different aspects of business. 

Furthermore, if you identify a company you are interested in and want a way to be involved in the exciting work they do, business development provides a great opportunity to join that team on the business side of things. Lastly, typical career paths are, as the name suggests, anything business-related. Some examples include: switching to a Business Development role at another company, Corporate Strategy, Operations, Sales, Marketing, and Financial Services.