What is Business Development and What are the Responsibilities?

Do you have good communication skills? Are you interested in the business world? Do you love interacting with new people? Maybe Business Development (BD) is the job for you.

What is the actual task of business development? Come on, check out the rationalization below.

<h2>What is a business development? </h2>

Some people still think that business development is a salesperson's job. It is not.

According to Forbes, BD is a process of creating long-term value for a company through customers, markets, and business relationships.

In other words, BD is responsible for finding ways for the three channels (customers, markets, and relationships) to interact to create opportunities for the company's continued growth.

Long-term value, or what is commonly referred to as long-term value, is simply money, profit, image, or whatever the primary goal of a growing business is.

 The person in charge of business development is not just trying to get the maximum profit in a short period.

It would help if you also came up with long-term strategies and tactics for the company's development. In other words, a BD must constantly rotate money for the company always to be profitable.

To this end, BD will develop the three elements mentioned above. How? Let's analyze each component.

1. Customers

A company cannot grow without customers. However, one product or service may not be suitable for everyone.

How can as many social classes as possible enjoy a product or service? Well, this strategy needs to be resolved in business development.

2. Market

When building a business, the target market must be considered from the start. It is helpful for businesses to know what products or services can be sold.

However, the target market can continue to grow and not just stagnate in one place. A BD usually thinks about its products and adjusts them to open up new markets.

3. Business Relationships

The company will undoubtedly build relations with customers, sponsors, or customers. Business cannot last long without a good relationship.

So what is the job of a BD? A BD works closely with their team to build good relationships based on trust, respect, and mutual appreciation. The goal is for the relationship to work over the long term.

<h2>Why is business development important? </h2>
 A growing company is a good business because it can move or expand to grow the business. Well, the developments in your company depend on the business development department of your company.

A sophisticated business for the future. This is also due to the income, how many people know them, and what this business has done. A bidi will be able to indicate goals to be achieved to develop well and even quickly.

A rapidly developing business means that it has a very high income from the sale of its products. On the other hand, if the product doesn't sell well, the business stagnates and may even give up.

So you know how important business development is for your company. Imagine if your company doesn't have someone to develop your business, your company may not survive for long.

<h2>Difference Between Business Development and Sales</h2>

Many consider BD's mission to be the same as selling. These two professions are different. It is the job of business development people to move a company forward with its business development strategy.

For example, they are opening up new markets, selling subsidiaries to other companies, etc.

The work of sales development is also aimed at increasing the bottom line for the company. However, sales development is more responsible for collaboration or purchase agreements, managing prospects, and demonstrating the products sold.

Sales development is more focused on the products that are being sold and that benefit from those sales.

Although these jobs are different, the two are related, you know! Sales can be added to the business development area.

With the same goal of making a profit, they can share strategies to achieve their expected goals.

Imagine if BD work was done independently without sales, the company might not be making optimal progress.

<h2>Business development responsibilities</h2>

Do you have a little idea of what BD does? Now is the time to find out what BD's job and responsibilities are:

Do market research

Looking for new customer opportunities and maintaining relationships between customers or customers

Collaborate with other departments to meet market or customer needs.

Develop and present the company's business development plan.

Do regular research on the company's business development.

Understand the company's products, competition, and commercial position in the market.

Work closely with the sales department to be promising.

<h2>Skills required for business development</h2>

Interested in becoming a BD or even want to swerve to become a BD? Check out the skills needed by a BD below:

1. Great motivation

Being BD requires a high level of motivation and work discipline. A BD should also not give up easily and achieve goals within constraints and time frames.

2. Administration
With a very different focus on tasks, managing time and priorities must also have a DB.

A BD must also intelligently manage the resources available to the team and company to support business growth.

3. Communication

In addition to working behind the scenes, a BD needs to have good communication skills.

The reason is that they have to communicate with potential customers, customers, teams and also give presentations in front of colleagues or customers.

4. Marketing
In sales, BD also works a lot with the marketing department to promote the brand. Therefore, a BD must also have a basic knowledge of marketing.

5. Negotiation

In doing so, a BD will negotiate with existing clients or prospects who can work with the company.

In this case, a BD needs to improve its negotiation skills for all projects to be successful.

6. Data analysis

There is a set of data that needs to be analyzed from a BD. From monthly sales growth data, investor data, customer data, and competition data must be analyzed and examined.

Precision and data analysis skills are required here. Data isn't just writing, you know! Much of the data contains image patterns, numbers, number patterns, and even mathematical operations.

A DB must also be able to compile data and present it to superiors in easily understandable language.

If you are convinced of your data analysis skills, you might be well suited to work as a business developer.

7. Project management

Working on developing a business is indeed a complex and risky affair. Being a BD takes a great deal of responsibility because the company has its destiny in its hands.

When you become a BD, you need to be ready to face the best and worst of options. Not only do you need to manage projects, but also teamwork, team support, and problem-solving.

In this case, leadership needs to be anchored in your mindset so that all projects you lead can run smoothly and in harmony with the team.
