When your business starts to grow, the next logical step is to take it into the right direction. For that, hiring an experienced business development officer pays off in the long run and also has benefits in the achievement of short term goals. Let’s have a look at some determining factors when choosing the right kind of person for business development profile.
1) Choosing the right person
Opt for someone who has in-depth industry knowledge and who can identify the three stages in commercializing process of the organization.
a) Scouting: Identify the markets and provide internal team with feedback
b) Testing: Analytical skills to measure and examine the data in real-time
c) Scaling: Identify the paths to achieve goals and put support structure in place
2) Essence of business development
There is a difference between business development and sales. A good business development officer will be more focused on identifying and creating partnerships that push revenue in the long run. Sales on the other hand only lays emphasis on increasing revenue which is a short term goal.
3) Quantitative value
Quantitative value lowers cost, drives revenue and increases the chances of success therefore business development should focus on this aspect rather than purely on qualitative one.
4) Look for opportunities
Business development is about identifying opportunities and then converting them into achievable goals.
5) Choosing the right deal
It is responsibility of the business development person to make sure that the opportunity chosen will outweigh benefits of the one dropped.
6) Business risk
Every business has its risks and opportunities that is why there needs to be a legal counsel for assessing the business opportunity compared to the risk involved. Business development person has to identify this and convey to the management.
In the end it is the business development person who can take the business to new heights and identify any challenges or risks involved in stepping up to the next level.