Business development executives rely on a combination of knowledge, theory, and experience to guide business growth. They are masters at evaluating performance, finding innovative ways to help the business reach its potential, and identifying emerging opportunities. These somewhat esoteric job duties rely on a specific skillset. Here are the skills all business development executives should possess.
Business Intelligence
A business development executive should not only have a detailed knowledge of your business, but also of your competitors. He or she is skilled at analysis and has a keen eye for what gives a company a competitive edge. A successful business development executive has a “head for business,” easily collecting data and turning it into useful information to guide growth. His or her research skills are finely honed, making it easy to track down whatever data is required.
Communication and Collaboration
A strong business development executive is highly skilled in communication and collaboration. He or she is equally confident when cold calling prospects or leading a meeting with key stakeholders. Successful business development executives easily build relationships, navigate politics, and manage conflicts. They are highly persuasive and strong in negotiations, while always remaining diplomatic and tactful. They know how to earn and keep trust.
Project Management
Business development requires a significant amount of project management. Successful executives know how to set goals, plan projects, estimate budgets, and keep teams on track throughout the project lifecycle. They are excellent multi-taskers, capable of managing several projects at once.
Intellectual Curiosity
The best business development executives have an insatiable thirst for knowledge. They are always seeking new information on their industry and are comfortable working under constant pressure. They continue to add to their strengths, learning as much as possible about strategic management, business planning, sales management, marketing, and more. They strive to be the best at everything they do, and they are always thinking of new ways to take the company to the next level.
Successful business development executives wear many hats. They must be diplomatic yet commanding, intellectually curious, and comfortable with all facets of the business and its competitors. An excellent business development executive is not easy to find, but he or she is truly worth the effort.
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