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Knowing the market is rarely enough to make a business work in the long term. To achieve this, business development skills are required. This is the reason why this branch of the trade has become a whole industry. Find out here why working in business development is worthwhile.
Why work in business development?
As in any profession, compensation is an important criterion. Within the framework of the commercial development, the proposed remuneration is interesting. Depending on the position, it can vary greatly. The size of the company is also a consideration. However, this amount can range from 30,000 to 90,000 euros per year.
In determining the position and salary, years of experience play an important role. Moreover, a professional in the field working at the international level has more than 5 years of experience. In any case, there are many prospects for development in the field.
A new graduate will move into a basic, but well-paid position. Like any other career in sales, however, a business developer can quickly become a general manager of the company.
What are the career opportunities in business development?
The position of Business Development Officer is a management position. The latter is responsible for monitoring and researching the market on behalf of the company. If necessary, the development manager implements marketing strategies. It also ensures the execution of each step of this strategy.
Many young people are also interested in the position of sales manager. The latter’s mission is to define and supervise the commercial strategy adopted within a company. He suggests adjustments if necessary, as his goal is to increase sales and turnover in the long term.
People in the business development field are versatile. As a result, they can also hold the position of account manager. This time, instead of advising the company’s managers, the account manager is closer to the customer. Indeed, he manages a whole team to keep the customer in his charge.
What are the skills needed to work in business development?
A business development professional must be versatile. A long list of knowledge is therefore necessary to occupy this profession:
- A good economic culture: to ensure the development of the company, you must know how to interpret the figures on the market;
- Analytical skills: in the business world, analysis is mandatory. Whether it is with regard to the competition or the market in general, the results obtained give an idea of the next strategies to adopt.
- Knowledge of business law: legal knowledge is very important in order to bring your business up to standard. They will not only be a means to propel the company, but also a barrier to protect it from potential conflicts.
- Negotiation skills: although business development professionals tend to work away from contact with customers and associates, they do lead a team. Therefore, they should pass on their negotiation skills to their teams to keep the business running smoothly.
What are the challenges in business development?
Business development is still a new field. As a result, training in this field is still rare. The International University of Monaco is one of the few institutions that offer specific training in business development.
The job also requires a strong investment of energy. Mostly responsible, the professionals in the field have imperative objectives to reach. Without a positive outcome, the entire team and even the future of the company may be in question. An unmet target often results in a drop in sales.
How do salaries change over time in business development?
The salary of a business development professional depends greatly on the years of experience. At the beginning of his career, he earns at most 30,000 euros per year. His/her salary can increase after 2 to 5 years of experience. At this level, he earns between 40,000 and 50,000 euros per year.
Senior business developers can earn more than 90,000 euros per year. These figures are indicative, however, as other parameters must be taken into account: the size of the company, for example. A world-class company is able to pay its employees more.