Skip to content

Managing a Business: What is a Business Development Manager?

Did you know that 20% of businesses fail within the first year? After five years, that number rises to 50%, and it rises even higher to 75% after ten years.

It’s hard to talk about the businesses that don’t make it. However, it’s important to recognize the reasons why those businesses don’t make it.

One of the most common reasons is a lack of adaptation.

Businesses fail because they can’t think of the next idea or grow with a changing market. Luckily, a business development manager can change this.

With their expertise in managing a business, a business development manager can turn a failing company around quickly. To learn more about how they do that, keep reading.

What Is a Business Development Manager?

Business development managers can help businesses grow through a few different means:

  • Finding new business opportunities
  • Researching potential leads
  • Establishing relationships with potential customers
  • Arranging appointments with important personnel

By handling all of these tasks, a business manager can take care of a failing business and even turn it completely around.

Businesses often hire these experts when things aren’t going well. However, businesses should be hiring business development managers before this happens.

Even though a great business manager can turn a failing business around, it’s better to have one before that happens. Every successful business needs a manager to keep things fresh. Without at least one development manager, the business isn’t likely to grow or expand at all.

What Does a Business Manager Do?

Business managers have a lot of responsibilities. After all, they’re managing a business and keeping it from going under.

That’s a lot of pressure.

In addition to all of the researching and communicating that they do, they hold a few more responsibilities:

  • Research prospective clients that align with the company’s future goals
  • Follow potential clients through to successful agreements
  • Understand the target markets that your business will benefit the most from
  • Collaborate with the design and sales team to create a cohesive branding experience
  • Cultivate relationships with current clients
  • Identify new prospects as they arise
  • Know about the company’s products, competition, market, and positioning
  • Keep up with the most current industry developments and competitors within the market

Keep in mind that this is a condensed list. The actual roles and responsibilities of a business manager depend on where that individual is working. They also depend on what the company needs at the time.

Overall, the role of a business manager is the care for the business as a whole. By taking care of relationships, acquisitions, and the like, a business manager can set up a business for success or failure.

What Skills Do Business Development Managers Need?

The average business development manager has a BA or BS degree. Although, larger companies tend to hire individuals with MBAs.

On top of a degree, an established company will require about five years of experience in business, sales, or a related market. Even if you haven’t been a business development manager before, you may be able to use your skills from a similar position.

Although there aren’t any set certifications or other standardization procedures for business managers, there are a couple of skills that they should have:

  • Proficiency in Microsoft Word, Excel, and Powerpoint
  • The ability to use and understand statistical analysis software
  • Organizational skills
  • Goal-setting competency
  • Prioritization skills
  • Clear and concise written and verbal communication, including technical communication
  • The ability to present complicated ideas clearly and concisely
  • Technical skills required for understand and selling products

Not all of the skills are requirements for every business manager position. However, it’s best to rack up as many of them as you can.

If you can prove that you’re prepared for the job, you’re going to be more likely to get the position and excel at it.

If you don’t have the degree or the skills that you need, you have two options. You can go back and retrain yourself or you can sell your abilities from another angle.

The first option may involve getting another degree or taking a few specialized classes.

The second option involves using creativity to determine how your unrelated degree and experiences can still apply to a business manager role. To do this, you just have to get creative about how you used leadership, communication, and other business skills in the past.

How to Become a Business Development Manager

If you’re starting from scratch, there are five steps to becoming a business development manager.

First, you have to get the necessary education. You may go to school for a business degree, apply for an advanced degree, or take a few specialized classes on the subject of business.

Getting some kind of business education under your belt is going to put you in the best position to get the job of your dreams.

Second, you should find a mentor. Creating and expanding your professional network is one of the most important things to do as a businessman or businesswoman. A mentor can help you navigate the business world and meet important figures.

Third, you should get the technical skills that you need. You may learn these in your business courses. However, if not, there are plenty of YouTube business tutorials that are relevant to managing a business.

Fourth, you need to build soft skills. These include communication and leadership skills that can only come with time and experience.

Lastly, you need to consider what your final career goal is. Based on that goal, you can determine what positions and companies you should be applying to.

Get Started Managing a Business

If you’re reading to get started managing a business, you should apply to become a bail bondsman agent. We hire individuals in North Carolina, South Carolina, and Virginia.

This is a perfect opportunity for those of you who don’t have the necessary training. We’ll provide all of the training that you need to get your license.

To get started, apply to become a bail bondsman. You’ll have the ability to start your own business and make a difference.