If you have looked at the Law Society Gazette in recent times you will have noticed that a) it has shrunk dramatically, although the jobs section has started to expand rapidly in the last few weeks, and b) the editor appears to be concentrating on marketing and business development rather than legal practice.
The business development manager works to expand a company’s product reach and profit revenues. They do this by identifying new markets and attracting new clients. The business development manager therefore researches new business opportunities, identifies likely sales points, develops strategic plans and sales strategies, and undertakes presentations to and negotiations with prospective customers.
Responsibility of a Business Development Manager
- Investigate the economic conditions surrounding your business activity such as industry trends and competition.
- Conduct extensive market research and continue gathering information throughout the life of the business.
- Prepare a detailed business and marketing plan so you will not lose sight of your goals and objectives.
- Secure sufficient financial resources for future development or expansion.
- Network with other business people; establish a support group, attend BNI and similar meetings, and build up trade.
- Attend workshops, trade shows, and seminars to keep up-to-date on changes in the industry.
- Adopt a team approach; work with others in pursuing common goals.
- Understand the skills and qualities you bring to your business.
- Develop a situation analysis of your company including its strengths, weaknesses, opportunities and threats to assist in the development of a strategic plan for the future of the business.