Business development or BD is the backbone of any successful business because it generates the coveted “revenue”. It is sometimes about cracking sales deals, or during other occasions about building partnerships. However, at the core, it’s all about creating long-term value for your organization. It’s also about acquiring important skill sets that help you throughout your career. So, if you are ambitious, target driven, and love to connect with people, here are some great reasons to take the plunge into the world of business development.
Business development applies to most companies
Any successful company will have a business development wing. In fact, any company that wants to grow needs people who will create partnerships, drive sales breakthroughs and take the business to the next level. While there are differences in industries and a business development role at a SaaS company is very different from that in a pharmaceutical business, the fundamentals of the role remain the same. This gives you a lot of scope to explore different kinds of industries, especially in the early years.
Hard work and results never go unrewarded
The best part about working in a business development role is that if you’re good at what you do, you will gain significant financial rewards. That’s because a large part of the compensation in business development roles is usually geared towards performance and results. Hence, if you have the ability to create new revenue streams and opportunities, the earning potential is huge. Simply put, if you’re competent, you will grow very quickly and earn hefty bonuses.
Best training ground for high level roles
Business development means interacting with your client and building new relationships on a regular basis. It helps you to know your customers in a way no other role can. It also teaches you how to build, manage and leverage relationships – a skill that comes in handy no matter which career you choose to follow eventually. Plus, effective business development also means interaction with operations and product teams to deliver on your promise to your customer. This helps you get a holistic picture of how a company functions - a knowledge that is crucial to step up the corporate ladder. It’s no wonder that several Fortune 500 CEOs come from sales and business development background.
Continuous learning and great satisfaction
The best part of a career in business development is that there is no defined path on how people go about it. While, some days are about meeting new partners and striking deals, the other days revolve around strategizing and nurturing existing relations. In a nutshell, every stage guarantees you continuous learning. As a business development professional, you will also meet a vast number of people from various fields and every deal is likely to teach you something new.
Opportunity to work with senior leaders
When creating business development proposals or cracking a blue-chip deal, you will need to collaborate closely with the senior leadership of the company. This can help you get noticed and advance more quickly in the company. Moreover, you also get to learn valuable and practical business lessons and leadership skills from your bosses. These should stand you in good stead no matter where you are in the future.
While a career in BD teaches you the fundamentals of how business is done, it also teaches you skills that help you become a better professional and a leader. All you need to do is spot the right opportunity and have the zeal to do something about it.