New Business Development Departments

Members are responsible for a number of key objectives inside and outside the organization
Study the products, services and operations of companies, providing consultative help where
needed.
Analyze the business environment, including regulations and restrictions that can impact the
company.
Development professionals use their analyses to improve their company's sales and profits

Objectives:

Improving Department Performance

Assisting With Strategic Planning

Identifying New Market Segments

Countering Competitive Strategies

How to Develop a New Business Development Team

1.

Select team members with the knowledge and experience to contribute to business development. Team members
should have five important characteristics: a successful track record in business development, the skills to gather
and analyze information, the ability to recognize opportunities and qualify prospects, the communication skills to
deal with contacts at any level and leadership skills to change the way a company conducts business with
customers.

2.

Build a balanced team with the skills to support all aspects of business development. Appoint a senior executive to
ensure that business development activities align with overall corporate strategy. Include representatives from
marketing to bring customer focus and market understanding to the team.

3.

Outsource any business development tasks that you cannot manage internally. Appointing a market research
company, for example, can provide your team with an independent view of market opportunities. However, using an
internal team for the majority of the business development work is important, according to Businessweek. An
internal team can communicate more easily and respond quickly to new opportunities or changes in company
strategy. An internal team also has a personal commitment to the success of a new business development project.

4.

Introduce best practice and consistent processes for business development. The Product Development and
Management Association recommends certification in new product development principles for team members. The
certification program helps to develop a structured approach to new business and new product development using
standard terminology and processes

5.

Set measurable targets for the team to ensure progress and deliver results. Establish metrics for targets like
revenue growth, increase in market share or new account openings. Motivate the team with incentives related to
the targets.

Business Development Team Leader Responsibilities

Drive Strategic Development

The business development team leader provides the necessary skills and experience required to develop
business in an increasingly diverse market place. As a team leader, you must have experience working in
complex environments.

Manage Project Activities

A team leader must establish the scope and needs of a given business development project. These activities may
include establishing the resources required in terms of manpower, finances and equipment; estimating period of
completion; and handling challenges and other unexpected events that may come up in the course of conducting
the business

Recruit, Develop and Retain

By virtue of your skills and experience as a business leader, you are expected to recruit and train people who can
bring innovation to the business project. Take measures to create an atmosphere that allows different members to
brainstorm ideas, and develop new concepts on how best to do the business.

Marketing and Revenue Goals

As a team leader, you have to set revenue goals and enact marketing strategies that enhance product sales.
Establish strong relationships with customers by coordinating efforts between them and your team members.

New Business Development Hierarchy