The meaning of Business Development Executive ?

The Meaning of Business Development Executive
by Steven Buckley
Global strategic thinking is essential in a business development executive.
The business development executive is a job function that has evolved as part of the transformation of our business world to a global economy. The term conveys a strategic and pivotal role in the growth of a business enterprise. It is both sophisticated and all-encompassing in its meaning of the word "development."

Years Ago They Called It 'Sales'
In earlier times, the business development executive position did not exist. Instead, it was familiar to call anyone who worked to expand a business a "sales executive." But as business expansion became viewed as both organic (occurring inside the boundaries of the existing business) and external (reaching outside for novel avenues of growth), this newer job title became prominent.

What Does a Business Development Executive Do?
The business development executive may do any, or all, of the following: work with the existing products/services to find new channels and markets for distribution; research and recommend new products/services; explore and negotiate acquisitions of other companies; analyze and present joint venture concepts (working with other businesses or brands that may be synergistic); find ways to sell more products/services to new and existing customers by adjusting current systems and marketing approaches; explore and stay abreast of competition in an attempt to find and maintain a competitive edge.

Learn From the 'Big Guys'
A business development executive is usually found at larger enterprises where specialization of work functions are standard. However, even smaller businesses should adopt the concept of development functions. It may be a job performed by the owner of the company or another management person, or it may be possible to hire someone exclusively to do this work.

Can a Small Business Afford One?
While it may be unrealistic to hire a business development executive at the current stage of your business, it is essential to your success that the functions performed by such a person be present within your organization. Creating growth in the broadest sense of the word is not optional in our ever-changing world of commerce and the industry it is a requirement!

About the Author: Steven Buckley is a freelance writer with over 25 years of successful corporate and entrepreneurial experience, focusing on brand-building, finance, operations, and acquisitions. He has been a senior officer of Chock full o’ Nuts Corp. (NYSE company later acquired by Sara Lee), Vice President of AMF Worldwide (acquired by Goldman Sachs), as well as Chief Operating Officer and principal of Nathan’s Famous, Inc.

Photo by Ben White on Unsplash