A business development manager assists companies with growth and expansion through various means including building a larger client base, reconfiguring departments to run more efficiently and developing new plans for greater profits. These managers often work directly with sales and marketing to learn which strategies are most effective and where improvement could occur.
Business development managers find employment in almost any industry as all types of businesses seek professionals to help them succeed. Some business development managers specialize in one particular industry while others work across the board applying the same strategies and plans to grow different types of businesses. They may work on a contractual basis or be directly employed by a company.
Ideally, a business development manager earns a Master of Business Administration (MBA). Minor degrees related to marketing, communications or business strategy create greater job opportunities and typically increased salary.
An advanced degree typically provides better employment opportunities within any business industry and on the average, an MBA may allow up to a $20,000 increase in annual pay, when compared to a bachelor’s degree salary, according to the Department of Labor.
Business development managers work with almost every department in a corporation. They analyze and evaluate how a particular aspect of the company currently operates and then propose changes to improve the operation. Business development managers creatively design plans and strategies to improve productivity, increase profits and enlarge the customer base.
These business professionals communicate regularly with other managers and company officials. They articulate specific needs for improvement and offer strategies and ideas to help companies move forward. These strategies may be related to improving brand image, more efficient use of materials and labor or creative and fresh marketing.
A business development manager may do any of the following tasks:
A business development manager must have strong communication skills and proven abilities to think “outside the box.”
A business development manager may operate as self-employed working with different companies on a contractual basis or hired as an employee to work with an individual company for a length of time. Salary for self-employed business development managers varies based on experience and ability to gain significant contracts.
According to the Department of Labor, the average salary for a business management professional is around $83,000. Salaries range from about $63,000 to $137,000 annually. This type of business professional may earn additional bonuses based on success, which would increase the salary level.