As a business development manager, you would be responsible for managing expectations and developing new business solutions for your organization. Business development managers are in charge of creating strong business plans to increase revenue, enhance brand loyalty and to enhance customer satisfaction.
Some of the major duties of a business development manager are to brainstorm with staff to define project scope, review business requirements, and approve business timeframes. Business development managers need to work well with other managers in the company to provide oversight of business development.
What Is Business Development?
Business development can be summarized as ideas, initiatives and activities that are aimed to make a business more productive and efficient. This includes the increasing of revenues, growth in business expansion, increasing profitability by the building of strategic partnerships, and making strong business decisions.
Business development can span across a variety of departments, such as marketing, sales, project management, product management and vendor management. Other important aspects of business development include networking, negotiations, partnerships, and cost savings efforts. All of these various departments and activities are aligned to and driven by business development goals.
If, for example, a business has a product or service that is successful in a region, such as the US, the business development team needs to assess the further expansion potential into other areas. After research, studies, and due diligence, it may find that there are more products and services that can be expanded into another region.
As the US economy continues to grow in strength and productivity, it is expected that business and financial related jobs will grow by 10% through 2026, which is faster than average for all occupations, It is expected that all business and financial related occupations will add approximately 773,000 jobs from 2016 to 2016. Experts believe that the growing economy, a more complex tax and regulatory environment and lower unemployment will lead to more demand for many business related positions.
For example, the job of management analyst or management consultant is a common profession for people who study business management and business development. Management analysts currently hold approximately 806,400 jobs in the United States as of 2016. The biggest employers of management analysts as of 2016 were:
- Professional, scientific and technical services: 30%
- Self employed workers: 17%
- Government: 17%
- Finance and insurance: 11%
- Management of companies and enterprises: 5%
The Bureau of Labor Statistics or BLS reports the median salary for management analysts was $82,400 as of May 2017. The lowest 10% earned less than $47,000 and the top 10% earned more than $152,000. In 2017, the median annual salary for management analysts in major industries were:
- Professional, scientific and technical services: $87,400
- Management of companies or enterprises: $82,900
- Finance and insurance: $81,700
- Government: $78,100
Also, salary.com reports the median salary for business development manager is $120,200, and payscale.com reports the median salary in this role is $71,000 per year, with a range between $42,000 and $120,000.
To get started in your business development career, consider earning your Bachelor of Science in Business Administration with a concentration in business development from Colorado Technical University. This is a four year, online degree that will give you the chance to dive deep into psychological business theories, business data and research to understand the personality, behaviors, motivation and factors of success of people who create and build successful businesses. You also will learn how to apply new psychological research on leadership, innovation, consumer behavior and personality.
Core classes in this accredited bachelor’s degree program in business development include:
- Managing Organizational Change
- Management of Human Resources
- International Business Communications
- International Business Practices
- Business Law I
- Financial Statement Analysis
- Operations Management
To hone your skills in business administration and business development, a logical next step is to obtain your Master of Business Administration degree from Arizona State University. This online MBA degree with a focus on business development and entrepreneurship is highly ranked by US News and World Report, currently ranked #5 in online MBAs, and it also is fully accredited by the Association to Advance Collegiate Schools of Business or AACSB.
This program allows you to take two courses at a time with 7.5 weeks per course and two graduate full time online within two years. Start times are available in January and August. Some of the courses you will take include:
- Statistics for Managers
- Financial Performance Reporting
- Leading People, Teams and Organizations
- Decisions, Market Structure, and Games: Managerial Economics
- Create and Deliver Customer Value: Marketing Management
- Finance: The Art of Managing Resources
- Managerial Accounting
- Strategic Management Capstone
If you are a busy professional and need to earn a degree online, you have many options today in the business administration and business development fields. For example, you can earn a Bachelor of Science in Business Administration at Southern New Hampshire University, which can lead you to many exciting career opportunities in the business world. With skills in business management and business development, you may be able to manage a large retail store, corporate office or even launch your own company.
While the SNHU bachelor’s degree does not have a speciality specifically in business development, you can focus on related specialties that include:
- Organizational Leadership
- Project Management
- Small Business Management
- International Business
Requirements to enter a master’s program in business development or master’s in business administration will vary, and can include:
- GRE scores or GMAT scores may be required
- Bachelor’s degree in business or related field
- Three recommendations
- Writing samples
- College transcripts
- Resume and business experience
The curriculum for the Bachelor of Science in Business Administration with a concentration in Entrepreneurship from SNHU includes the following courses:
- Principles of Management
- Small Business Management
- Business Plan Preparation
- Business Law II
Earning a bachelor’s degree or master’s degree in business development or a related field can be expensive. So make sure you check out these scholarships and grants that can pay for some of your educational costs:
- Marc Beaumont Scholarship Fund: $2500
- Women in Public Finance Scholarship: $1000
- Cappex Business Majors Scholarship: $1000
- NFIB Young Entrepreneurs Awards: Various amounts
- John L. Carey Scholarship Program: $5000
- NSHMBA Foundation Scholarship Program: $10,000
- CEO Of Tomorrow Scholarship: $2500
- Ritchie-Jennings Memorial Scholarship: $1000 to $10,000
If you want to enhance your career and salary potential in business administration and business development, consider earning one of these top five business certifications.
- Certified Associate in Project Management
- Certified Business Analysis Professional
- Certified Supply Chain Professional
- Project Management Professional
- SAP Certified Application Associate
Some of the best business-related associations that you may wish to belong to include:
- National Business Association
- National Small Business Association
- National Association of Women Business Owners
- National Business Development Association
- National Business Education Association
Earning a bachelor’s or master’s degree in business or business development is a sure way to put your business management career on the path to success.
- Business Development: The Basics. (2018). Retrieved from https://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp
- Management Analyst. (2017). Retrieved from https://www.bls.gov/ooh/business-and-financial/management-analysts.htm#tab-5