Ask different CEO’s about the role of a vice president (VP) of business development and their answers are likely to vary considerably. This is because the type of company and where the organization is in its lifecycle can change the requirements of the position.
The VP of business development reports to the president or CEO and works with the management team of an organization towards fostering its success. One of the major responsibilities is the development and execution of company sales and marketing plans, including implementation of new creative ideas and tools. This is a high profile and competitive job that requires education, experience, and business acumen.
What are VP of business development main responsibilities?
As VP of business development, it will be your responsibility to:
- Develop networks for sourcing new clients, use creative outreach strategies and maintain existing clients.
- Identify and develop resources for business development and sales.
- Hire, train and motivate sales staff.
- Liaise with staff members to ensure all client interactions are top level.
- Improve sales by promoting the ideals and services of the organization to the public.
- Oversee leadership and management development and organizational effectiveness.
- Oversee the financial budget to ensure goals are met and exceeded.
VP of business development Salary
Salaries for this occupation vary, depending upon factors such as the size of the company. Most top executives receive a bonus or commission based on the organization’s profit each year. According to Glassdoor, the national average salary for a vice president of business development is $153,938, as of May 2018.
How do you become a VP of business development?
Vice presidents usually have many years of experience in the business. A bachelor’s degree in marketing or business administration of a specialized discipline is necessary for an entry-level position in business management. Many people pursue a master’s degree in business administration if they want a career in business management, and then still do internships to help develop insight into how businesses work and to develop important contacts that help when applying for jobs.
In most cases, you will need to be progressively promoted to reach the position of vice president of business development. You may start out as a business development representative, become an account manager and move into a channel sales leadership role before being considered for VP of business development.
You not only need academic qualifications but a demonstrated history of business success and a great understanding of business to become a VP of business management.
Who employs VPs of business development?
A wide range of organizations across all sectors need VPs of business management. Even charities employ them to increase their profile and market share of fundraising.
Searching a job listings website may give you more idea of the industries that are looking to hire for such a position.
Do you have what it takes?
The perfect candidate for the position will have a strong background in business development and sales. Strong research and analytical skills are also necessary to identify gaps and opportunities in the market.
To handle this role, you also require strong leadership capabilities and the ability to manage relationships. You need strong written and verbal communication skills as well as good critical thinking abilities and an ability to work under pressure. You will need to be aware of industry dynamics and market trends that may affect the day-to-day working of an organization.
While a VP of business development is focused on driving revenue, duties may encompass planning marketing strategies, recruiting and training sales staff and financial planning. Wherever an opportunity presents itself to positively influence or change the key success factors of a business, the vice president is likely to have a role. The responsibilities are broad and demanding, often including traveling to participate in business conferences and have meetings with vendors or suppliers.
You need to be able to solve problems, multitask, and be willing to put in long working hours if needed. You also need to be detail oriented and have the capacity to self-organize. A VP of business development is expected to be growth-oriented and dynamic enough to not only keep pace with competitors but outdo them.