What is Business Development, Anyway? How to Get a Job in This Surprising Field

If you've scrolled past a job that said "Business Development" and squinted your eyes a bit out of confusion, you aren't alone. Business development (BD) is one of those careers that most people don't understand beyond it being a buzzword. However, as Catriona O'Kane, a business development manager in the payroll industry at PCG Group, argued in the latest Fairygodboss webinar, it is a great career path for anyone to be on right now. It often means flexible scheduling, remote working options and a variety of other perks. 

Now that I've piqued your interest, keep reading for the definition of "biz dev," who's suited for roles in it and how you can find a great job with this buzzy title. 

What is business development?

Technically speaking, business development entails developing and implementing growth opportunities both within an organization and between that organization and its partners. Business development is generally intended to increase product users, revenue or both.

However, O’Kane was careful to begin her definition with a disclaimer: business development tends to mean something a little different at each organization. 

"Broadly speaking, [business development] is bringing a business to market, getting clients and developing that business to grow... revenue,” O’Kane said. "How organizations define that and what they expect within that role can really vary.”

What's in a business development job description?

So, if business development roles vary, what can you expect from a business development job description? 

"So it varies, but what we see often is it comes down to a sales element and a partnerships element," O'Kane said. "For someone interested in BD, be very careful to look at the job descriptions and look at what the expectations are."

O'Kane described her job as a business development manager as the following: 

• Identifying sales leads, determining their needs and determining how to contact them, 
• Setting budgets for your communication efforts (e.g. traveling to see a potential client), 
• Reaching out to potential clients to book meetings,
• Taking potential clients through the sales cycle to establish them as clients, 
• Negotiating contracts, 
• Identifying potential industry partners who can refer clients to her organization (and vice-versa), 
• Managing relationships with prospects, clients and partners, 
• Establishing her organization as a source of thought leadership by attending conferences, filming marketing videos and more.

What is the difference between sales and business development?

O'Kane shared that the sales function of her job — making potential clients real clients and negotiating their contracts — doesn't exist in every BD role. That's the difference between sales and business development. While sales involves pitching a potential client and converting them to a paying client, business development sometimes means finding those potential clients through partnerships or outreach and passing meetings with them off to salespeople. 

However, O'Kane's role is heavily sales-oriented, meaning pitching can occur in the field. 

"Sales versus BD varies by company," she said. "Most [business development roles] have a sales function, but its not a requirement."

What skills should business development pros have?

While some business development roles may require technical skills and experience, like project management experience or an understanding of certain softwares, many of the skills required of business development are less technical, especially in entry-level roles. Key skills include: 

1. Great communication skills.

Business development professionals are constantly interacting with others — in emails, on the phone and often in real life. Strong written and verbal communication — along with a dash of the social butterfly bug — come in handy on this career path. 

2. Negotiation tactics.

Like many professional careers, business development requires negotiation. Landing partnerships and clients requires a strong understanding of the art of persuasion, as does presenting your insights to suggest product enhancements and changes. 

3. The ability to be flexible.

Roles in business development require flexibility — both literally and figuratively. First, business developers are often booking meetings with partners, attending events and doing other things that are hard to pin to a 9-to-5 schedule. As a result, they usually need lots of space in their calendar to work odd hours. But also, business development requires mental flexibility. If a pitch isn't working, a good business development professional needs to understand how to change the conversation or how to change the product to fit their needs. If a partnership opportunity isn't working out or a sponsor bails, biz dev representatives need to find a new one — stat. The job is quick paced and requires mental agility. 

4. Proactive thinking and self-reliance.

Business development professionals are often able to craft their own schedules and manage their own workflows. Many times, there's no boss telling you how to do something or how many emails to send. As a result, people in business development need to be self-reliant, organized and proactive. 

5. Resilience and persistence.

Working in business development means a lot of rejection. Potential clients may say 'no' to a meeting or simply never respond. Potential partners may hear your pitch and decide not to move forward. Your new product idea may completely fail or not match your senior leadership's vision. However, a good business development professional keeps moving towards their end goals and understands it is all part of the job.