What is Business Development? Some have described it as sales while others describe it as partnerships or relationship building. Business Development can be many things depending on the company. While there is not an exact definition, Forbes describes it as, “the creation of long-term value for an organization from customers, markets, and relationships” (Pollack, “What Exactly”). In general, good business development will help a company maintain and build relationships within the organization as well as outside clients and creating opportunities for growth. Organizations cannot develop without a good strategy meaning without a strong business developer. Here at AtlasAdvancement, we find and provide our clients with high-end BD talent. We have broken down the top three traits we look for when it comes to identifying top talent.
Specialization
When it comes to resumes and cover letters, it is key to showcase all your strengths and experiences. Providing details on specific agencies and contracts is extremely important to the hiring manager. The depth of relationship and success within the industry and business makers is incredibly important. This provided value to the company that they might not have had previously. When it comes to listing specific contracts, it is important to list all the ones your firm has been on and won. The reason behind this is because it is a key trait to possess in the BD realm and shows that you have had success in that sector. Successful business development relies on a foundation of strong relationships. Maintaining and enhancing these relationships throughout your career is one way to be perceived as top talent.
Stability
Having lots of job movement is not good for anyone, especially in business development. In government contracting, it can take up to eighteen to twenty-four months to win business contracts. If someone is constantly changing companies within this time frame, then they are not winning contracts meaning they are not helping the company grow therefore are not considered top-talent. Bringing in BD is a long-term investment, visualizing where the company should be in three years. This is a position that should bring in long-term goals for the company instead of a contract win here and there. This is why we recommend staying for a minimum of three years at a company. The reason behind this is because it is not about getting money fast for a short period of time, it is about creating opportunity for value long-term and thinking about how to consistently grow the organization as a whole.
Accountability
Accountability is the most important trait to look for in business development. Being a problem solver and hands-on worker is imperative. Someone who is considered top-talent should be able to oversee the pre-award process from beginning to end. Their responsibility is not just to identify opportunity, but to lead the captive process and sometimes oversee the proposal offer as well. It is the BD’s opportunity so being accountable throughout the process is essential. Another way to show accountability is listing individual and team quota numbers along with bill expectations. This demonstrates your ability to succeed as an individual and provide progression as a team within the company.
Candidates that possess specialization and stability have continually outperformed the market. Our clients depend on our thorough review of candidates references, customer ratings, and interviews to provide them with the top BD candidates. Business development is about figuring out how these interacting combine together to create opportunities for growth.
Pollack, Scott. What Exactly, Is Business Development? Forbes, 21 March, 2012.
http://www.forbes.com/sites/scottpollack/2012/03/21/what-exactly-is-business-development/#2ee06654882c