In our earlier post on Business Development Careers, we covered the basic concepts of Biz Dev roles. As a follow-up, we now include the business development job description for a few sample roles at various levels of seniority right from Business development manager to head of BD. The sample job descriptions should give you a good idea of the roles and responsibilities, reporting framework, compensation (salary and incentives) and the key skills needed.
Check it out and decide if you see yourself growing in this field.
Reporting to: Head of Business Development
As the BD Manager, you will be responsible for identifying opportunities, evaluating its fit with the company vision, negotiating and closing deals. You may have a team of Business Development Executives reporting to you.
Reporting to: Chief Operating Officer (COO) or Chief Executive Officer (CEO)
As the Head of Business Development, you will have a team of BD managers reporting to you. Apart from operational tasks (which we’ll skip in the description below for brevity), the senior role gives you additional responsibilities of a strategic nature.
Industry knowledge, networking skills, marketing / sales orientation, appreciation of customer needs, high energy levels, ability to meet sales targets, communication & presentation skills, Researching & Prospecting skills, sound understanding of business principles.
This is one field where your basic qualifications are less relevant compared to your ability to ‘seal the deal’. The barriers to entry are minimal.
For junior roles, almost anyone with a graduation degree (some employers might skip that too), a presentable personality and street smarts can get in. However for senior roles that go beyond sales, an understanding of the wider business practices is important.
An educational background in business, accounting and economics would be appreciated by employers.
A top MBA can help you break the glass ceiling and open up doors to senior management level jobs.
The compensation usually follows a Base Salary + Commission structure. As lower levels, this isn’t much. There’s too much leg work (i.e. pure sales) but the incentives aren’t usually in proportion. As you get into the management grade (which generally need a significant amount of on-the-ground experience or a top MBA or both), the base salary as well as the commission ranges go up.
Here’s the general range of salaries for business development roles in India and USA.
|Role / Designation||Region||Salary Range|
|Business Development Executive||USA (USD)||$40,000||$60,000||$50,000|
|India (INR)||1.5 Lakhs||5 Lakhs||2.5 Lakhs|
|Business Development Manager||USA (USD)||$60,000||$100,000||$80,000|
|India (INR)||2.5 Lakhs||15 Lakhs||6 Lakhs|
|Head of Business Development||USA (USD)||$100,000||$150,000||$130,000|
|(Director / VP level)||India (INR)||10 Lakhs||50 Lakhs||30 Lakhs|
These are base salary ranges. Commissions can take it higher.
On the internet, you’ll find stories of Business Development professionals taking home over a million dollar in compensation. Entrepreneur magazine shared the story (http://www.entrepreneur.com/article/159438) of someone who sold a jet plan for a 5% commission. I guess he’s ensured that he (and his future generations) will stay above the poverty for a long time to come.
It’s easy to be envious of these success stories, but keep in mind that they’ve brought in profits that are several magnitudes greater for their employers.
Any folks who are into business development willing to share interesting (or frustrating) aspects of what you do?
Source: Payscale.com, Glassdoor.com, Indeed.com, Salary.com, Monster.com