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A chief business development officer is a professional who focuses on improving profits and growth for a company. This person is usually a senior official at an organization and works with other executives to run the company and determine its direction and market share. He spends much time coordinating with others in departments throughout the company and typically is responsible for employee training and assessment.
Working with other company managers, the chief business development officer is required to help shape the overall business vision and customer base. He may be in charge of developing plans and strategies to control more segments of the marketplace and determines the direction a company will take in its attempt to do this. This executive should have a firm understanding of market and industry dynamics, and he is responsible for maintaining relationships with other powerful industry and business professionals who are directly related to his particular market. He works with a chief financial professional on budgets and costs, and he works with the president, board members, or operating officers to determine company goals and practices.
One part of the business that might require the attention of this executive is that of advertising. This officer often coordinates and sometimes leads those involved in communicating product specifications to the public. He may be the senior official in charge of instigating and approving artwork and forms of media marketing as well.
The chief business development officer also works closely with the sales department to help develop plans and strategies for acquiring new customers and business opportunities. He may be responsible for coordinating sales forecasts and keeping a close eye on customer accounts. At a smaller company, he may be personally responsible for accounts, while at a larger company, he might focus more on the supervision of the sales team.
The work environment may be fast paced or relaxed, depending upon the company size and industry. This executive typically spends much of the day meeting with others, working on goal setting, and establishing procedure. He may also be in charge of supervising and assessing employees. It's likely that he will spend much time using computers and phones to communicate with colleagues and those from outside entities as well. He may be the senior official who offers his hospitality to clients or guests, and he may be required to travel to customer locations for sales and marketing purposes.
In my MBA classes, we would often have class projects that required us to simulate a company. Each member of the group would take on various executive roles, like the CEO, CFO, CIO, etc. On one occasion, I was assigned to be the chief business development officer, and it was quite a learning experience.
One thing I would like to emphasize is the fact that the CBDO has to know the ins and outs of the entire company. In order to be successful, he or she must familiarize themselves with the business processes of every single department. While I have never been a CBDO in an actual company, having to develop knowledge over every area of a simulated company was hard work. I can only imagine what it must be like in an actual organization.
Perhaps someday I will take on the role of CBDO, but for now, I will just stick with marketing.
I have been working in business development for quite some time. It has been the most rewarding position I have had in my career. I get to work with people from all parts of the company, and I love seeing our collaboration make positive changes.
The current chief business development officer is about to retire. Hopefully, I am promoted into his position. I definitely have the experience necessary to pick up where he left off.
The best part of working in business development is new employee training. I love being able to teach new employees about the mission and culture of our company. I have developed a new hire training program that I think makes transitioning into or fast paced, and at times complex company a whole lot easier for new hires.
I you enjoy collaboration, planning meetings, and execution, then business development might be a role you should consider if you are looking for a career change.
Thanks for writing this article. I had no idea what a chief business development officer was before reading this article. I am glad I discovered it.
I am thinking about going back to school to get my MBA. I have been working in sales for about 6 years now, and I want t move on to bigger and better things.
I have always loved collaboration and working other people to achieve a common goal. Unfortunately, sales can be a very individualistic kind of job that requires little to no collaboration. I realize that it is time for a career change.
Thankfully, I have learned a lot about how my company operates, and I know many of the
executives by name. I am hoping that my company can sponsor my MBA and I can land a job back in my company in business development. I have spent a lot of time and effort in the sales department, and now I want to help the entire company reach its fullest potential.
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