A Career In Business Development

Business development is an interesting and inspirational career to follow, especially for women. Business development managers play a crucial role in the success of an organisation. These professionals generate new sales leads, negotiate client pricing, and forecast sales, all to support one of the most important business development manager responsibilities – to help organisations to grow their profits.

Here I explain a bit more about business development and give some insights into my own business development position in the financial sector, specifically in the asset management sector.

What is business development?

 Business development encompasses a wide scope of ideas, activities and initiatives with the goal of improving the performance of a company. In addition to sales & marketing, business development activities cover and impact project management, product management, human resources, accounting, finance, manufacturing and – at a higher level – management. All these different departments and activities are driven by and aligned with the business development goals. These goals can be sales growth, business expansion, the formation of strategic partnerships and increased profitability. And successful business development impacts every department within a company. Networking, negotiations, partnership and cost-saving efforts are also involved.

Business developers should be aware of new market opportunities, possibilities for expansion, competitor developments and the current sources of a company’s revenue.

So, you can see that business development is in fact a vital part of any business.

What skills are needed?

• Communication skills: Business development managers must be able to communicate with clients of all backgrounds and educational levels. Well-developed written and verbal communication skills are must-haves.
• Organisational skills: You need to be comfortable juggling numerous clients, on- and offsite meetings and deadlines. You need therefore know how to prioritise your time, manage a tight calendar and be flexible to change your schedule as needed.
• Technical and computer skills: Most organisations use a sales content management system (CMS) to track leads and client calls and document where each prospect is in the sales cycle. Aspiring business development managers must therefore have basic technical and computer skills.
• Drive and self-motivation: The most successful business development managers are goal-orientated and have the drive and self-motivation to succeed.

Why does a career in business development suit women?

Generally, women have heightened emotional intelligence. It is estimated that women outperform men on 11 of 12 emotional intelligence competencies, leading to effective leadership strong “soft skills” (although “soft” does not mean weak). Qualities where women often outperform include adaptability, teamwork, coaching and organisational awareness – all qualities that improve efficiency in the workplace.

What qualifications are needed?

Ideally one should have a business-focused or marketing qualification, but in fact any competent woman who displays the above skills can work their way up into a business development position within a company. It helps to find a mentor who is willing to guide your career path.

My own journey

My journey into business development was really just by chance, although I don’t really believe in chance or luck! I started off with obtaining my BCompt Accounting Science degree while doing articles as an trainee auditor as a member of the SA Institute of Chartered Accountants (SAICA). During my audit days, it became apparent very early on that I had “a way” with people. I could strike a connection or conversation almost instantly.

But obviously being able to hold a conversation won’t get assets to flow to the business.

A background in finance got my foot into the financial services industry but the rest really came from having the right support structure around me to help build my skills and nurture my talents, especially as a young black female in the industry and South Africa in general. Where I work, at Mergence Investment Managers, we invest on behalf of large organisations like retirement funds. I have come to realise that being in asset management therefore has a direct bearing on regular South Africans’ hard-earned savings. As custodians of their funds it is our duty to manage and grow these savings in a responsible manner so that with the diverse investment capabilities we offer, we can contribute to the greater good of society – that is a cause I am fully committed to.

Contact:

Ntsiki Ndzima:  ntsiki@mergence.co.za