BD managers oversee work, keep up a steady stream of communication with clients and help build relationships. They also work to make sure their team’s goals are being met and their workload is manageable.
They must be able to make logical short- and long-term planning decisions that all reach a common goal. They also need to be open to learning new things from other BD professionals.
Cloud Computing
The business development project manager should consider the cloud computing platform’s capabilities before beginning a project. This includes integration, customization and other requirements that may affect the overall project scope. The PM should also establish the organization’s cloud maturity level. This will help the team avoid potential roadblocks, such as budgetary constraints.
Cloud systems are often based on complex contracts between the provider and the customer. The terms and conditions will likely include provisions for service interruptions, data availability and location, intellectual property rights, and scalability. Sensationalized stories about data loss and breaches can erode enthusiasm for the project, so the PM will need to spend time allaying concerns and proving that the solution is viable. This can be particularly difficult for projects with multiple stakeholders.
Cost
Creating a new business involves a wide range of costs, including marketing, manufacturing, legal approvals and regulatory adherence. A business development project manager considers these factors in order to ensure that the company’s goals are achieved while staying within budget.
For example, if a business is trying to sell its product into a new market, the BD professional will have to research the potential customer’s purchasing tendencies and culture in order to determine whether or not the product will be successful in that market. Then, he or she will have to determine the cost of the product and the necessary external vendors required for manufacturing and shipping.
Ultimately, the goal of business development is to generate revenue that drives profit and growth in all areas of the organization. This is why it is important for business development professionals to understand the big picture and to make high-level decisions based on a realistic assessment of all possible changes.
Scalability
Business development projects can be challenging for many professionals, but they are also highly rewarding. They involve working towards established and quantifiable goals, achieving successes and learning from failures. These projects require an open mindset, the willingness to make changes, and buckets of resilience.
Scalability refers to the ability of an application or infrastructure to handle increasing workloads. This can be done through either vertical or horizontal scaling. Horizontal scalability involves adding more resources to existing servers, while vertical scalability uses more instances of the same service to handle increased workloads.
Scalability is particularly useful in environments where workloads increase for a short period of time. For example, an online shopping site can use scalability to deploy more resources during a holiday season. This is different from elasticity, which involves persistent deployment of additional resources to meet workload increases.
Mobility
Mobility is a key component of business development. It helps you build relationships with potential clients, negotiate contracts and develop long-term partnerships. A career in this field requires buckets of resilience to face many challenges and learn from mistakes. It also demands the ability to communicate effectively and create new opportunities.
Best-practice thinking in leadership development embraces mobility for managers: Rotate up-and-comers through various functions and units, conventional wisdom goes, and they’ll get the experience and breadth they need to prepare for general management. But that kind of rotation can backfire, especially when it is used to compensate for deficiencies in the leadership pipeline.
To excel as a business development manager, you need to be comfortable working with different business units. Maryville University’s online Master of Arts in Management and Leadership can help you gain this experience and build your skills.
