A business development officer creates strategic and action plans at the executive level of a company to formulate new business ventures. The development officer concentrates on finding and expanding current business into new local, regional, national or international markets. The individual has supervisory responsibilities over personnel under his authority. The position of business development officer is a senior-level job.
A business development officer typically reports to the chief executive officer or board of directors. The officer consults with executive management on business strategies pertaining to new products and services. In addition, the officer informs executive management of time lines in production, potential return on investment and marketing and advertising campaign strategies. She also participates in annual strategic management meetings to develop business objectives and goals for the organization.
Features and Job Functions
According to CareerPlanner.com, the main function of a business development officer is to communicate the strategic plan to subordinates in regard to business expansion, acquisition and marketing. The officer sets goals for attracting new business, and guides the development staff in the area of product research and development. The business development officer also formulates focus group research and testing to determine how a new product will be received. The focus group, comprised of business development technicians and consultants, creates prototypes for review and provides research results to the development officer.
The business development officer works in an office environment and may have an executive administrator to help organize projects and tasks. The officer must attend meetings, which can address a range of topics, including acquisition of a company, new products or services or personnel issues. The job can be very demanding because of time constraints to review or develop new business processes.
According to ChiefExecutive.net, a business development officer must be able to delegate and communicate the goals and objectives of the organization pertaining to business development. The officer must have people skills and relate to executive management and other co-workers under his authority. He must be a strategist and willing to think out of the box if necessary. The officer must also build employee confidence and morale by being knowledgeable in all areas of business development.
Education and Salary
Corporations typically tend to promote from within for the position of a business development officer. The educational requirements for a business development officer are a master’s degree in business or business finance. According to PayScale.com, as of June 2010, a business development officer with more than 20 years of experience makes an average annual salary between the ranges of $46,998 and $121,099.