The pace of change in today's society is rapid, and the environment surrounding companies is changing on a daily basis. In order for a company to survive under such circumstances, it is important not only to maintain existing businesses, but also to create and grow new businesses.
This is where "business development" plays an important role. This is a challenging and rewarding position for those who are looking to advance their careers, and has recently been attracting a lot of attention in the job market.
In this article, we will explain the specific job description, necessary skills, and career path of business development. If you are considering a career change to business development, please refer to this article.
Let us begin by explaining what kind of job title business development is, taking into account the differences from business planning, which is often confused with business development.
Difference between Business Development and Business Planning
Business development and business planning are both important positions that are essential for the growth of a company, but there are major differences in their roles and job descriptions.
Business development involves creating a new business or service from scratch, and creating a "0 to 1" to make it viable in the market.
Specifically, the role involves a series of tasks such as new business planning, market research and analysis, team building, and sales strategy development, all the way up to launching the business and putting it on a growth trajectory. In general, large companies have a "Business Development Department" that specializes in launching new businesses.
Business planning, on the other hand, focuses on the further development of businesses that are already in the market and growing, and is responsible for taking existing businesses from "1 to 10". Specifically, the business planner optimizes the business model and searches for new market opportunities in order to take an already successful business to the next level.
Average annual salary for business development
According to the results of a survey conducted by Mynavie Agent in 2020, the average annual salary for a business development position is 6.02 million yen.
By age group, there is a difference of more than 600,000 yen, with those in their 20s earning 4.51 million yen and those in their 30s earning 5.12 million yen. However, the annual salary for business development varies greatly depending on the individual's experience and skills, as well as the size of the company and industry in which they work, with some jobs paying as much as 10 million yen.
Business Development is responsible for a wide range of tasks, including formulating business plans - setting targets, consulting with stakeholders, negotiating and coordinating with internal departments, and managing business promotion.
From here, let's take a look at the job description for each phase.
Business Plan Formulation
Formulation of business plans is the foundation of business development. While making full use of market research, competitive analysis, and SWOT analysis, we clarify the business concept and formulate specific goals and strategies. It is important to create a feasible plan, taking into account profitability and risks.
The development of a business plan generally involves the following steps
Clarification of objectives
Grasping the current situation
Clarification of the business to be undertaken
Execution and verification of the business plan
The business plan should be reviewed periodically after its formulation and revised as necessary. Since the market environment and customer needs are constantly changing, it is important to build a system that can respond flexibly.
Establishment of KPIs and Targets
Next, based on the business plan, specific KPIs (Key Performance Indicators) should be set; KPIs are indicators to measure the success of the business and may include multiple indicators such as sales, number of customers, and profit margin. We also develop specific action plans to achieve the goals.
Although KPIs will vary depending on what is used as a KGI (management goal achievement indicator) and the business model, the following KPIs are commonly seen in business plans.
Customer acquisition cost (CAC)
Lifetime value of customers (LTV)
Sales and profit margin
Return on investment (ROI) / break-even point
Discussions with management and stakeholders
Another important task is to consult with management and stakeholders in order to promote the business plan. The objectives and benefits of the project must be carefully explained and understood. Through exchanges of opinions and discussions, the business plan is brushed up.
Building relationships with external stakeholders is also essential to the success of a new business.
Negotiation and coordination with internal departments
Cooperation with internal departments is also essential to promote the business. We negotiate and coordinate with sales, marketing, development, and other related departments to ensure smooth business promotion.
Management of business promotion
Based on the business plan, we execute specific tasks. We organize project teams, assign member roles, and manage schedules.
Since business promotion requires personnel with a variety of expertise and skills, it is important to organize the team and assign roles so that each member can take advantage of their strengths and experience. Progress is regularly monitored and plans are revised as necessary to promote the business.
事業開発に求められるスキルSkills required for business development
Business development involves a wide range of tasks, from new business planning, market research and analysis, team building, and sales strategy formulation. The following is an explanation of the following four skills that are particularly important among the skills required in business development.
Strategic thinking
Project management skills
Research and analytical skills
Problem-solving skills from a manager's perspective
Strategic thinking
Business development plays an important role in driving corporate growth in today's rapidly changing society. It is not enough to simply create ideas and put them into action; strategic thinking is required to take a long-term perspective and aim for sustainable growth.
By cultivating strategic thinking, you will be able to view your business from a more strategic angle. This allows us to create strategies for our own companies from new angles, rather than being bound by stereotypes.
However, these strategic thinking skills are not acquired overnight. It requires continuous effort to hone them through daily accumulation and actual experience.
Project Management Skills
Launching a new business is truly a challenge to create something from 0 to 1. With limited time and resources, it is necessary to work on a variety of projects simultaneously and collaborate with related parties to lead the new business to success.
The number of people involved in a project inevitably increases when multiple projects are carried out at the same time. However, it is not easy to grasp the progress of each project and give appropriate instructions and coordination.
Excellent project management skills are also required to ensure smooth progress of new projects under these circumstances.
Research and analytical skills
In business development, it is necessary to gather information in a variety of ways in order to identify the target market. Accuracy of information is very important to understand the structure of the market as well as to determine the company's position in the market.
In addition to the information available on the Internet, you must also emphasize the collection of raw information that you can obtain directly: search engines such as Google allow you to gather a certain amount of information, but it is difficult to accurately grasp the latest trends in the market and the status of your competitors. Therefore, research skills are also required to find people with reliable information sources and collect information directly.
Problem-solving skills from a manager's perspective
Business development work does not end with simply launching a new business. We are responsible for formulating a sustainable business strategy by making appropriate use of internal resources, and getting the business off the ground. If successful, it can accelerate the company's growth and generate new sources of revenue, but if unsuccessful, it can result in significant losses.
Therefore, it is necessary to have problem-solving skills from a manager's point of view to determine whether a business is highly sustainable and profitable for the company, rather than simply pursuing immediate profits.
In addition, when making investment decisions in new businesses, it is necessary to analyze financial indicators such as payback period and internal rate of return, so having accounting and financial knowledge will be a great asset.
事業開発に転職する際のキャリアパスCareer paths when moving into business development
Career paths into business development vary depending on an individual's experience, skills, and goals. The following are some typical career paths for those seeking to move into business development.
Career change from marketer
Changing careers from a salesperson
Changing careers from an IT engineer
Changing careers from a managerial position
Let's take a look at how you can change careers to become a business developer by utilizing your experience and skills.
Changing careers from marketer to business developer
The number of marketers changing careers to business development has been on the rise in recent years. This is because these positions require common skills such as market analysis, customer understanding, and strategic planning, and there are many elements of experience as a marketer that can be utilized in business development.
Marketers with extensive work experience in market research, competitive analysis, STP analysis, 4P analysis, marketing strategy development, and campaign implementation and analysis will be valued by companies looking to fill business development positions.
Career Change from Sales
One possible career path is to move from sales to business development.
Salespeople are required to accurately understand customer needs and make proposals that meet those needs. This is also true in business development. Without understanding the needs of customers, it is impossible to launch a successful business. In addition, since business development involves various parties both inside and outside the company, it is important to coordinate the opinions of each party and facilitate the project.
In this respect, the customer understanding, coordination, and information gathering skills honed through sales experience can be applied directly to business development, and will work to your advantage in your job search.
Changing Jobs from IT Engineer
In today's world of business globalization and DX, digital business platforms are becoming increasingly important in business development. In order to build such platforms, the skills of IT engineers who are well versed in technology development and design are indispensable.
Traditionally, the career path for IT engineers has generally involved system development and infrastructure construction. In recent years, however, an increasing number are moving into business development, where they can utilize both their engineering expertise and business perspective.
IT engineers who understand technology and can develop and design systems are likely to be successful in business development.
Changing careers from management positions
Managers need to face and solve a variety of challenges, such as developing subordinates, achieving departmental goals, and working as a team. This experience is also very useful in business development, where you can accurately grasp business issues and derive solutions through market research, competitive analysis, risk analysis, and so on.
In addition, business development is always fraught with uncertainty. Therefore, we must assume all kinds of risks, such as changes in the market environment, customer needs, and the emergence of competitors, and take appropriate countermeasures. The experience of assuming various risks and making decisions as a manager will be a great asset in business development.
事業開発から転職する際のキャリアパスCareer paths when moving from business development to
There are two main career paths that are typical when changing from business development
Becoming a management consultant
Moving to COO or other management positions
Becoming a management consultant
Management consulting is an option when changing careers from business development.
In business development, you will always consider business success from the perspective of a manager and be involved in all aspects of new business from strategic planning to execution. Through this experience, you can gain the practical experience necessary for management consultants who analyze corporate issues and propose solutions.
After gaining experience as a management consultant, you may be able to start your own business.
Moving to COO or other management positions
Business development is a job that requires management skills to promote business while collaborating with many departments within the company. It is important to not only perform tasks, but also to always be aware of overall optimization with a view toward sound management, such as corporate growth and value enhancement.
Through this kind of business development work, management skills and a managerial viewpoint are developed, making it possible to aim for management positions such as executive officer or COO in the future.
In addition, there seem to be a variety of career paths available, such as a business development manager of a group company becoming the president of a subsidiary company.
事業開発への転職を目指すなら「United World」"United World" for a career in business development
Business development is an important position responsible for the growth of a company and has been attracting more and more attention in recent years. However, those without experience in business development may find it difficult to change jobs.
If you have such concerns, please use United World, a recruitment agency specializing in IT/Global Human Resources, United World's dedicated career advisors will work closely with you to support your job search.
After carefully listening to your detailed requirements and career plans, we will introduce you to the best job opportunities that suit you. We also provide advice on how to improve your skills and consult with you on any problems you may have in finding a job, so please feel free to contact us if you want to conduct your job search efficiently.
まとめ:自身のキャリアパスのために事業開発に転職しようSummary: Move into business development for your own career path!
The negotiation, market analysis, and project management skills that you have developed as a sales representative, marketer, or engineer can be put to use in a business development position. Therefore, if you enjoy change and want to pursue personal growth, why not try business development as a career option?
If you are considering a career change, please click the button below to contact us.