So you decided to build your own startup business, but you’re not sure where to start. You have a product or service that you feel confident about but what do you do now? Do you start looking for employees? Do you search for business space? It’s your startup, so at first you will try do everything yourself. That is one of the biggest mistakes you can make. Starting and running a business is complex and has a lot of moving parts. If you spread yourself too thin, then none of those parts will be moving at a level they should be. It is recommended that the first thing you should do is hire a business development manager.
What does a business development manager do and why do you need one before you even have any employees? The main responsibilities of a business development manager is to generate and follow up business leads, develop clientele and produce productive business proposals. They’re job is also to develop a strong marketing plan for your company’s products or services. Without clients and a plan of how to market your product or service, what would you do employees and the space you have now invested in?
But the job of a business development manager consists of more than just finding clients and developing a marketing plan. He is also responsible for identifying trendsetter ideas through researching industry, publications, and announcements that can affect your business. You may think you have a great product or service, but a business development manager can help predict future trends. If your business has great potential to grow, then you can hire more employees so you can effectively handle the growth. If it is predicted to stay the same or slow down, then that will also affect the number of employees you will need to hire.
Another job duty the business development manager is responsible for is to create financial projections for growth and profitability. They will let you know when you need to make cuts or hire more employees. You want to make sure that you are able to run your business efficiently and at the same time make a profit. Making a profit is usually the main purpose of creating a startup business after all.
A business development manager also has the responsibility of researching potential mergers with other ventures that may potentially benefit and grow your business. If your business grows, then of course, this will also affect the number of employees you will need to hire.
In short, the business development manager is responsible for the growth of your business. Without clients, a marketing plan and strong idea of how your business will grow, it is impossible to know how many employees you will need to run an efficient and profitable startup business. Everybody in a business has a role, when you allow the right person to concentrate in their area of expertise, then they help everyone else do their job better, which in turn will help your business succeed.