Last week I shared some insights on the Business Acumen Skills that Execute Business Development. The impetus for the blog was several requests from clients to share insights on what is business
development in 2024 and beyond and what the “average employee” needs to know about it to both drive it and support it. As we have seen, many public and private organizations have determined that one of the most important ways to grow and scale is through “Business Development” which means mergers, acquisitions, licensing, investments, options-to-buy, and several other investment vehicles.
We have seen an exponential growth in Business Development in pharmaceuticals, chemicals, consumer packaged goods, manufacturing, technology, and even professional services.
In the past, these same companies had a culture and philosophy of “If it’s not invented here, we don’t want it,” but those days are long gone because of the inherent risks associated with a strategy that thinks an organization can do everything perfectly. Business Development is all about mitigating risk and at the same time increasing the quality of products, services, and overall efficiencies.
From a business leadership skills perspective, it takes a new and different mindset to build the organizational capabilities to successfully create and execute a strategy and culture of Business Development.
Just as I did on the business acumen side of things, where I shared insights on hard-core capabilities such as financial management, I am pleased to share 7 different business leadership skills needed to achieve Business Development success. Here, I share insights on the softer skills that are needed to successfully execute a Business Development strategy from a business leadership perspective/
As we have just launched our enhanced and updated new manager simulation, Fundamentals of Business Leadership™, it is very clear that these skills have never been more important.
Business Leadership Skills to Execute a Business Development Strategy
Executing a Business Development strategy to optimize long-term business performance requires a strong and wide set of leadership skills. These skills help leaders navigate the complexities of identifying opportunities, building partnerships, and fostering growth. Here are a few capabilities that we think are critical to leading Business Development success:
Innovative Thinking: Leaders implementing and supporting a Business Development strategy should have a clear and innovative vision of where the organization wants to go and how business development efforts fit into that vision. They should be able to communicate this innovative vision to their team and stakeholders and be able to set and communicate goals and objectives.
Strategic Decision-Making: Business Development leaders must make strategic decisions based on analysis, intuition, and experience. They should be able to weigh risks and rewards, anticipate potential obstacles, and make informed decisions that align with the organization's objectives as well as key stakeholders.
Relationship Building: Building and nurturing relationships with customers, partners, suppliers, and other stakeholders is critical for business development success. Leaders should possess strong interpersonal skills and the ability to connect with people from diverse backgrounds and cultures. Providing feedback and coaching is the foundation of being able to master this skill.
Communication Skills: Effective communication is essential for sharing the organization's value proposition, negotiating deals, and resolving business conflicts. Business Development leaders should be able to communicate clearly, persuasively, and diplomatically, verbally, in writing, and in social media.
Networking: Business Development leaders should actively network externally and internally with industry influencers, thought leaders, decision-makers, and key internal stakeholders to identify opportunities, gather market intelligence, and build strategic partnerships.
Team Building and Motivation: Building a high-performing Business Development team requires strong leadership skills in recruiting, training, and motivating team members. Leaders should create a supportive and collaborative work environment where team members feel psychologically safe and are empowered to excel and contribute to the organization's goals.
Versatility: Business environments are constantly changing, so leaders must be adaptable and open to new ideas, technologies, and market trends. They should be able to pivot quickly in response to changing circumstances and embrace innovation and experimentation.
Negotiation Skills: Negotiation is a core aspect of Business Development, whether it involves closing deals, resolving conflicts, or securing partnerships. Leaders should be skilled negotiators who can create win-win solutions and build long-term relationships.
In summary, by developing these business leadership skills, leaders implementing and supporting a Business Development strategy can effectively execute strategies that drive growth, innovation, and competitive advantage for years to come.
