The High-Demand Role of VP Business Development
As companies pivot to new markets, products, and technologies, the role of a VP Business Development has become more critical than ever. You have to be equipped with a specific set of skills to excel in one of these roles, which can encompass everything from identifying profitable partnerships to improving internal processes.
Here are the five must-have skills you need for landing VP Business Development jobs in 2021:
Crisis Management
The COVID-19 pandemic has exposed vulnerabilities across all industries. As a VP Business Development, you must have an adaptive mindset and be able to navigate through crises. With the pandemic still disrupting businesses and the economy, being able to come up with crisis management approaches that put the company ahead of other competitors is essential.
Innovation
VP Business Development candidates are expected to bring innovative new ideas to the table. This involves identifying key trends in your industry and working with teams to develop new products, expand existing services, and those blaze trail paths that competitors can’t match. As a VP, it is important to have a deep understanding of the market and be able to identify new solutions or inventions that can drive value, ensuring that the Company is always ahead of its competitors.
Collaboration
VP Business Development is a people-focused role; you must bring together teams to collaborate and creatively achieve goals that impact the bottom line. Your team is critical to your overall success in your role, and so the ability to enable teamwork and empower team members is key.
Strategy Development and Execution
VP Business Development is a strategic role where the ability to think outside the box and develop effective plans is vital. You must have an in-depth understanding of the company’s goals and the industry as you develop a strategy that aligns with the company’s vision and overarching goals. Execution of the strategy should also be undertaken skillfully to ensure strategic goals are met.
Sales and Business Acumen
As a VP Business Development, you must ensure that the business is tied to sales revenue and profitability drivers. This requires a mastery of sales techniques like negotiation, as well as in-depth knowledge of your business’s financials and the industry. The VP role requires you to have both a financial and customer-centric approach to bringing in more business for your company, ensuring that the Company’s growth remains consistent and above industry standards.
Conclusion
If you’re passionate about landing a VP Business Development role, you must prove that you have the skills necessary for the job. These five critical skills, which include crisis management, innovation, collaboration, strategy development and execution, and sales and business acumen, are highly sought-after in those looking to hire the role of VP Business at your company’s executive level. Stand out by honing and demonstrating these abilities, and you’ll join the ranks of the Vice Presidents leading businesses worldwide.
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