A Business Development Analyst is like the Minister of Economics of the company, knowing when to surge forward and when to stand still. The skills of a Business Development Analyst come into play especially when a company has products to be launched and percolated in the market or when it a company is debating on the sensibility of product development. A Business Development Analyst also handles the day today functioning of existing business and work.
Here are the four main responsibilities of a Business Development Analyst:
Responsibility # 1 - Market Research
A Business Development Analyst should be extremely proactive in looking for opportunities to expand the company’s business and improve the profits. For that he/she should undertake an extensive market study to keep abreast with the ongoing trends and market situation. After the study, he/she should analyze to see if it is a good time for the company to execute its expansion plans by launching new products. Getting the customer opinions and watching market trends is a continuous job of a Business Development Analyst.
Responsibility # 2 - Networking
Any Business Development Analyst has to network with other people who are involved in the same work. They have to also network with industry experts, attend seminars, conferences and expos in order to keep track the developments in the field. Further they have to try and create a support group of people involved in the design of similar products so that any hassle in the future can be surmounted with the help of the support group.
Responsibility # 3 - Expert Advice for Finance and Legalities
A Business Development Analyst has to constantly seek expert advice on matters relating o finance and other legalities. They have to interact with Chartered Accountants and bankers to know about the financial positions of their company and if it is possible to move into a growth phase. They have to also interact frequently with lawyers to ensure that their company is adhering to all the laws of the state.
Responsibility # 4 - Team Work and Situation Analysis
A major responsibility of a Business Development Analyst is to ensure that any project plan is drafted and chalked so as to ensure proper team work. He/she also has to keep analyzing any situation that crops up or may crop up and design a best solution based on the team’s strengths and weaknesses.
A good Business Development Analyst can make all the difference between a company just managing to survive and a company flourishing.
Disclaimer: ” Job description, duties, responsibilities or salaries may not be the same or applicable for all the countries”.
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