Executive vice president business development in one of the highest ranked positions in the management of the organization. Executive vice president business development responsibilities play a crucial role in increasing the business by acquiring new clients and establishing productive and profitable relationship with the external firms and organizations. They provide strategic direction to the business and lead all the business development activities.
Key Responsibilities of an Executive Vice President
Executive vice president is responsible for sourcing, directing and evaluating new opportunities, acquisitions, mergers, etc., that are within the organization's strategic growth and development plans. They do thorough research activity to develop and lead negotiations, are the main source of contact, and have to report to the CEO of the organization. If you are aspiring to become an executive vice president, it is essential that you are well-aware of the key responsibilities that need to be handled by him:
In addition to these duties, he is also responsible for getting feedback from the clients, networking effectively to acquire new business clients, to study and develop strategies for improvement of business products and services, etc. He is responsible for assessing the training needs and ensuring that everyone is motivated and trained appropriately to become more professional, thereby enhancing the effectiveness of the organization. He builds and reviews the reports, tracks the profitability and results to get an insight in the progress of the organization. In short, he is responsible for handling the day-to-day management of all team members to ensure high quality performance, and ensures that the objectives of the organization are achieved within the assigned budget and quality standards.
Essential Skills
To be a successful executive vice president in business development, it is essential to have a good business acumen with excellent, communication, interpersonal, and relationship management skills. He should be comfortable working under stressful work conditions and should have the ability to meet the targeted deadlines. Should be confident while taking important decisions, be creative, and should demonstrate high levels of integrity and commitment. He should be able to motivate and influence people, have exceptional problem solving skills, focused, and have an optimistic approach while dealing with difficult situations.
Educational Background
A bachelor's or a master's degree in the relevant industry, business administration, or business management would be preferred. Knowledge of foreign language with a successful demonstrated track record in handling various projects with good people management skills will help you in getting the job more easily. Additional certification, internship, or supervisory experience would prove to be an advantage.
Work Hours
The work hours for an executive vice president handling the business development is quite hectic, since it is a position which needs to shoulder some major responsibilities. They usually work late in the evenings and at nights to complete their work. They may need to travel on the weekends and holidays to meet and attend client meetings, seminars, etc.
Salary Details
The vice president position can be found in small as well as large organizations. The average salary depends on the size and the kind of responsibilities that one needs to handle. It also is dependent on the relevant work experience and skills of that particular candidate. The average salary is close to $91,000 to $93,000. Most of them receive additional bonus or commissions based on the profits earned by the organization.
Career Prospects
Though the employment of the executive vice president is much slow, there is no organization which can function smoothly without the help and vision of the vice president. There is stiff competition for such type of jobs and to get the best offer, you should have a relevant work experience backed with appropriate skills and education.
Thus, it is essential to handle the executive vice president responsibilities efficiently and effectively in order to get a lucrative and prestigious job that will help you to prosper, both professionally and personally.