How to build a successful career path as a business development manager in Hong Kong

If you are hoping to succeed as a business development manager, Hong Kong is a good place to take the plunge. A career as a business development executive involves managing existing client relationships, as well as generating leads for prospective clients.

Being a successful business development manager requires a thorough understanding of why business growth is important, as well as a plethora of skills and responsibilities that will contribute to a thriving business.

What is business development?

Business development is an integral component of the running of any company – it’s all about growth and constantly trying to find ways to create new value and opportunities for the business. The overall goal of business development in Hong Kong (often referred to as BD) and all around the world is to increase revenue and maximise profit.

The success of a company’s development is often determined and tracked by means of key performance indicators (KPIs). These KPIs are also used to plan potential growth strategies.

Why is business growth important?

Having and running a successful business is one thing, but ensuring its continued success is another. Existing in an ever-changing environment requires constant monitoring of circumstances and evolving and growing in response to such changes.

All components of the company are involved in the process of growth – sales, finance, analysis and marketing. Thus, a business development career path is one that is multifaceted.

Most importantly, it’s essential to understand that business development and sales are both distinct and intertwined. Development begins earlier on in the process, while sales are all about closing deals and confirming purchases. Naturally, they function codependently.

If you’re ambitious and on the lookout for a BD manager job, Hong Kong is a great place to start since the city is home to numerous businesses that operate across many burgeoning industries.

How to become a business development manager

If you’re interested in building a successful career path as a business development manager, Hong Kong is known for being a global business hub and is the ideal place in which to base yourself.

There is no single route to becoming a business development manager, but there are a few things that you can do to ensure you are progressing in the right direction.

1. Obtain a degree in a relevant field

Whether it’s business administration or something related, such as accounting, communications, marketing or finance – having a relevant degree is sure to help. It’s not a requirement, but it’ll certainly help get your foot in the door.

2. Gain real-world experience

Working in a related field, such as sales, marketing or something else business related, is a great way to gain real-world experience and observe how businesses work. This will be beneficial in the future - in terms of managing employees doing these jobs, analysing the company’s status and developing strategies for growth.

3. Earn certifications

While not a requirement, additional certifications can be the very thing that sets you apart from your colleagues. Some important certifications include:

• Professional Certified Marketer (PCM)
• Certified Sales Professional (CSP)
• Project Management Professional (PMP)

These qualifications not only demonstrate knowledge and understanding of the area in question, but also exude a good work ethic and a commitment to a business development career.

4. Develop your soft and technical skills

Business development manager and executive skills exist in two forms – soft skills and technical skills.

Soft skills include things like motivation, time management, self-reliance, communication, employee management and customer relations.

Technical skills are essential too and include knowledge of marketing automation platforms, relevant software and CRM databases.

Business development manager skills

To be a successful business development manager in Hong Kong or elsewhere in the world, you need to possess a specific set of skills. They include being able to understand the following fundamental aspects of business development in Hong Kong.

1. Accurate SWOT analysis

It goes without saying that to develop and grow a successful business, you need to have a thorough knowledge thereof. This includes understanding the business’s strengths, weaknesses, opportunities, and threats. These things are ever-changing, so the ability to constantly monitor them is one of essential skills any business development manager or executive must possess.

This involves having an in-depth knowledge of where your current business comes from, including customer profiles, demographic information, and geographic locations.

2. Business opportunities and threats

Development is all about having a comprehensive understanding of the market and constantly looking out for opportunities. In addition to taking on new ventures as they present themselves, a savvy and successful business development manager ought to identify potential avenues for growth and predict how and when they may arise.

With regards to potential threats, a skilled business development executive will keep a close eye on competitors of the business. Gaining and maintaining a competitive advantage is what sets a highly successful business apart from the rest. To do this effectively, you must always be aware of your competitors’ activities within the industry, as well as their growth and development.

3. Industry trends

Staying up to date with trends within your industry, including projected growth and potential industry-wide obstacles, is a fundamental component of the responsibilities of a business development manager in Hong Kong.

Creative problem solving

Hitting a few bumps in the road is part and parcel of any business. If you’re looking for a BD manager job in Hong Kong or elsewhere, being able to identify and solve problems is essential. To set yourself apart from other hardworking and skilled business development managers and executives, you need to embrace your creative side and engage in critical thinking to find innovative solutions to successfully navigate past complex problems.

The key to a successful business development manager career in Hong Kong

There is no single recipe to having a successful career in business development in Hong Kong specifically or anywhere else across the globe. However, as we’ve explored, it’s all about ensuring that you’re constantly focusing on both the present and the future.

Pursuing a career as a business development manager in Hong Kong provides an abundance of job opportunities with high earning potential if you’re good at what you do.

Ready to give your business development career a head start? Reach out to Hays and our experts will provide all the assistance you need.