What Does A Vice President, Business Development Do?

A Vice President of Business Development is a leader in the execution of the business plan and new business strategy for an organization. They manage business development and the sales staff.

Between the years 2018 and 2028, Vice President, Business Development jobs are expected to undergo a as fast as average growth rate of 0.06%, according to the Bureau of Labor Statistics. What's even crazier is that the number of Vice President, Business Development opportunities that are projected to become available by 2028 is 150,600.

On average, Vice Presidents, Business Development earn 149,469 per year, which translates to $71.86 an hour. Generally speaking, Vice Presidents, Business Development earn anywhere from $90,000 to $246,000 a year, which means that the top-earning Vice Presidents, Business Development make a whopping $156,000 more than the ones at the lower end of the spectrum.

Let's say you're currently a Vice President, Business Development, but maybe you're looking for a new opportunity. You may even be playing around with the idea of becoming a Vice President, Business Development. If that's the case, you'll probably want to know how these roles compare to other positions. Luckily, you came to the right place. Here, you'll find extensive information on roles such as a Senior Vice President, Sales Vice President, Business Development And Marketing Manager, and Business Development Account Manager just so you can compare job roles and responsibilities. We'll explain how these compare to Vice Presidents, Business Development in a bit.

Vice President, Business Development Traits
Analytical skills
Analytical skills have to do with gathering information from various sources and then interpreting the data in order to reach a logical conclusion that benefits the business.
Business skills
Business skills describe how individuals are able to understand consumer behaviors and use it in a way that leads to success.
Collaboration skills
Collaboration skills are necessary to working well with other people in order to reach a common goal.

Vice President, Business Development Job Description

Here are the duties and responsibilities that a Vice President, Business Development is likely to perform in their role.

  • Prospect new business, qualify leads, present to c-level executives and close business.
  • Form and manage revenue-generating technology alliances with leaders in enterprise computing, such as Microsoft, SalesForce, Verizon and Citrix.
  • Advise on and perform financial and capital structure analyses for potential equity capital raise and cost structure of business.
  • Adjust the employee equity programs to meet the needs of various regulatory/tax agencies ensuring value provide to recipients and stock holders.
  • Identify RFP opportunities, manage coordinated team response and submit winning proposals.
  • Direct and review execution of mergers and acquisitions, licensing and divestitures.
  • Design and implement a regional CSR (corporate social responsibility) program.
  • Train lower level employees consisting of classroom and one on one basis.
  • Core member to bring pre-IPO company through start of production, public offering, and revenue generating phases.
  • Work with municipalities, private industry and healthcare institutions regarding municipal, medical and hazardous waste engineering and management.

Vice President, Business Development Skills and Personality Traits

We calculated that 27% of Vice Presidents, Business Development are proficient in Business Development, Revenue Growth, and New Product Development. They’re also known for soft skills such as Analytical skills, Business skills, and Collaboration skills.

We break down the percentage of Vice Presidents, Business Development that have these skills listed on their resume here:

  • Business Development, 27%

    Attracted new members and increased retention by transitioning the primary focus of the organization from advocacy and legislation to business development.

  • Revenue Growth, 11%

    Implemented innovative marketing techniques and campaigns to increase demand generation and qualified leads resulting in increased revenue growth.

  • New Product Development, 8%

    Developed all investor materials, financial forecasts and led customer and competitive research efforts for new product development.

  • Financial Services, 5%

    Managed financial services clients' business development activities in the east region including national account responsibility for major clients.

  • Sales Goals, 4%

    Established departmental sales goals and activity tracking.

  • Strategic Partnerships, 3%

    Generated strategic partnerships utilizing personal relationships within the customer community and tripled the number of teaming agreements and proposal opportunities.

Additionally, Vice Presidents, Business Development have more skills than just Business Development, Revenue Growth, and New Product Development. Read about their personality traits here:

  • It goes without saying that a Vice President, Business Development must have Leadership skills. That's like saying a painter must have paint. Top executives must be able to lead an organization successfully by coordinating policies, people, and resources. These Leadership skills are utilized daily by Vice Presidents, Business Development. Don't believe us? Check out this resume example: "Provide senior leadership to team of direct and indirect sales people for this start-up."
  • Now that you have the skills necessary to secure a career in your dream job, we've taken it a step further to figure out what type of education might be necessary or helpful. The results showed that 45.2% of Vice Presidents, Business Development have graduated with a bachelor's degree. What's more is that 32.0% of people in this position have earned their master's degrees. While it may be true that most Vice Presidents, Business Development have a college degree, you may find it also true that generally it's possible to be successful in this career with only a high school degree. In fact, our research shows that one out of every eight Vice Presidents, Business Development were not college graduates.

    The Vice Presidents, Business Development who went onto college to earn a more in-depth education generally studied Business and Finance, while a small population of Vice Presidents, Business Development studied Marketing and Management.

    Once you've obtained the level of education you're comfortable with, you're prepared to start applying to become a Vice President, Business Development. We've found that typically Vice Presidents, Business Development are mostly employed at Leidos, Northwell Health, and Ashfield Healthcare. Of recent, Leidos had 4 positions open for Vice Presidents, Business Development. Meanwhile, there are 4 job openings at Northwell Health and 3 at Ashfield Healthcare.

    If you're in it for the money, you'll want to apply for positions at Colliers International, Salesforce, and Village Green Holding as that's where Vice Presidents, Business Development seem to make the most money. Let's take a closer look. At Colliers International, the average Vice President, Business Development salary is $182,348. Whereas at Salesforce, Vice Presidents, Business Development earn roughly $177,474. And at Village Green Holding, they make an average salary of $176,140. Before you get too excited over those salary numbers, you should make sure that securing a job at these companies is doable. For example, while Colliers International has 1 job listings for Vice Presidents, Business Development, Salesforce and Village Green Holding have 0 and 0 job listings respectively.

    In general, Vice Presidents, Business Development fulfill roles in the Health Care and Finance industries. While employment numbers are high in those industries, the salaries for Vice Presidents, Business Development are the highest in the Hospitality industry with $159,161 as the average salary. Meanwhile, the Health Care and Technology industries only pay $149,091 and $146,617 respectively. This means that Vice Presidents, Business Development who are employed in the Hospitality industry make a whopping 13.8% more than Vice Presidents, Business Development who work in the Finance Industry.

    The three companies that hire the most prestigious graphic designers are:

      How a Vice President, Business Development Compares to a Senior Vice President

      Senior Vice Presidents help companies meet their financial goals and objectives, as well as increase their operating performance. They supervise revenue generation, find ways to maximize revenue, and analyze financial reports.

      First up to compare is the job of a Senior Vice President. Let's start with salary. Generally speaking, Senior Vice Presidents receive $22,738 higher pay than Vice Presidents, Business Development per year.

      While their salaries may differ, one common ground between Vice Presidents, Business Development and Senior Vice Presidents are their skills. In both careers, employees bring forth skills such as Business Development, Revenue Growth, and New Product Development.

      The overlapping skill sets may be the only thing these two roles have in common, as there are some key differences. For example, a Vice President, Business Development is more likely to have skills in Sales Goals, Strategic Partnerships, New Accounts, and Internet. Meanwhile a typical Senior Vice President has skills in areas such as Asset Management, Ensure Compliance, Loan Portfolio, and Oversight. This difference in skills reveals how truly different these two careers really are.

      Senior Vice Presidents receive the highest salaries in the Retail industry coming in with an average yearly salary of $181,079. But Vice Presidents, Business Development are paid more in the Hospitality industry with an average salary of $159,161. The differences don't stop there. Next stop, education.

      Onto a more studious topic, it's no surprise that Senior Vice Presidents tend to reach similar levels of education than Vice Presidents, Business Development. The actual difference in levels of education may actually surprise you. Senior Vice Presidents are 1.0% more likely to graduate with a Master's Degree and 3.6% more likely to have a Doctoral Degree.

      How a Vice President, Business Development Compares to a Sales Vice President

      A Sales Vice President supervises the daily sales activity of a company. They develop a sales plan in support of organization strategy and objectives, as well as direct the implementation and execution of sales policies and practices.

      Next up to compare are Sales Vice Presidents, which typically earn a higher pay of roughly $1,208 higher than Vice Presidents, Business Development per year.

      While the salary may be different for these job positions, there is one similarity and that's the skills they need. Both Vice Presidents, Business Development and Sales Vice Presidents are known to have skills such as Business Development, Revenue Growth, and New Product Development.

      While some skills are similar, others aren't. For example, a Vice President, Business Development requires skills like Financial Services, Internet, Project Management, and Joint Venture. But your average Sales Vice President will need skills, such as, Sales Organization, Sales Representatives, Sales Training, and Sales Plan. This is where the differences really kick in.

      It's been discovered that Sales Vice Presidents earn higher salaries compared to the other career, but we wanted to find out where Sales Vice Presidents earned the most pay. The answer? The Finance industry. The average salary in the industry is $162,859. In contrast, Vice Presidents, Business Development earn the highest paychecks in the Hospitality with an average salary of $159,161.

      So you need to know how much education you're going to need. As it turns out Sales Vice Presidents study at lower levels of education than Vice Presidents, Business Development. They're 13.3% less likely to obtain a Master's Degree while being 3.6% less likely to earn a Doctoral Degree.

      How a Vice President, Business Development Compares to a Business Development And Marketing Manager

      In the hole for a comparison are Business Development And Marketing Managers. On an average basis, this career brings in lower money than Vice Presidents, Business Development with a lower salary of $70,561 annually.

      Vice Presidents, Business Development and Business Development And Marketing Managers both have similar skills such as Business Development, Revenue Growth, and New Product Development, but they differ when it comes to other required skills.

      Some important key differences between the two careers are the other skills necessary to get the job done. For example, a Vice President, Business Development is likely to be skilled in Financial Services, Joint Venture, Due Diligence, and Saas, whereas a Business Development And Marketing Manager is skilled in Company Website, Online, Email, and Press Releases.

      Interestingly, Business Development And Marketing Managers earn the most pay in the Automotive industry, where they command an average salary of $96,216. As mentioned previously, Vice Presidents, Business Development rake in the most money in the Hospitality industry with an average salary of $$159,161.

      When it comes down to education, Business Development And Marketing Managers tend to reach similar levels than Vice Presidents, Business Development. Especially since they're 0.1% more likely to earn a Master's Degree, and 1.5% more likely to graduate with a Doctoral Degree.

      How a Vice President, Business Development Compares to a Business Development Account Manager

      Now, we'll compare Business Development Account Managers who are known for averaging a lower pay when compared to Vice Presidents, Business Development. In fact, the difference is about $47,379 per year.

      Both professions of Vice Presidents, Business Development and Business Development Account Managers use skills such as Business Development, Revenue Growth, and New Product Development within their day-to-day roles.

      Even though their skill sets overlap, there are some key differences that are important to note. For one, a Vice President, Business Development tends to have more use for skills like Financial Services, Strategic Plan, Real Estate, and Business Units. Meanwhile, a typical Business Development Account Manager makes use out of skills like Key Decision Makers, Salesforce, Cold Calls, and Relationship Management. The difference in skills between the two professions really shows how different the two are.

      Now, let's take a closer look at the financials in each career. The Telecommunication industry tends to pay more for Business Development Account Managers with an average of $107,917.

      When it comes to education, these two careers couldn't be more different. For example, Business Development Account Managers reach lower levels of education when compared to Vice Presidents, Business Development. The difference is that they're 13.1% more likely to earn a Master's Degree less, and 2.4% less likely to graduate with a Doctoral Degree.