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Business directors can work in a range of different industries managing the development of a business’ goals and objectives through coordinated operational activities. This is typically a full-time job that is carried out in an office environment.
Many business directors work overtime and usually find that they work over 40 hours a week to meet the demands of the job. Business directors need to be strong communicators and negotiators, have excellent leadership and managerial skills, and be comfortable devising strategies and business plans to help staff work towards goals that benefit the company.
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Business Director Duties and Responsibilities
The type of organization business directors work for will determine the exact duties they’re responsible for. Based on job listings we analyzed, a business director’s core tasks typically involve:
Establish Company Policies
Business directors establish effective goals, sales targets, and policies that will benefit the organization and increase revenue. They work with departmental heads to outline procedures that will meet growth objectives.
Oversee Budgets and Financial Activities
They analyze financial statements and audit summaries to oversee the organization's financial and budgetary activities, so that they can make recommendations for improvement and see where the company is failing and succeeding in terms of revenue.
Identify Cost-Cutting Measures
As part of the statement and sales report analysis, business directors are responsible for finding ways to cut costs and improve financial performance. This may be through finding a more efficient system for different departments or looking at policies to find ways to cut back on expenditure.
Business directors negotiate with suppliers and clients to determine the best deal for the company. They manage sales and work out the best way to market the organization's goods or services to new clients.
Build Relationships with Clients
These directors build and maintain relationships with existing and prospective clients to encourage good business relations and networking for future contract opportunities.
Business Director Skills and Qualifications
Business directors are strong leaders who comfortably managing teams and organizations towards shared goals and strategies. They employ critical thinking to make decisions that benefit the company and its targets. Typically, employers will require a minimum of a bachelor’s degree in a business-related subject, as well as the following abilities:
- Leadership Skills - Business directors need to be able to manage an organization by successfully coordinating staff, resources, and implementing policies effectively, so strong leadership skills are vital to this position
- Time Management - Business directors work on various tasks at once and need to be self-motivated, as often they are completing these tasks under their own direction. Time management and the ability to prioritize tasks is vital to ensure goals are met
- Problem-Solving Skills - As issues arise within an organization, business directors need to be able to identify them and resolve them quickly and efficiently for the sake of the business
- Decision-Making Abilities - A key part of being a successful business director is the ability to make decisions that benefit the organization and work towards goals, strategies, and policies. They make decisions on a regular basis and choose the best course of action
- Communication Skills - As someone implementing policies and business strategies, business directors need to be able to communicate with staff, stakeholders, and clients effectively. This may be in the form of giving instructions, explaining plans, or negotiating with external companies
Business Director Education and Training
The minimum requirement to become a business director is a bachelor’s degree in business administration or a similar subject, although many companies prefer applicants to have a master’s degree in business administration (MBA). Many people in this role progress within a company through advancement, moving up from lower level management occupations, but there are still many opportunities to gain employment from outside organizations. At this level, employers will expect to see demonstrable experience in managerial roles.
Business Director Salary and Outlook
The median annual salary for business directors is $103,000, according to the Bureau of Labor Statistics (BLS). Business directors in the 10th percentile earn around $56,000 a year, while the highest paid earn around $166,000 annually. Bonuses account for up to $48,000 of this top figure, along with profit-sharing schemes reaching as much as $30,000 and commission reaching as much as $64,000.
The company and location affect the pay level for this job, and most companies provide health benefits. The BLS predicts that the growth rate for this sector is expected to increase by 8 percent through 2026.
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We’ve collected some of the best resources to help you learn more about a career as a business director. Check out these books and web resources as you explore this management position:
Branded as one of the top 20 sales books of all time by HubSpot, this book is a mustread for anyone working in the business sector. From bringing in new clients to identifying prospects and drafting customerfocused "sales stories," this book is packed with useful tips.
As collection of the Harvard Business Review's top articles on developing a business strategy, this book is inspiring and useful. It covers everything from the development to the execution of strategies. The content helps companies to distinguish themselves from the competition as well to clarify business goals.
Packed with what the site calls "insights," this blog is useful for anyone in sales, business, or works with developing strategies. It's a great way to stay uptodate with the latest trends and gain some helpful tips and tricks to improve a business plan.
This blog provides practical concepts and advice on optimizing a business' conversion rate, from up to date research and datadriven growth. The posts target business professionals at a more advanced level, making it idea for business directors looking for new ideas.