Common Mistakes Business Owners Make When Hiring a Business Development Executive
Published on February 7th, 2023
One way to keep ahead of the pack is to continually improve your business. Whether it’s expanding your social network or finding new ways to increase profit, business development is key to longevity. For any business, it’s important to keep that momentum running once it’s competing in the market, and the only way to go is up. But your competitors are keeping their eyes on you. Likewise, you should do the same. The idea of business development allows you to explore new ways of taking your business to the next level.
Having a business development executive on your team is incredibly advantageous to any organization. Their purpose is to bring in new customers and build up a company's overall success. They specialize in a range of industries, such as e-commerce, retail, pharma, electronics, fashion, cosmetics, furniture, aerospace, manufacturing, chemicals, and more. A motivated and experienced business development executive is key to achieving desired goals and targets on time. To ensure you are recruiting the ideal business development executive for your company, it is important to ensure you have a robust and competitive recruitment process in place. This will ensure that only the most qualified and suitable professionals are joining your workforce.
But wait!!! Hiring a business development executive is not a cake walk although it appears like one. There are a few common mistakes most owners do when hiring a business development executive for their company. This article will give you a fair idea about those common mistakes which lead to bad hires.
The Essential Role of Business Development Executives
Business Development Executive is an individual who is responsible for finding and nurturing new business opportunities through different methods.
- Search the web and utilize networks to locate and assess potential customers.
- Provide necessary information to interested parties via phone, email, or online.
- Develop and nurture relationships with new and existing contacts.
- Gain knowledge of the company’s products and be able to demonstrate them to customers.
- Achieve business goals and objectives on a weekly and monthly basis.
- Represent the company at conferences, meetings, and other industry gatherings.
- Aim to generate sustainable growth for the company by exploring and implementing customer, market, and partnership opportunities.
A Business Development Executive should have the following core abilities and experience
- Be highly knowledgeable about the company’s products and be able to persuade customers to purchase them.
- Be well-versed in the firm’s sector and markets.
- Possess a talent for selling and discerning potential business opportunities.
- Be proficient in (or be willing to acquire expertise in) Customer Relationship Management (CRM) systems such as Salesforce.
- Be comfortable in a goal-orientated setting and strive to overcome any roadblocks that impede the achievement of objectives.
- Showcase excellent time management and organizational aptitude.
Here are the top hiring mistakes business owners make when hiring a Business Development Executive
1. Inadequacy of transparency in the recruitment procedure
Having a clear understanding of the role and its purpose will help ensure the right candidate is hired and will increase job satisfaction, reduce stress, and help achieve business objectives. By creating a comprehensive job description and communicating the role’s purpose, you can increase role clarity and create an ideal candidate profile that will lead to successful hires. You can take advantage of our free JD generator tool to create an appealing job description and hire the right candidate.
2. Lengthy Recruitment Process
A lengthy hiring process can be detrimental to your organization. According to SHRM, it takes an average of 42 days to fill an open position. We need to find a way to speed up the process.
The idea is to stay ahead of the curve by using data aggregation to identify passive candidates. With AI and ML-driven recruiting tools, you can always have a list of potential candidates ready to go in case you need them.
The top business executives are usually out there looking for a job. It's more like the job needs to find them. You need to put in the extra effort to get their attention and convince them to come on board with your company and vision. That's where senior IT/software industry recruiters come in. They can help you make the right connections and speak the same language as these executives.
3. Looking in the wrong locations for highly skilled individuals
Some employers may not be casting a wide enough net when searching for talented individuals to fill positions. Rather than focusing solely on job boards and recruitment agencies, employers should explore other avenues such as industry events and specialized forums in order to get access to a wider range of potential applicants. This may enable them to identify and hire the most qualified individuals for their open positions.
4. Recruiting staff of average ability in lieu of top-tier talent
It is always believed that investing in quality people is more important than quantity of people. Investing in talent that can produce large returns is more beneficial than settling for a smaller return on a cheaper option. At HireQuotient, we go the extra mile to make sure our customers are getting the best of the best by providing personalized services and pre-employment assessments to make sure candidates possess the right skills and traits.
5. Investing a large number of resources into training programs that do not yield any tangible results
Having a competitive edge in the industry entails being in the lead by creating something unique and doing it well. This necessitates having a talented workforce. After recruiting the best personnel, it's essential to continually develop their skills so that they can stay ahead of their rivals.
Many successful companies invest extensively in training their teams under specialized software business development training providers instead of generic training. Generic training cannot cater to these specialized requirements, rendering the ROI from money spent on training reasonably low.
6. Not considering the referrals
Almost four-fifths of internal recruiters say the most qualified candidates come from employee referrals, however, this does not mean that each referral is reliable. It is important to make sure that referrals and internal applicants are assessed using the same interview process as external applicants. Doing this will guarantee that the chosen candidate is the right fit.
7. Personal prejudices and outlooks
Be sure to ask each candidate the same set of questions and give them all a fair chance to prove their skills and capabilities. Don’t let your own preferences and judgments based on personal experiences affect the candidate’s performance. A good hiring decision is based on the applicant’s qualifications and skills, and not on your personal opinion of them. Be open to the candidate’s ideas and views and make sure you focus on the job requirements and the skills that the candidate can bring to the table.
8. No follow-up with the candidates
Don't delay in getting back to the candidates and let them know the outcome of the interview as soon as you have made the final hiring decision. When candidates are kept waiting for a response, it leaves them feeling uncertain and can have a negative impact on the company's reputation, as potential customers may also be candidates for the job.
9. Concealing your imperfections
Making sure, to be honest with applicants about any potential issues or challenges the role or company may face is key. Don't hold back any information, but also make sure to make it known that there are still many positive aspects of the job or organization. Doing this will help to ensure that the candidates have realistic expectations of the role and company, and will also help to create a more transparent and trusting relationship between the employer and the potential employee.
10. Believing that the task is complete when the search is over
Believing that the task is complete when the employee search is over is a common misconception. In reality, the task is not complete until the employee has been hired, onboarded, and fully integrated into the organization. The process of recruiting and onboarding an employee can be time-consuming and costly, so it's important to ensure that the process is done properly and that the employee is a good fit for the organization. Additionally, it is important to make sure that the employee is given the appropriate support and resources to be successful in their role.
When you've found the right person for the job, don't assume that all your work is done. Research suggests that as many as one-third of new hires leave their role within the first six months of employment. To keep your new recruit engaged, ensure that onboarding is given the same attention at the end of the recruitment process as it was at the start.
11. Disregarding cultural appropriateness
When it comes to recruitment, it is crucial to not focus solely on education, capabilities, and background. Even the best-suited individual could be unable to perform at their peak if they are unable to adapt to the company's atmosphere and culture. Thus, it is important to make sure that the job candidate will be able to fit in quickly and comfortably into your work culture.
12. Proceeding without taking into account the results of the reference check
Making the mistake of not verifying a job applicant's references is a major error. It is essential to contact their former employers to ensure the applicant is trustworthy and suitable for the role. Rather than sending an email, it is preferable to speak to someone directly.
13. Failing to solicit feedback from the department that is doing the hiring
The hiring team should consult with existing staff members from the department or team to gain more insight into the job role they are recruiting for. Those already working in that area can provide valuable information about the duties and responsibilities of the position.
14. Vague job descriptions
Companies should not overlook the importance of regularly revising job descriptions when positions become available. If the job details are too outdated, they may not accurately reflect the actual job, or they may not provide enough information to attract the right candidates. Given that job requirements can change over time, it is important for the hiring team to keep job descriptions up to date in order to provide a clear picture of the role to potential applicants. This will help ensure that the most suitable candidates are applying for the job.
15. Not preparing for the interview
It's not just the applicant who needs to be prepared for an upcoming interview, the employer does too! You want to make sure you hire the best candidate, so make sure you've got the right questions prepared. Frame them carefully in advance and you'll be able to get the right responses and get to know the candidate better. Find some sample interview questions below:
- What motivates you in your work?
- Why do you enjoy business development?
- What do you enjoy the most and least about teamwork?
- What qualities do you think to make someone a good business development executive?
- Where do you see yourself in five years?
- What is your greatest strength? What is your greatest weakness?
- Describe the process you follow for business development.
- Tell me what business intelligence tools or systems you've worked with.
16. Not using a Skills-Based Assessment
When hiring business development executives, a skills-based assessment is crucial to ensure that the candidates possess the required skills to excel in the role. The assessment might include evaluating their sales and business development skills, which can be done by presenting them with realistic sales scenarios and asking them to create a sales pitch or proposal.
This will help to gauge their ability to negotiate and close deals, as well as their understanding of the sales process. Additionally, the assessment might include evaluating their communication and interpersonal skills, which are critical for building relationships with clients and stakeholders.
The HireQuotient business development executive assessment also includes evaluating their strategic thinking and problem-solving abilities, as business development executives need to be able to identify opportunities and develop creative solutions to complex problems. By conducting a skills-based assessment, organizations can ensure that they hire the most qualified and competent business development executives for their team.
Wrapping it up
The hiring process for a business development executive can be tricky - it's important that business owners take the time to make sure they don't make any mistakes. That means having a clear job description, researching the candidate, and providing proper training and onboarding.
Don't forget about the importance of soft skills like communication and problem-solving, and remember to build trust and collaboration with the executive. Taking the time to think about what you need, research the candidate, and give them the resources and support they need will make sure the hiring process is a success!
To know more about the best practices to hire skilled and efficient business development executives get in touch with our team of experts at HireQuotient.
Radhika Sarraf is a content specialist and a woman of many passions who currently works at HireQuotient, a leading recruitment SaaS company. She is a versatile writer with experience in creating compelling articles, blogs, social media posts, and marketing collaterals.
Stay On Top Of Everything In HR