When talking about corporate development, most of the people usually associate it with large companies and multi-national conglomerates. However, corporate development as an autonomous function and department within companies has a number of origins. It started as a reasonable result of macro and micro economic developments and international market changes.
Steven Rindner provides information on corporate development
The main objective of corporate development is, thus to think about, develop and implement approaches in light of the corporate mission, vision and strategy defined which can improve turnover and profits of a company.
Being EVP, Corporate Development and General Counsel at Scout Steven Rindner says that the main components of corporate development are enhancing divestitures and asset and risk management, streamlining M&A, helping in the implementation of the corporate mission, strategy and vision and discovering new customer segments, products and markets.
Benefits of corporate development
The main benefit of corporate development is often seen in the vital internal bonding and bundling of approaches, ideas, risks, special projects, responsibilities and processes. Constructing joint ventures and developing sales or purchasing associations, for instance, may minimize the probability of letdown. Such combined undertakings need to be made, sensibly thought through and arranged professionally including the individual checking and assessment.
It is important note that corporate development is a task that cannot be accomplished by a single. This is why the company that boards on presenting corporate development as a single function or unit is usually presented in form of a trivial team, possibly with a number of added members.
Duties and responsibilities of corporate development officer
- It is the duty of the corporate development officer to ensure that the organization focuses on those deals with the maximum potential.
- The corporate development officer functions as a highly effective leader by getting a deal done with competence, confidence, experience, an inclusive nature and strong communications skills.
- An efficient corporate development officer pursues constant learning, improvement and adaptation across the entire business development procedure. The officer’s duty is to invite and start change, even if it may seem to encounter with established norms.
- The corporate development officer should possess a comprehensive number of technical abilities and knowledge in a number of disciplines such as risk, strategic planning, accounting, capital markets, tax and operations.
- The corporate development officer is responsible to set goals, create accurate expectations and measure results. They often work with shareholders to define noticeable purposes and time frames, and then always aim to deliver on those promises.
- The most vital function of the corporate development departments is to define and document the workflows and they must be willing to take full responsibility for the success of distinct transactions in addition to for the wider set of corporate development objectives.
These are some of the duties and responsibilities of corporate development officer.
Steven Rindner says that corporate development has grown into a discrete and unique function within large companies and is fast getting into the medium scale companies as well.