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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Business Development Manager Cover Letter Examples
Use these Business Development Manager cover letter examples to help you write a powerful cover letter that will separate you from the competition.
Business development managers are responsible for developing and executing strategies that increase sales and market share. They work with clients and internal teams to identify opportunities and create plans to capitalize on them.
To land a job as a business development manager, you’ll need a well-written cover letter. Use these examples to create a cover letter that will make hiring managers want to meet you in person.
Formal/Professional Writing Style Example
With a Bachelor’s degree in Business Administration and over six years of experience managing business development projects, I am confident that my skills and passion make me an ideal candidate for the Business Development Manager role at your organization.
During my tenure with XYZ Company, I successfully implemented strategies that resulted in a 30% increase in annual revenues for three consecutive years. As a team player, I have built strong relationships with colleagues, department managers, and clients alike throughout my career, attributing to successful project collaborations and client retention. My ability to analyze market trends, execute innovative strategies, and assess the competition has enabled me to create sustainable growth for the organizations I have served.
I have extensive experience in building strategic plans, crafting impactful presentations, and conducting market analyses. My passion for continuous learning keeps me up-to-date with the latest industry innovations, ensuring the strategies I develop are current and effective.
I am highly skilled at communicating business analytics, translating raw numbers into meaningful insights and opportunities for a wide range of stakeholders. My attention to detail and ability to multi-task ensure the accuracy and efficiency of my work.
In conclusion, I believe my strong background in business development, combined with my passion for driving organizational success, would make me a valuable addition to your team. I am excited about the opportunity to contribute to your organization’s growth and eagerly await the opportunity to discuss my qualifications with you further.
Thank you for your time and consideration.
Entry-Level Writing Style Example
I recently graduated from XYZ University with a Bachelor’s degree in Business Administration, majoring in Marketing, and I am confident that my fresh perspective and strong foundation in business strategy make me an ideal candidate for this role.
During my time at university, I was actively involved in various extracurricular activities that honed my teamwork and leadership skills. As Vice President of the Marketing Club, I led a team of 15 members in organizing successful events and workshops that increased student engagement and provided valuable networking opportunities with industry professionals. Furthermore, I completed an internship at ABC Marketing Agency, where I worked directly with experienced business development professionals in conducting market research, analyzing sales data, and developing targeted marketing campaigns for clients in the technology sector. These experiences have equipped me with a deep understanding of how to identify business opportunities and drive growth.
Being determined, adaptable, and motivated make me a perfect fit for this position. I am eager to apply my strong communication and analytical skills to create and implement strategic business plans that will contribute to the success of your esteemed company.
I am excited about the opportunity to further discuss how my skills and experiences align with your requirements and how I can contribute to your organization’s growth. Thank you for considering my application. I look forward to the prospect of an in-person interview to demonstrate my enthusiasm and fit for this role.
Sincerely, [Your Name]
Networking/Referral Writing Style Example
I was referred to this opportunity by James Smith, a current team member in your sales department, and I am delighted to have the chance to apply for this role, as I believe my strong industry experience and proven track record in driving revenue growth make me an ideal candidate.
In my previous roles, I have consistently demonstrated success in identifying new markets, forging key relationships, and managing complex, data-driven projects. I am particularly excited about the opportunity to work closely with James, as we collaborated on various projects in our previous positions, leading to a significant increase in sales revenue and enhanced client satisfaction.
As someone who is passionate about continuous personal and professional growth, I see great potential within your organization and believe that my skills in business development, alongside my ability to work effectively with multidisciplinary teams, would make a valuable addition to your team.
Thank you for considering my application. I am eager to discuss my qualifications further and explore how my skills and experiences can contribute to the sustained growth and success of your company. I look forward to the opportunity of an interview at your earliest convenience.
Enthusiastic/Passionate Writing Style Example
Having closely followed the remarkable growth and success of your company, I am particularly excited about the prospect of joining such an innovative and dynamic team, and contributing to its continued success.
My passion for business development has led me to successfully drive sales and forge lasting relationships in my previous roles. As a result, I have managed to grow and expand businesses, while constantly seeking new opportunities for improvement. I am eager to bring this same energy and dedication to your organization and collaborate with your team to achieve mutual success.
Your company’s commitment to sustainable growth, creativity, and continuous improvement absolutely resonates with my own values and ambitions. My ability to think outside the box, coupled with my extensive experience in strategic planning, will undoubtedly make a positive impact in this role and help propel the company towards even greater achievements.
As someone driven by passion and a deep sense of purpose, I am confident that my contribution as Business Development Manager will not only meet the expectations but exceed them. I am excited about the opportunity to creatively explore new partnerships, identify growth avenues, and establish long-term strategies that align with your company’s vision.
I sincerely thank you for considering my application and would be thrilled to further discuss my qualifications with you. I genuinely believe that my passion, experience, and enthusiasm make me an ideal candidate for this position, and I am eager to become an integral part of your incredible team.
Looking forward to further discussions and the opportunity to work together.
Problem-Solving Writing Style Example
Having extensively researched your company, I understand that one of your primary challenges is expanding your market share and entering new industries. My proven track record in business development, along with my strong analytical and problem-solving abilities, make me the ideal candidate to help tackle these challenges head-on.
One particular issue that I have identified is the increasing competition in the market, making it difficult for your organization to stand out among the rest. My experience in successfully penetrating competitive markets and capturing new business opportunities could be instrumental in driving your company’s growth. To illustrate this, I led the expansion for my previous employer into three new markets, which led to a 25% increase in annual revenue.
Another challenge that your company may face is retaining loyal customers while acquiring new clients. My background in fostering and maintaining long-term relationships with key decision-makers can help strengthen customer loyalty and secure business contracts with potential partners. In my previous role, I implemented a client retention program that increased customer satisfaction by 15% and reduced client
Storytelling/Narrative Writing Style Example
As a young adult, I often found myself daydreaming about the bustling world of business, envisioning myself amidst the whirlwind of negotiations, strategies, and partnerships. I took this passion and embarked on a journey of personal and professional growth that would ultimately shape me into the candidate I am today.
I still remember the day I stepped into my very first business conference with a mix of excitement and trepidation. The room was filled with the hum of conversations and the smell of freshly brewed coffee. As I navigated through the crowd, I discovered a hidden talent for connecting with others, a trait that would prove crucial in my future endeavors.
My journey led me to the role of a Business Development Manager at a mid-sized marketing firm. There, I honed my skills in identifying and pursuing new business opportunities, creating effective strategies, and building strong relationships with clients. It was during this time that I realized the power of storytelling in business, as each successful partnership was built upon a mutual understanding of each other’s narratives.
One of my proudest moments came when I managed to secure a partnership with a major client, a feat that was deemed nearly impossible by my peers. It was through the art of storytelling, sharing my company’s vision and values, that I was able to bridge the gap and foster a long-lasting relationship that contributed to the growth of both organizations.
I am confident that my passion for business development, combined with my experience and natural ability to connect with others, will make me a valuable asset to your team. I am eager to contribute to the success of your organization and create new chapters in our shared narrative.
Thank you for considering my application. I look forward to the opportunity to discuss my qualifications further.
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Business Development Manager
Business Development Manager Cover Letter
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How to create a good cover letter for a business development manager: free tips and tricks
We are here to provide you with support for your job hunt. With our tips, you will avoid typical mistakes and present yourself as an expert. Our business development manager cover letter example will show you how a professional letter should look. But for a specialist or entry-level job seeker looking to save time and effort, use our online editor to put together your most relevant skills and find some exciting ideas for your resume.
The Business Development Manager is the cornerstone of any successful organization helping the company to generate revenues and grow the business. Therefore, you need to convince the recruiter of your professional knowledge in economics, management, and administration. Tell him or her about your university degree and specialized training, and focus on your project management skills and business intelligence.
Don’t mention anything that suggests that your availability may be limited. In fact, keep your personal life out of the picture. Exceptional Business Development Managers are responsible for major projects and large teams of workers so they are expected to stay up to date on business developments and be available and ready to handle high pressure situations at just about any hour of the date or night. So on the contrary, mention your hunger for knowledge, constant accessibility, and ability to handle high pressure situations to make the employer feel confident that their business is in good hands.
Intrapersonal skills are crucial for this role. A good Business Development manager must have strong communication skills to build good relations with new clients and stakeholders, tactful negotiation skills to make favorable deals and maximize the prospects of the company, and good collaboration skills ability to build strong relations with coworkers and resolve conflicts.
Don’t focus too much on past results. Instead focus on how the skills and knowledge you gained from past experiences will help you to succeed in the new role.
Show that your interest is sincere by studying the activities of the company before sending your short letter to the recruiter. Gather information about its products and business areas as well as its goals and mission. What you don’t use in the cover letter can be saved and used to impress the employer even more at the interview.
Don’t send your cover letter in the wrong format or leave it full of typos and misspellings. Any good employee in the area of business is expected to have strong computer skills including a high competency working with Microsoft Office. Don’t undermine all of your other great managerial qualifications by stumbling over basic computer and organization skills.
Sample cover letter for a business development manager position
The most effective way to digest the tips is to see their practical application. We have used all the important tips of the above units into a single a business development manager cover letter sample to demonstrate a winning document that can be created in GetCoverLetter editor.
Dear Charles, I would like to express my interest in joining the Earth Corp. team in the position of Business Development Manager. I have closely followed the development of your company and am impressed with your fast growth and enormous potential headed into the future. I share in your vision to advance technology using sustainable earth friendly resources.
I worked as a Business Development Manager for the last four years in the Tewa corporation. My background includes conducting market analysis to identify new niches, developing and implementing growth strategies, and attracting new customers.
Thanks to my hunger for knowledge, I am able to keep up with all industry trends to assure that the company remains one step ahead of the competition. Thanks to my around the clock accessibility and ability to handle high pressure situations, I am always ready to handle any situation and help the company to avoid any setbacks.
My strong communication skills allow me to build good relations with new clients and stakeholders. My tactful negotiation skills allow me to make favorable deals and maximize the prospects of the company. My confidence and collaboration skills allow me to build strong relations with coworkers, organize effective teamwork, resolve conflicts in short order, and achieve results. My creative approach to business development strategies will surely be useful in Earth Corp.
I look forward to discussing the position further in person.
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The GetCoverLetter editor is open to any goals of applicants. Whether it be a presentation of a craft professional with a great list of achievements or even a business development manager without experience. Rest assured, the opportunities are equal for all the candidates.
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Frequently Asked Questions
The more unique the knowledge you get, the more space for new questions. Do not be affraid to miss some aspects of creating your excellent cover letter. Here we took into account the most popular doubts to save your time and arm you with basic information.
- What should my a business development manager cover letter contain? The main purpose of a cover letter is to introduce yourself, mention the job you’re applying for, show that your skills and experience match the needed skills and experience for the job.
- How to properly introduce yourself in a cover letter? Greet the correct person to which your cover is intended for. Introduce yourself with enthusiasm.
- How many pages should my cover letter be? Your cover letter should only be a half a page to one full page. Your cover letter should be divided into three or four short paragraphs.
- Don't focus on yourself too much
- Don't share all the details of every job you've had
- Don't write a novel
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Other cover letters from this industry
Want to test your skills in another profession? We provide many other job options for your interests. See the links below.
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Entry level business development manager cover letters.
Approved by real hiring managers, these Entry Level Business Development Manager cover letters have been proven to get people hired in 2023. A hiring manager explains why.
Table of contents
- Entry Level Business Development Manager
- Senior Business Development Manager
- Alternative introductions for your cover letter
- Entry Level Business Development Manager resume examples
Entry Level Business Development Manager Cover Letter Example
Why this cover letter works in 2023, personal connection to ibm.
Building a personal connection to the company through a childhood story makes the cover letter more engaging and memorable. It shows genuine interest and admiration for the company.
Highlighting specific accomplishments, such as increasing the customer base and improving satisfaction rates, demonstrates your ability to deliver results and make a positive impact on the company.
Passion for Technology and Growth
Expressing your passion for both technology and driving growth shows that you truly care about this role and that it aligns with your personal interests and values.
Ending the cover letter with a short and appreciative closing leaves a positive impression and shows your gratitude for the opportunity to apply for the role.
Passion for Company's Values
Expressing your passion for the company's core values not only shows your interest in the organization, but also helps you resonate with the hiring manager. In this case, your excitement for Salesforce's customer-centric culture clearly indicates that you understand and appreciate what the company stands for, which is always a good sign because it means you're likely to be a good cultural fit.
Highlighting Quantifiable Achievements
By sharing your achievement of increasing a customer retention rate by 35%, you're providing a concrete example of how you can add value. Numbers like these are impactful because they show your potential employer that you have a track record of improving business outcomes. It's not just about what you did, but also about how well you did it.
Senior Business Development Manager Cover Letter Example
Personal experience with the company.
Sharing a personal experience with Oracle's services helps establish a connection with the company and shows your familiarity with their products. It makes your interest in the company seem more genuine and specific, rather than a generic interest in any tech company. It also signals that you understand what the company does and appreciate its value proposition.
Demonstrating Leadership and Results
Mentioning a significant accomplishment like increasing market share by 25% is impressive. It shows not only that you can lead projects but also that you can drive meaningful results. This kind of achievements, particularly when they involve leadership, are exactly what hiring managers want to see when filling senior roles.
If you're struggling to start your cover letter, here are 6 different variations that have worked for others, along with why they worked. Use them as inspiration for your introductory paragraph.
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