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Corporate development is the process of finding and exploiting opportunities in business with the goal of increasing sales. It can include everything from acquiring competitors to cooperating with other companies in joint ventures. This is typically outside the traditional departments of accounting/finance, logistics/supply chains, human resource management or control.
The corporate development department should be extremely interpersonal along with a clear understanding of the business model of each company they work with. They must be able quickly and efficiently assess a potential deal or project and make sound decisions. The corporate development team must also be able to effectively communicate with other departments within the organization and work together.
The purpose of corporate growth is usually to grow the business by acquiring and merging (M&A). The M&A process is often complicated and requires a lot of analysis and research. The corporate development team must to be able identify the right companies and determine whether the transaction is a fit.
There are a variety of ways you can organize a corporate development team starting from a single central unit to a decentralized one where the business sources appropriate members for each situation. It is common for the team to consist of finance and business professionals. A diverse set of skills is important to ensure that deals are sourced efficiently and in line with the company’s goals.
Corporate development executives with a financial or business background are more likely to succeed. They must be able be able to understand and align strategic, technical, and goals for the product and financial goals. This isn’t easy for those with an academic background in marketing, but it is a crucial skill when it comes M&As.
