How to Find and Hire a Commercial Director
As organisations develop and grow, they often need senior talent and executives who are commercially savvy and able to steer the ship through the market landscape.
As well as those who are able to improve and increase operational and production output and efficiencies, those who can help develop business opportunities are vital for organisations to see sustainable growth.
Bad hires in any part of a business are costly, but bad hires at the senior and managerial level can define the future growth and development of an organisation. One such role that is positioned to have a defining impact on business growth is the Commercial Director.
What is a Commercial Director
The term “Commercial Director” can often be quite a broad term used to describe a top-level executive focused on the commercial side of the organisation. They are a leader within the organisation and play an integral role in potential growth and development. Being a Commercial Director goes beyond sales and can incorporate a wider scope of the organisation that ensures everything from market fit, growth opportunities, pricing, reputation, customer feedback, market research and general marketing strategies are running accordingly.
The Commercial Director is tasked with safeguarding the growth and development of the business within the commercial marketplace, and this can generally be a very encompassing role. They are often focused on new opportunities and helping identify new commercial activities to explore.
Commercial Directors who are successful offer organisations huge rewards in terms of increasing sales, acquiring more of the market, improving profit margins and generally avoiding challenges and obstacles that may overwise hinder future growth.
Although every organisation is structured uniquely, generally speaking, a Commercial Director would work very closely with the CEO and CFO to help provide support and guidance at the very top of an organisation.
Commercial Directors can be found in most private sector industries, as well as non-profits, higher education and charities.
What to Look for in a Commercial Director
Commercial Directors are bound to have an entrepreneurial spirit about them with an instinct to act on opportunities. They are likely to be proactive in how they interpret the market and feel excited about driving business growth. They need to be able to see the bigger picture as well as identifying small details and opportunities on a micro level to ensure the business progresses as hoped for. Commercial Directors are often required to be very good communicators and be required to communicate effectively both internally and externally. Building relationships is a vital component of being able to fulfil all the duties of a Commercial Director. Having a strong background in the industry is also often a big benefit in terms of being able to navigate new opportunities and understanding potential challenges.
Here at Edward Drummond, we’re driven to find candidates who offer the perfect solution for what a business needs. This means taking a holistic look at the requirements of the business and ensuring a candidate matches all these specifications. This means finding the best Commercial Director for your organisation is less about following a checklist, and more about understanding the talent landscape in the marketplace and who is the best fit for this. We approach each assignment individually, starting with an in-depth understanding of the unique context of each search: the organization, products, services, market position and culture.
Roles and Responsibilities
Day-to-day roles and responsibilities are likely to vary depending on the nature of the business and current performance. As a guidance though, Commercial Directors can expect to analyse, develop and implement top-level market and business strategies. From identifying new commercial opportunities, to developing a new distribution channel or helping to bid for a new client/project, a Commercial Director is always a key player in these commercially important activities.
Depending on the size of the organisation, a Commercial Director is likely to be in charge of other senior managers who manage their own department/team. This means the type of candidate suitable for a Commercial Director role must be confident and capable of such a senior position. Many of the other senior executives will rely on the Commercial Director to inform and direct them in terms of where budgets should be invested in, new challenges facing the market and projections on future growth and developments.
Daily tasks may include:
- Market research and analysis to subsequently support product offerings.
- Managing customer/client wellbeing and satisfaction.
- Negotiating new deals, clients and other commercial opportunities.
- Managing supplier and distribution deals and contracts.
- Creating commercial projections for the business.
- Understanding and acting on market trends and changes.
- Managing marketing, lead generation, and sales performances.
- Assisting on acquisitions to help growth opportunities.
- Overseeing bespoke projects.
Find Top Talent with Edward Drummond
If you’re searching for a Commercial Director, or any other important role, and want to ensure you find the very best talent in the market, make sure you get in touch with us here at Edward Drummond. We’re a dedicated team of search consultants who will start you on your journey to better hires and better business growth.
For more information about our services, get in touch today and we’ll listen to your challenges and help guide you in the right direction.