Effective business development strategy requires research and planning
Each and every day we all have tasks to accomplish and almost always have a destination in mind whether the grocery store, school, or work. But, if you ask yourself, “where is my business going?” I’ll bet you don’t have a clear answer if any answer at all — it’s okay you are not alone.
In business, we show up with a lot of good ideas and intentions. Usually by 8:30 or so, these thoughts have been washed away by work. Why does that happen and how do we fix it? Let’s think about this from a personal standpoint first. On January 1, many people commit to a healthier lifestyle and set the goal to get in better shape, drop a few pounds, and enjoy life more. By April, almost all have failed in some form or another and half do not even make it through January.
Why? The reason is simple, really, just like work, life gets in the way. So, what about the few who really make it? What is different? Here are the three main categories.
- First, there is an overwhelming cause that drives them, like cancer or recent death of a loved one.
- Second is highly unique individuals – like those with natural talent.
- Third is one we can learn from – they develop an open honest feedback system. This feedback system is often a buddy, personal coach, or spousal partner. What is it that makes the difference? Simple really, they provide encouragement and reminders of the goal and how the end is worth it. Essentially, they keep the train on track! That is the key to a good business strategy – a good measurement system and cheerleader to keep the train on track.
When developing a good business development strategy, several things need to be considered. Here is a short list to give you an idea.
- Core values aligned – often companies try to be something they are not.
- Attainable and measurable – often goals are not realistic, and they are a bit ambiguous.
- Limited resources – time and money, the wallet is always limited, and time is required.
- Top management commitment – often failures or missed steps that are a result of working on a new strategic item are handled poorly.
- Champion – who will be the scout encouraging the team to push on?
Business development strategy consists of the following series of steps.
- Roundtable discussion with key players regarding what works and what does not.
- A SWOT (strengths, opportunities, weaknesses, threats) analysis of the company.
- Assessment of the market and competitors.
- From this, we help you develop a list of initiatives and financial impact as well as their impact factor.
- Exercise our customer’s view, how do they see us?
- Finally, we create a strategic plan and timeline based on your available resources.