Improving sustainable growth, independent and profitability is the goal of business development strategy. That is a long journey. It is a marathon, not a sprint running. So it is important to define actionable step by step business development program based on best practices. An internal team can create the strategy, but also they can ask the external consultant.
Business development is the creation of long-term value by identifying opportunity, threat, strength, and weakness. Then organization makes most suitable respond, so make the fit between customer segment, organization capability, and sustainability. It consists strategic planning, marketing planning, and standardization of organization.
This step by step procedure can apply to existing running business and also startup owner. It also helps what does a business development manager do.
Business development has several steps. I write steps in question style so the answer is progress and important steps to improve business development strategy. It is overview article about business development strategy, and I will break down later.
- What are your business and its vision (business vision and mission)
- Who is the customer that your business serve? (market segment)
- What are your business model and competitive strategy? (business model)
- How to Empower your team?
- The way of thinking and procedures to deliver your value to the customer? (marketing plan)
- How to make your business running without you? (systemize or business independence)
- Creating business system consist organization, tool, and knowledge that support Best Offer? (organization, tool, and knowledge)
- How to Measure daily business and adjust strategy? (Key Performance Indicator and Improvement)
First Business Development Strategy: Vision and Mission
Writing down vision, mission and goal are powerful, so it is first part of business development strategy. The writing combine imagination and reason. Dr. Gail Mattews found the amazing discovery that they who wrote their goal regularly achieved those achievements more.
So it is important to define the personal vision, mission, and goals of the business owners. The goal helps us and team to focus on the goal and eliminate distraction. It also empowers our motivation to reach our goals. Without a clear vision, mission, and goals, there is no hope.
To accomplish vision, mission, and goal, it is important to consider current financial and non-financial position of the business. It helps to find an easy way to reach goals and find which area that needs to fix and to improve. Identify position of business also important to identify strengths weaknesses opportunities and threats facing the business. It helps business to develops an action plan to make progress.