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What is business development activities?

In the simplest terms, business development can be summarised as the ideas, initiatives and activities aimed towards making a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.

A business development plan

Is a document that outlines how you implement your business development strategy. It can be a plan for an individual, a practice or the business as a whole. Its scope covers both the marketing and sales functions.

Successful business development plans

Includes a situation analysis, a SWOT analysis and clearly outlined goals, objectives, strategies and tactics. The plan provides guidance for all members of your business.

A plan also includes but is not limited to

  • Set your destination
  • Focus your approach
  • Define your marketing channels
  • Choose KPIs and create dashboards to keep you on track
  • Define your sales process to align with your customer’s needs
  • Determine resource needs
  • Share your business development plan with stakeholders.
Development web guy

Your business will never increase in value without growth. But business growth does not happen accidentally; it’s the result of strategic initiatives. There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.

  • Know your competition
  • Add value and build trust
  • Use testimonials wisely
  • Keep an eye on online reviews
  • Ask for the business
  • Pay attention to your website
  • Don’t let relationships go cold
  • Beat your competitors to the punch

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