Our new digital environment has changed the way we acquire new business and communicate to existing customers
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.
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