As a manager, one of the foremost concerns to an organization is developing and exploiting business opportunities that are presented to you and your company. In order to grow, you need good knowledge and best management practices and strategies. It comes to down to whether as a business development manager, you are revolutionary or evolutionary. Any strategy that you undertake, no matter how small or insignificant it may seem will revolutionize your company or will evolve it.
Successful business development takes a multi-disciplinary approach in that it involves financial, advertising and legal skills. It is not enough to reduce activities to a simple template that can be applied to all situations faced by real-world enterprises. Being creative in this regard goes a long way in ensuring that any new and unforeseen challenges contribute to sustainable growth of a company rather than its demise.
There are several areas where business development strategies can help your organization to grow and succeed. Development strategies based on a strategic marketing plan for example will address a changing customer base and market dynamics, help one to understand horizontal and vertical target market opportunities and how to develop the right products, services and solutions to meet the target market needs. This plan should not just be an accident. Most successful business owners will tell you that a carefully planned business strategy was involved. A plan can take either a ‘bottom up’ approach or a ‘top down’ approach. A bottom up approach is where the employees make suggestions and the best are passed up the management while the top down approach is where top managers create the business development strategies and implement them down the chain of command. Another approach is the use of collaborative process where managers and employees work together.
In order for a business development strategy to work, you will need to evaluate its weaknesses, strengths, risks and growth potential. If possible, a strategy consultant may be included. Several factors will need to be taken into consideration, depending on the complexities that come with implementation. These include assigning responsibilities, sufficient resources and establishing a chain of command. A timeline will also need to be developed to evaluate if the desired goals are being achieved. Obviously, no one type of business development strategy is going to work for every business. Find out what works for you and your organization and the benefits of sticking to it.
Every business should have a solid strategy in place to help them develop in the future.
If a business was to move forward on a day to day basis with no firm plans for the future, it would be at the mercy of its customers and the economy, with no firm control over its own destiny.
Clearly there is a need for a good business development strategy if you want to make the most of growing your business for the future.
But how do you go about creating one?
First, it will help to jot down some ideas for developing your business.
Are there aspects of it that you have not yet fully explored?
How could you enhance the services you offer now in order to make more sales?
Some typical strategies which could be used include focusing more on your existing customers. You could find ways to connect with them more often, perhaps by sending email newsletters to keep them up to date with your latest offerings.
A good strategy here would be to send monthly newsletters to do just that.
An effective business development strategy begins by identifying a need that is present in your business. You then develop a plan to meet that need.
Another example concerns the need to find more new customers instead of simply relying on the ones your business currently has. A strategy to meet that need could be to increase the amount of advertising your business creates.
It is important not to treat this as a one off exercise however.
Businesses and the markets in which they operate are constantly changing. This means that what could begin as a worthwhile strategy may need adjusting over time.
Constant monitoring is another important part of ensuring the business development strategy you come up with is continually successful.
If you are not achieving the results you want, evaluate the situation and ask yourself why.
Is there anything else you could or should be doing?
Are you aiming at the wrong audience?
Have you achieved the maximum growth you can expect in that area?
How a business consultant can help…
Some businesses take on the services of a consulting firm to help them in this respect. Consulting is a good idea as it enlists the help of an expert who is an outsider to your business.
They may easily be able to spot things you have not noticed yourself.
You have no obligation to follow through on their recommendations, but if you are willing to take their advice you may well end up with a business development strategy that can work wonders for your business.
Although these types of strategies can and should be used on an ongoing basis, firm timescales can help to ensure you achieve what you set out to achieve.
For example, you may decide to increase your profits by a specific percentage during a specific time period.
Business development strategies can help you do all this and more.
Using a consulting company such as JACOBY will help you devise a worthwhile and workable strategy to boost your business and set it up for a promising future.
The creativity and the innovation are indispensable vital ingredients required in the sustainable growth of both business development and management companies.
As a direct consequence of the speedy globalization of every facet of the affairs relevant to the economic and business development, creativity and innovation have been identified as two most powerful tools in resolving negative issues that might affect business development and management companies in existence world wide.
On flash back to the origin of human race since the era of hunter gatherers, creativity and innovation inherent in human beings have helped them for their survival amidst numerous challenges caused by the inclement weather patterns and ferocious animals they had to share in the wilderness. Similarly some primitive groups of human beings existed in the prehistoric eras miserably failed to survive for lack of creativity and innovation.
This has become a truism having universal ramifications applicable even in the scenarios of failed states and successful states in the world today. Some countries in the world have emerged as economic giants while certain other countries have lagged behind. The secrets of the success stories of the economic giants could be attributed to the human development strategies of those countries successfully achieved through creativity and innovation.
Industrial Revolution originated in Great Britain was an instance of transformation from agricultural to an industrial nation and this shift was primarily due to the creative and innovative ideas of the business magnates existed in Great Britain during the industrial era.
All those countries who embraced industries as the ultimate solution for economic development gradually identified that creativity and innovation as vital ingredients for human development.
Today human development is considered as the strongest pillar on which rests the business development and the survival, growth and the expansion of management companies and the business ventures.
Industrial giants which have already invaded the global economy such as Microsoft,Samsung Electronics, Apple, Royal Dutch Shell Co. Automobile Industrial Magnates such as General Motors, have reached the zenith of relevant spheres due to human development strategies fuelled by creativity and innovation.
It is of paramount importance to identify both the negative factors having detrimental effect on creativity and innovation and the positive factors promoting creativity and innovation by the HR Managers if they are dedicated towards the human resources development of their business ventures.
The human resources managers employed in any business venture should pay much attention on the vital strategies required to promote creativity and innovation in a company rather than on mundane affairs like payroll activities and policies.
Innovation is not confined only to do research on high -tech methods but to explore diversity of opportunities and to seek numerous avenues to obtain ideas. opinions, suggestions as well as criticisms in addition to team work.
Historical annals on world’s leading inventors reveal that they had employed teams of talented people having creative and innovative ideas on relevant fields. Collaboration of all employees from down to top irrespective of the social strata or the position they enjoy can be considered as a prerequisite for human resources development.
If you do research in order to investigate the issues that retards the growth of any business or an industry, through interviews you are sure to obtain from even minor employees, the reasons affecting the growth or the downward trend.
Thus it is of vital importance to obtain the innovative ideas even from the minor employees to improve the business development and management companies. Congenial atmosphere should be created in business ventures to promote creativity and innovation.Today it has become the trend to obtain external opinions and ideas relevant to creativity and innovation from all and sundry for human resource development.
Similarly it is a crucial factor to recruit employees having the expertise on the relevant fields and to provide them extra incentives to retain them in the company.
In the highly competitive global business sectors, the growth and survival of business development depends only on cutting-edge human resources strategies.
Bottom up management create congenial atmosphere in promoting creativity and innovation and in addition the feeling of ownership of all the employees in the long run pave the way for the upward trend and the growth of every facet of the business development and the management companies.
If you are a manager at the same time an owner of a business or an organization then, one of the challenges you are faced with is the challenge of developing and taking advantage of business opportunities that are provided to you and your company. Moreover, as a manager you always have to strive for growth and development. To achieve that aim, you have to have an effective business development strategy? Now, how are you going to do that? What does it requires creating an effective business development strategy? Read on and learn from the following tips.
1. Brace yourself up with sufficient knowledge as well as excellent management practices and strategies. As a manager who aims for growth of his or her business or organization, you have to have sufficient knowledge and excellent management practices and strategies. Well, these will all boils down to whether you will be revolutionary or evolutionary in coming up with ideas and strategies for development. The idea or strategy you will come up with will be the basis for your company to either revolutionize or evolve.
2. It takes a multi-disciplinary approach. An effective business development strategy entails a multi-disciplinary approach which includes financial, advertising and legal skills from you as the development manager. This means that you need to come up with creative ways that are flexible to be applied with just about any circumstances that may hit your business. of course, these ways should contribute to the prosperity of your business and not its failure.
3. Create a strategic marketing plan. There are various aspects in your business wherein business development strategies can help your business to grow and prosper. Strategic marketing plan, as such, will deal with the changing customer base and market dynamics. It will also aid in understanding horizontal and vertical target market opportunities and help you learn how to pick out and develop products, services or solutions to address the needs of your target market.
4. Decide on what kind of approach in planning. Take note that a plan shouldn’t be on its own to work nor will you solely manage it to work. A plan can take the form of either a ‘bottom up’ approach or a ‘top down’ approach. A plan in a bottom up approach involves employees to come up with ideas and suggestions. After which, the best one are passed on to the management. On the other hand, a plan in a top down approach involves higher position personnel such as the managers to establish the business development strategies and then, imposed them down to their subordinates. Additionally, there is the use of collaborative process where managers and employees work together as one in performing this task.
5. Evaluation. Now, after the business development strategy has been decided on, it will be your task as a manager to make sure that this strategy will work out. To do so, you will need to conduct evaluation of its weak points, strengths, the risk involve and its growth potentials. You may want to hire a strategy consultant for this matter as there are indeed, various factors that must be taken into serious consideration. However, it will be dependent on the complexities that come with its implementation. Some of these factors involve assigning of responsibilities, hiring sufficient human resources and establishing a chain of command. It will also involve a specific timeline to determine whether or not the preferred goals are being accomplished or not.
Evidently, there is no single type of business development strategy that will be enough for any business. So as a manager, you have to brace yourself up with more and more knowledge to know what works for you and your business and determine the corresponding advantages of sticking to it.
The difference between a business enterprise that generates sufficient income and a venture that drains money can be very small. The overall success of a business depends hugely on the business development strategies employed to attain a profit. New business development strategies can make the ultimate impact on a company’s bottom line. So what do you need to know and implement as a budding entrepreneur or business owner in order to make more money?
The most important and significantly underrated business development strategy is to find a way to disappear. What do we mean by that? The idea of an owner disappearing from their own work seems completely counterintuitive. An idea like that seems to imply that once you pour your heart and soul into your work, you should abandon it.
However, business owners, in their quest to deliver the perfect product or service, or even to do things “just right”, often unnecessarily involve themselves in all aspects of their business. While this tactic may seem like a good idea at the time, the long run consequences on your business growth strategy are devastating. Any reliable business strategy consultant will underscore the importance of reducing the load on the business owner, not increasing it. In other words, by automating systems and delegating effectively, business owners can turn their attention to actually running their company, instead of doing jobs in a company that ends up running them.
Expanding on the idea of automating systems will bring us to the next business development strategy. When entrepreneurs first build their businesses, many do not have an overarching plan for how all parts of their enterprise will fit together. Few look to business development strategies or processes that will integrate all parts of the business with ease and efficiency. That is where system and process automation comes in. By relentlessly looking for ways to streamline a business, entrepreneurs save time and money, and are also able to serve their customers better.
Finally, all the new business development strategies in the world will not be effective on implementation if there is no investment in employees. Delegating to employees, a key component of any business growth strategy, requires a high degree of trust that they will do their jobs at a sufficiently high level of performance. What is missing in many organizations that would make the difference in employee performance is leadership team development, in other words, team building, professional training and development, leadership development, or whatever else it is called. With growing your employees, they will not perform at the level you desire.
Are you ready to learn the absolute best business development strategy ever created? Attraction marketing is the absolute best business development strategy known to man. Now that you know the answer, I am going to explain to you why.
The main goal of any business is to attract customers. People spend tons of money on advertising to gain exposure for their business, hoping to make some sales. What if I told you that there was a free way to do this and it could be done on complete auto-pilot? Would you believe me?
You are your greatest asset. Attraction marketing brands you as the leader, and brings prospects to you on complete auto-pilot. All you have to do is constantly put out valuable content (information that people need), and people will search for you, they will literally hunt you down.
The reason attraction marketing works, and the reason it is the absolute best business development strategy ever created is because you are not pressuring people to buy a product or join a business. You literally ATTRACT the people to you that are highly motivated, and highly interested about your business.
When you are the first person to introduce someone to something new, something that they can definitely use to make their life better, it is easy to make a sale. The beauty of attraction marketing is the content that you are giving away can be tailored to attract absolutely anyone and everyone. Whether you want to attract the people that are new to this industry, or the people that have been building businesses for years, everyone has something to learn.
Attraction marketing is a lot like good customer service. You help other people, you brand yourself as a leader, and those people will be loyal to you until the end of time. The best part of attraction marketing, and one of the main reasons why it is the best business development strategy out there is because you already own everything you need to get started.
As I said earlier YOU are your greatest asset. You just simply need to invest in yourself. The more valuable the bigger your business will be. So by working on your personal development, by learning all you can about things like success, business building, attraction marketing, etc, you are making yourself so valuable to other people that they will buy anything that you tell them to.
Attraction marketing is that absolute best business development strategy, once you learn how to use it correctly. People are naturally greedy and want to keep what they know to themselves, but once you get over that, and learn to give without expectation you will see drastic results in ANY business.
Having a business means thinking about how you can further develop it in order to serve your customers well and maintain long-term stability. We all know that business is a world of competition, and without a good business development strategy, you might just find yourself out of the race for survival in the world of economy. A starting venture or even large scale venture must have a very good business development strategy in order to stay on top of the competition. There are a lot of things needed to be learned and done once you are in the business world.
A business man developing a good strategy is like an athlete that makes preparations before the competition, and thinks about what to do during the competition. The athlete makes sure that his or her mind and body are in great shape and in top form before the competition begins. The same should be true for a good business.
A good business development strategy keeps a your company updated with everything. It helps the management think of ways to be financially stable. Of course, most business is all about financial matters. And having financial stability is a must for a business. How can you come up with a new product or strategy if you are not financially stable? There might be some ways wherein you will be able to solve the problem, but chances are, it will take you a lot of time, and, in a competition, every second counts. Being financially secure can assure the business of stability, good performance, and innovations. It is also necessary for making renovations and new product creations or services. This is the reason why business firms look for the best accountant available that would take care of the accounting tasks.
A good business development strategy helps businesses to learn about the latest trend and helps to keep business within the latest trends through constant market research and marketing analysis. It also helps a business rise above the competition. A good business development strategy helps a business come up with important ideas that are needed for business productivity and proper business management. Without a business development strategy, business firms or companies will not be able to find ways in order to survive the competition that they are in, leading to improper business management and.
While it is true that a few businesses can subsist without having a business plan in place, it’s likely that they are not doing as well as those who have a plan. Without proper direction and guidance, it’s nearly impossible to execute new business development strategies. Business plans provide the appropriate guidance and direction. Loan officers, partners and investors will be apprehensive in supporting your business unless the direction and vision for your company is clearly defined. We have developed an overview to provide guidance in order to assist you in establishing a business plan.
You will need to arrange funds from banks, venture capitalists and private investors. There are numerous new business development tactics for exactly this purpose: finding these investors, convincing them to join your venture and taking advantage of the financial backing you have received. Of course, this is all good information to be aware of, but each strategy assumes you have a sound business plan. There is no alternative method to persuade potential investors from climbing aboard unless they are clearly informed as to where this ship is headed and have the confidence and trust in you to steer the boat. Your business plan needs to convey your vision, provide in detail the talent and duties of your employees as well as yourself, and project your business’s growth and development.
A solid plan must prove to investors that your venture is going to be successful enough to equal the investment they originally made and then prosper enough so they are given an ample return on that investment. They will expect to see intelligent strategies in the new business development, so you must regard these elements as critical:
1. A cover letter of sorts: a straightforward overview of your business that emphasizes your plans and provides a summation of your principal idea.
2. Present the history of your business, as you most likely are not starting your venture from scratch. Even if it just summarizes the time spent in your garage tinkering or the experience and knowledge you acquired when employed for another individual.
3. Describe how the products and services you offer are going to defeat the competition. For extra persuasion, supply a full market analysis which summarizes potential customers, your competitors disposition, size of the market, and your estimation of growth.
4. Communicate the strategies for new business development that you intend to follow: how you plan to market, promote and sell the products, methods in which your plan will be enacted, and the targets you plan on reaching.
5. Lastly, provide information pertaining to financials, especially your projected profits, sales, and general cash flow. Finally, summarize all financially related information, including sales projections, cash flow and profits.
You are going to have a greater chance of being successful with a plan that is clear, fluent and rational and with a vision that is comprehensive. This overview should provide you a rough estimate on how to compose your plan, but note that it is without a doubt more detailed and complicated than just a blog posting can express. For additional assistance there are countless reference books and software, as well as consultants who concentrate on business plan development. It will take much focus and effort, but we are certain that even the best strategies for new business development will not succeed unless they are coupled with a solid and articulate business plan.