But if you are aiming at something beyond a 20% year-over-year growth, you need to engage in some serious business development efforts. Some of the most essential strategies are listed below.
A Business Development Plan
Whether you are working on a start-up or with a Fortune 500 company, you always need to have a business development plan. The feasibility and sustainability of a project or enterprise depends on your business plan. For a successful business development plan, you can focus on some frequently neglected areas like market orientation, operational procedures, intangible assets, and financial projections.
Brand Development and Promotion
Because today’s consumers have more access to information and more choices than ever before, brand development has become all the more important for business development. Higher consumer expectations need to be fulfilled by providing the most compelling, relevant, and consistent brand. Promoting your brand through advertisements is equally important for maintaining, or rather growing, your brand image.
Research
Business development requires professional research in a number of areas:
- Research on Target Markets: Research into which markets are going to be most lucrative to your business is essential.
- Research on Potential Customers: You should know which customers would most want to buy your products or services.
- Research on Competitors: Business development requires you to know your competitors and their products. Research the difference between you and your competitors, and determine how you can be better than them.
- Research on Past Trends: Study past trends in your industry and analyze the key business performance indicators driving your industry. This information will help you determine business management plans that incorporate both past and future trends.
One of the most essential strategies for business development is networking. Often in business it really is about who you know. You should first decide what your networking goals are. Are you looking for direct customers or for people working in related industries who can exchange referral leads with you?
Partnering
Referrals can often lead to partnerships. To grow a business, it is necessary to have some partners to whom you can outsource part of your business. It is important to have a contract in place with your business partners. Partnering allows you to have more time to continue working on your business development plans.
Conclusion
The growth of your business depends on what kind of business development strategies you apply. An career in business development is frequently found in financial services or management consultancies. A lucky few find opportunities in big corporate houses as business development managers and executives.
