How to Create Effective Business Development Strategies

Developing a business is never that easy. It is a vital start and the tensest part for a budding company to begin from scratch that is why you need to know and have business development strategies before stepping into the scene. These business development strategies will help you keep in track to your business success.

Just like before any game could start in a basketball game you need to have a game plan. Plan your strategy right for a good head start.

Your starting point is to know your product or services offered for your business, your target market, where they are located and how you will approach them. A lot of opportunities will open for your business once you identify these factors.

Whether you are offering a service or sell products, it is important that you know exactly your target market and set standards since there are different approaches in dealing different target market. This strategy will able you to focus on your base market and provide them their expectation from your product or services. Now if you already pointed out your target market you may identify their location for you to figure out how you will able to approach them. This is for you to have a suitable approach to your target market.

Start to make your market research for your business. This is one way to have a one step ahead to your game. You will able to identify your prospect customers and possible business growth. Market search also gives your business an edge especially you are just starting, for you will be able to see the overview of problems and obstacles of other companies or businesses and learn from it. It’s one way to also prepare your business to deal with the possible business issues and problems.

Keeping in mind these simple yet effective business development strategies will definitely help you attain your goal for success. As a saying goes, “People do not fail because they planned to fail but rather they failed to plan.”

Allocating Time for New Business Development: Just One of The Challenges Facing Busy Entrepreneurs

How do you allocate time for new business development? It’s the bane of many entrepreneurs and small business people. “I am so busy with my current projects that I don’t have time to drum up new business.” I know exactly what they’re talking about. I remember a period where I had so many writing projects on the go that I did no marketing. I just waited for the business to come in. The problem is that unless you market yourself, the business can slow to a trickle, regardless of the previous complaints that you have:

  • Too much work already
  • Not enough time to do anything else
  • Not enough money to spend on proposals that may not pay off

I completely understand. Understanding, however, doesn’t get you anywhere, so let me make some suggestions to keep the business coming.

The first suggestion is that you dedicate some time to new business every day. It need only be half an hour, but whatever time segment you decide on, lock it in. Just put everything aside, hold your phone calls, shut down the cell and leave your e-mail alone. Next, do the following. Get yourself one of those small digital timers, punch in the time segment you’ve chosen, then, turn the timer away from you so you can’t see it. Now, focus on the work at hand.

During this time segment consider what new business you want to get into, or actually work on a new business proposal. What you might also do, and this will impact your own staff, is get the staff to join you in your sessions; and plan a session at least once a week, and brainstorm new ideas. Who better than your own staff to carry out this activity in search of new business? And encourage them to look for business opportunities that you may be unaware of through networking, or contacts they have with friends and associates. Even submit a speculative or unsolicited proposal to a client.

Here’s an idea I really like. It comes from Verne Harnish, CEO of Gazelles Inc, an executive education firm. Verne suggests that you should stop eating alone. Verne’s experience is that in one year, living in Barcelona, he built deeper business, social, and political connections than in ten years living and working in Washington DC. What could you do if you were to meet someone different even a couple of days a week? You might not generate new business immediately, but the payoff down the line could be substantial.

I understand that cash flow can get in the way of such activities. I appreciate that the current projects you’re working on have stringent timelines. In fact you’re probably working a 60-hour week. But don’t let that get in the way of allocating time for new business by pursuing practical ways to make it happen, even on your busy schedule.

Abstract: Busy people often get too busy and fail to continue marketing themselves. Small businesses, like consultants and training companies, often find themselves in this situation. This article looks at the issue and suggests some practical solutions. It’s up to you to follow up on them.

How Public Relations Can Improve Your Business Development

Planning, Developing and Executing your business strategy should always include Public Relations. Public Relations by Webster’s definition is the business of inducing the public to have understanding for and goodwill toward a person, firm, or institution; also: the degree of understanding and goodwill achieved. With today’s focus on transparency and the use of technology to search for products and business, it is vital to business development, that a company maintain goodwill and understanding.

In health care we have used the same methods of public relations for decades (Newspapers, magazines, flyers, newsletters, radio advertisement, billboards, and TV). Media today includes numerous online methods and blogs. Communication is almost instant. Negative Public Relations can be a disaster to a business and destroy its credibility in the market place. Utilizing the appropriate tools for positive public relations on a routine basis can help build a foundation for any company to fall back on during damaging times. Hypothetical example: Have you ever watched the news and seen a business under attack for an honest and genuine mistake? Wonder what that mistake cost? How they would fix it? Question how it happened? Negative Public Relations destroys a company’s reputation and identity.

Business Development is a company’s strategy for marketing, branding, and selling its product for an operational gain. When I evaluate a company’s business development plan I am focused on three primary areas: Market/Marketing, Information Management, and Customer Experience. Only assessing one or two of these areas can lead to inaccurate data and results. All three are needed to determine the best route for success. Evaluating these three areas will allow for you and your business to identify your customer or market, decide what information is needed, and how you would promote a positive experience. Example: In health care, our client, customer, patient needs a service. Knowing what they specifically need allows us, the company, an opportunity to provide all the information so they can make an informed decision. After the service has been provided we use tools to calculate how well we provided a positive customer experience.

Public Relations (PR) has a new look! In 2012 we will see social media platforms establish a stronger presence in many business development plans. Getting your brand to market and establishing goodwill in your community can and will give your business the competitive advantage, help to mitigate risk, and allow for transparency to the public. A strong Public Relation campaign will improve your business.